Jafza Has entered into a strategic agreement with Etihad Export Credit Insurance Company (ECI), the UAE’s Federal Export Credit Company, to support local businesses, advance exports, and drive the UAE economy during the current economic climate.
The Memorandum of Understanding (MoU) was signed virtually by Mohammed Al Muallem, CEO and Managing Director, DP World, UAE Region and CEO of Jafza, and Massimo Falcioni, CEO of ECI, and was witnessed by senior officials.
ECI has agreed to provide export insurance services to companies licensed by Jafza, which will help to drive the expansion and diversification of the UAE economy, as well as ease financial pressure. Jafza and ECI share a desire to solidify the UAE economy globally and strengthen its position as the preferred global hub for export.
The two entities will conduct seminars and workshops to inform members about the benefits of trade protection solutions, with a focus on trade credit insurance, surety bonding and trade finance solutions provided by ECI. Together, they will also assist and sustain members who are exploring export opportunities, including providing country risk reports in international trade activities.
Mohammed Al Muallem, CEO and Managing Director, DP World, UAE Region and CEO of Jafza, underlined the importance of this strategic agreement, saying: “Our agreement with ECI is significant as it will help boost the export of UAE goods, works, services and the foreign investments of UAE companies. This move will increase cash flow, enable world trade and contribute towards long-term growth. We aim to provide support to companies licensed by Jafza and assist them to navigate these uncertain times.
Owing to the current economic climate due to the global pandemic, we believe that partnerships like these will reinforce business relations and help us safeguard the interests of businesses and investors. Eventually, our ultimate goal is to ensure our customer’s success, and we hope this alliance will be a fruitful one as we continue to grow together to create a better future for everyone.”
“We are honoured to be able to assist local businesses via this strategic agreement. We are confident that our innovative products will enhance trade and ensure that the UAE remains a leader in the export market despite the current challenging global conditions. ECI remains keen to boost diversification and ensure that the UAE economy thrives in a post-oil era, and our tailored solutions offer protection from risks and business continuity during such unprecedented times.”
About Etihad Export Credit Insurance
ECI was established with a mandate to advance the global competitiveness of UAE exporters, supporting companies through its bespoke financial products, which guarantee the provision of protection and a competitive advantage in the international marketplace. For one, ECI provides protection against non-payment from buyers who have gone insolvent, covering losses from clients that have failed to fulfil their payment obligations. It also provides additional funding capacity through its strategic partnerships with local and international banks.
These institutions will offer loans to UAE businesses, guaranteed by ECI, to secure the funding of the supply chain. Lastly, businesses can also take advantage of ECI’s global network of over 360 million companies worldwide, as it provides a list of suppliers across the globe that can open new markets as well as be potential customers and suppliers for its products and services.