Etihad Credit Insurance (ECI), the UAE Federal Export Credit Company, has signed a memorandum of understanding (MoU) with Dubai Export Development Corporation, the export promotion agency of Dubai, to develop and promote trade linkages and investment opportunities for Dubai-based businesses in high growth markets.
The MoU was signed by Engineer Saed Alawadi, CEO of Dubai Export Development Corporation and Massimo Falcioni, CEO of ECI, at the 4th Future Manufacturing & Trade Summit 2019, in the presence of senior officials from both the institutions.
This association will enable Dubai-based businesses to enter overseas markets and maximise their global reach by providing them with ECI’s broad range of innovative trade credit solutions and Dubai Exports’ pioneering export-related solutions.
This collaboration helps in empowering and diversifying not only Dubai’s economic growth but also that of UAE’s.
Under this MoU, both the institutions will collaborate in the organisation of trade promotion events and activities, trade delegations, fairs, seminars, conferences; mutually beneficial exchange of trade data, market and sector studies and research; cooperation for learning, benchmarking, staff training and sharing best export practices; opportunities for showcasing of products and services, among others.
Engineer Saed Alawadi, CEO of Dubai Exports, said: “Aligned with the UAE Vision 2021, Dubai Exports aims to remain committed to sustaining this momentum and continuing to work towards future growth, augmented export potential and mid to long-term economic gains for Dubai and the UAE.”
“The collaboration between ECI and Dubai Exports heralds a new phase for businesses looking for simplified and enhanced expansion. At Dubai Exports, we develop long-term growth strategies to help businesses expand and develop their opportunities provided by Dubai’s strategic position as a trade hub in the region,” he said.
“This partnership will not only offer UAE-based companies access to branding advice, financial, legal and foreign trade representation and potential buyers but also equip them in becoming globally competitive and enhancing their export potential by offering a range of export credit, financing and investment insurance products,” he added.
Massimo Falcioni, CEO of ECI, said: “We are pleased and honoured to partner with Dubai Exports, an active and effective government body that has steadily supported exporters in Dubai.”
“We have consistently directed its energies to sustain and develop UAE-based businesses in the progression of the country’s non-oil exports, trade, investments, and strategic sectors. As an institution, ECI seeks unique and innovative opportunities to whet the investment and export potential of local businesses. This alliance with Dubai exports is therefore, a visionary and highly strategic move for the organisation to enable and empower local entrepreneurs in the UAE,” he added.
Moreover, in the first quarter of 2019, Dubai’s foreign trade recorded seven per cent year-on-year jump to Dh339 billion ($92.29 billion), driven by a 30 per cent rise in export value. Based on the report released by Dubai Customs, the increase in non-oil trade was achieved on the grounds of a strong and steady rebound in both exports and re-exports. Exports registered the most growth, rising 30 per cent to reach Dh42 billion ($11.43 billion). Meanwhile, re-exports grew 7 per cent to Dh106 billion ($28.86 billion) while imports rose by four per cent to reach Dh190 billion ($51.73 billion).