Page 43 - ETIHAD CREDIT INSURANCE PR REPORT - OCTOBER 2024

11/6/24, 11:20 AM Latest News
credit system, and enhancing the prospects of foreign trade and investment. Her Excellency noted that these
agreements represent ECI's commitment to fortify collaboration and establish alliances with leading regional

institutions in credit sectors. This, in turn, fosters confidence in the local export system, helps introduce
products of Emirati origin to a broader range of international markets, and solidifies the UAE's position as a

vital hub for global trade and investment.
Her Excellency added, “We are committed to developing cooperation and partnerships with our counterparts

in the GCC countries, especially in the areas of trade credit insurance, export financing, and risk
management. Our goal is to provide a safe and flexible investment environment that supports export and re-

export companies based in UAE and strengthens the competitive advantage of the local non-oil commodity.
We hope that our collaboration will contribute to the sustainability and diversity of GCC economies, as well as
encourage companies in the UAE, Saudi Arabia, and Oman to close agreements with importers and buyers

in international markets.”
His Excellency Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, said: “Through this MoU we

seek to open promising trade and investment horizons between the Kingdom of Saudi Arabia and the United
Arab Emirates, by strengthening and developing the export and import sector, developing business and
investment opportunities, and supporting commercial projects in a way that benefits economic growth on both

sides. This MoU is also an extension of the solid foundations of economic and trade relations between the
two countries. We at the Saudi Exim and (ECI) will certainly work together to strengthen the non-oil economy

in a way that supports diversity and sustainability and provides added value to enhance trade exchange
between the Gulf Cooperation Council countries and consolidate their position and international commercial

strength.”
Sheikh Khalil bin Ahmed Al-Harthy, CEO of Credit Oman, stated, “The latest MoU with Etihad Credit

Insurance demonstrates our commitment to strengthening regional cooperation in the fields of insurance and
risk management. The collaboration helps build trust in the export credit system, allowing exporters from the
Sultanate of Oman and UAE to access new markets and enhance their competitiveness, as well as boost

exports between the two countries.”
He added, “Along with that, the agreement creates new opportunities for businesses, especially in the field of

trade credit insurance. We believe that this step will help create a safe and flexible investment environment,
which in turn strengthens and promotes diversification of the economies of the Gulf Cooperation Council

(GCC) countries.”
According to statistics issued by the National Center for Statistics and Information, the United Arab Emirates

led trade exchange operations in non-oil exports by the end of July 2024, with a value of approximately OMR
558 million, an increase of 14.9 per cent from the same period in 2023, which was OMR 486 million. Al-
Harthy stated that Credit Oman's total insured sales to the UAE in the first half of this year amounted to OMR

41.1 million, with a growth rate of 8.8 per cent compared to the same period last year, which stood at OMR
38.6 million. Building and construction materials, valued at OMR 17.3 million, followed by the petrochemicals

and plastics sector valued at OMR 12.6 million, and the food and consumer goods sector valued at OMR 6.7

https://www.arabbnews.com/english/Latest-News.asp?id=17768 2/3