Page 59 - ETIHAD CREDIT INSURANCE PR REPORT - OCTOBER 2024

11/6/24, 11:23 AM NAEEM Brokerage
Etihad Credit Insurance signs two MoUs with Saudi
Exim Bank, Credit Oman

10/17/2024 1:24:14 PM
(WAM)-

Etihad Credit Insurance (ECI) signed two Memorandums of Understanding 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, Raja Al Mazroui, CEO of 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.

She 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.

Raja Al Mazroui 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 the UAE.”

Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, said, “Through this MoU, we seek to
open promising trade and investment horizons between Saudi Arabia and the UAEs, 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.”

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 MoUs stipulate joint participation in conferences, meetings, and related activities, as well as
the organisation of seminars and workshops, to highlight the advantages of trade protection
solutions against the risks of non-payment, with an emphasis on suggested solutions. They also
specify the submission of a report on market or country risks to highlight commercial risks
associated with international trade activities.

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