- The MoU reflects the two public entities’ shared commitment to developing a business-friendly environment and accelerating the UAE’s economic diversification agenda by championing pioneering projects and emerging industries.
- Under the agreement, Etihad Credit Insurance will offer its range of flexible credit insurance and financial solutions – including its Shariah-compliant insurance product “ECI Islamic” – to start-ups and SMEs operating in free zones.
- They will jointly organize seminars and workshops to educate the UAE business community on the benefits of Etihad Credit Insurance’s business protection solutions.
- By providing country risk reports and in-depth market intelligence services, ECI will also help free zone companies successfully implement export to foreign countries as well as identify and thrive in new markets. growing all over the world.
Sharjah, United Arab Emirates: Etihad Credit Insurance (ECI), the Federal Export Credit Corporation of the United Arab Emirates, has partnered with Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone Authority ( SAIF Zone) to help Sharjah exporters and re-exporters start and grow their international business and secure their global receivables.
The strategic initiative will boost exports from Sharjah, one of the region’s major manufacturing and industrial hubs, and a major contributor to the UAE’s non-oil GDP and national employment.
The MoU was signed by HE Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority and Sharjah Airport International Free Zone Authority and Massimo Falcioni, CEO of Etihad Credit Insurance, in the presence of senior officials from both entities.
Underlining the importance of this strategic agreement, Al Mazrouei said: “Our agreement with the Federal Export Credit Corporation of the United Arab Emirates is a major effort to unlock new avenues of financing for companies looking to open operations in Sharjah. This agreement will strengthen existing initiatives in free zones to enhance the contribution of SMEs to the local economy with ECI’s insurance and project finance facilities as well as market information and advisory services. This signifies our collective vision to nurture an entrepreneurial ecosystem in Sharjah, thereby contributing to the sustainable economic growth of the UAE.
Meanwhile, Falcioni said, “In line with our strategy to accelerate economic diversification and the UAE’s non-oil trade agenda, ECI helps improve the bankability of SMEs, start-ups and innovative projects launched by young entrepreneurs across the country. We are honored to partner with one of the largest export processing zones in the UAE to empower local businesses and exporters through state-backed financial and insurance support.
“We are confident that ECI’s trade and project finance support to UAE businesses will reinforce the visions of HFZA and SAIF Zone to cement Sharjah’s position as a destination for global investment and a hub of development. business in the Middle East while maintaining the UAE’s position as an export powerhouse even amid the severe disruptions in the current economic cycle,” he added.
Under the agreement, Etihad Credit Insurance will offer its flexible range of trade credit insurance and financial solutions – including its Shariah-compliant insurance product “ECI Islamic” – to start-ups and small and medium-sized enterprises. (SME) operating in the two free zones. The MoU reflects the shared commitment of public organizations to developing a business-friendly environment and accelerating the UAE’s economic diversification agenda by championing pioneering projects and emerging industries.
Through this collaboration, they will jointly organize seminars and workshops to educate the UAE business community on the benefits of Etihad Credit Insurance’s business protection solutions. By providing country risk reports and in-depth market intelligence services, ECI will also help free zone companies export successfully to foreign countries, as well as identify and thrive in new growth markets to around the world with confidence.
Over the past decades, HFZA and SAIF Zone have become strong pillars of Sharjah’s economic performance. Whether attracting foreign investment, creating jobs or implementing the latest technologies, HFZA and SAIF Zone have laid the foundation for a future where business transcends geographical boundaries and economic divides.
About Etihad Credit Insurance
Etihad Credit Insurance (ECI) was established by the Federal Government of the United Arab Emirates and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started operations in February 2018. ECI plays a catalytic role in supporting non-oil exports, trade, investment and the development of strategic sectors in the UAE, in line with the UAE Vision 2021 program and, more recently, the UAE 2071 centenary plan and operation 300 billion. .
The UAE Federal Export Credit Corporation is responsible for accelerating and supporting national economic diversification as well as supporting the export and re-export of UAE goods, works, services and foreign investment by UAE companies as well than supporting exporters in the domestic market. trade through a range of export credit, finance and investment insurance products.
ECI has also been assigned for the third consecutive year in 2021 an insurance financial strength rating (IFS) and an issuer default rating (IDR) of AA- (Very Strong) with a stable outlook according to Fitch. Ratings.
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Abeer Al Mutawa
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Etihad credit insurance
New Perspective Media Group
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