Page 38 - ETIHAD CREDIT INSURANCE PR REPORT - OCTOBER 2024

11/6/24, 11:20 AM Etihad Credit Insurance signs two MoUs with Saudi Exim Bank and Credit Oman
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 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

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