Etihad Credit Insurance (ECI), the UAE Federal Export Credit Company has signed a Memorandum of Understanding (MoU) with Khalifa Industrial Zone Abu Dhabi (KIZAD), to support UAE businesses and increase exports by providing export insurance solutions that meet their growth plans.
The agreement will establish a framework that enables the two institutions to support local businesses and increase their export-related activities by accessing ECI’s trade and finance solutions, exposure to trade credit, surety bonds and asset finance, as well as other related finance services through a strategic partnership.
The agreement will also help UAE-based companies to capitalise on potential market opportunities by offering them ECI’s comprehensive range of financial solutions and insightful country risk reports and KIZAD’s world-class infrastructure and customised business solutions, that will facilitate trade, logistics, and industrial investments locally and internationally.
The MoU was signed by Massimo Falcioni, CEO of ECI and Samir Chaturvedi, CEO of KIZAD in the presence of senior officials from both organisations.
Under this MoU, ECI and KIZAD will collaborate on defined areas of cooperation that include: joint organisation of workshops, forums; involvement in relevant events or activities; exchange of in-depth market intelligence and country risk reports; facilitation of referral channels for ECI; provision of a permanent facility desk for ECI within KIZAD headquarters for continuous sharing of information, support, and services to valued members.
“One of ECI’s defining missions has been to sustain and develop UAE-based businesses in the expansion of the country’s non-oil exports, trade, investments, and other strategic sectors, aligned with the Vision 2021 agenda,” said Massimo Falcioni, CEO, ECI.
“The partnership between ECI and KIZAD will play an important role for the UAE-based investors and exporters, as it will help them focus on their expansion plans in a streamlined and efficient manner that will not only further their interests but also help in contributing to the country’s progression,” he added.
Captain Mohamed Juma Al Shamisi, Group CEO of Abu Dhabi Ports, said: “We are proud to partner with one of Abu Dhabi’s flagship trade entities to help facilitate business growth in the UAE. This MoU will help businesses operating at Abu Dhabi Ports and KIZAD to export and re-export goods with ease and provide more financing options for international companies looking to invest in the UAE.
“It aligns with Abu Dhabi government’s initiatives to diversify the economy and increase the contribution of the private sector to the Emirate’s GDP from 32 per cent currently to 37 per cent by 2021,” he added.
Commenting on the partnership Samir Chaturvedi, CEO of KIZAD said: “This partnership will enable all of our tenants to benefit from greater access to the services that Etihad Credit Insurance provide – from export credit and trade credit insurance, to export financing and surety bonds.
“This MoU will allow exporters, re-exporters and investors alike to expand their businesses in the UAE. It is a valuable addition to the supportive infrastructure already available at KIZAD, which includes a range of competitive business and facilities management services, as well as excellent connectivity to major transport links across the UAE and broader region.”