Page 12 - ETIHAD CREDIT INSURANCE PR REPORT - OCTOBER 2024
P. 12
Press Release
On the sidelines of the Berne Union Annual General Meeting
Etihad Credit Insurance signs two MoUs with Saudi Exim
Bank and Credit Oman
17 October 2024: Etihad Credit Insurance (ECI), the UAE’s federal export credit company, signed
two Memorandums of Understanding (MoU) with Saudi EXIM Bank and Credit Oman during its
participation in the Annual General Meeting of Berne Union, in Hamburg, Germany.
The MoUs seek to strengthen regional partnerships and collaboration in a number of areas related
to insurance and risk management. This includes trade credit insurance (conventional and
Murabaha), which provides the UAE exporters with insurance against commercial and non-
commercial risks, along with insurance against individual buyer risks. The cooperation also
extends to supply risks, exports financing, debt sales, SME financing, confirmation of letters of
credit, and corporate finance.
In this regard, Her Excellency Raja Al Mazroui, CEO of Etihad Credit Insurance (ECI),
highlighted how the new partnerships with Saudi EXIM Bank and Credit Oman represent a leap
forward in developing the export 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
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