DUBAI0: Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Standard Chartered Bank, a leading global banking group. The collaboration will provide seamless access to trade credit solutions and funding for UAE businesses which are aiming to establish their presence locally and globally. This strategic move will not only support entrepreneurial ventures and empower local businesses, but also boost the overall development of the UAE economy.
Under the MoU, both institutions will collaborate to support UAE-based exporters through various financing and funding solutions. Areas of focus include credit risk management solutions, export financial tools, surety bonds, export financing, aircraft financing, corporate financing, bond support and Letters of Credit Confirmation. ECI and Standard Chartered Bank will likewise team up in terms of market intelligence exchange as well as to educate the local businesses by conducting series of seminars that will highlight the benefits of trade protection solutions.
The alliance between ECI and Standard Chartered Bank will support the UAE’s non-oil diversification strategy as well as the country’s sustainable growth.
The MoU was signed by Massimo Falcioni, Chief Executive Officer at ECI, and Rola Abu Manneh, Chief Executive Officer of Standard Chartered Bank, UAE.
Massimo Falcioni, CEO, ECI, said: “We are delighted to partner with Standard Chartered Bank that is known for its wide range of trade credit solutions as well as financial services. This partnership is indeed consistent with ECI’s role in supporting the country’s non-oil diversification programmes by developing exports, trade, investments and strategic sectors, in line with the UAE Vision 2021 agenda. It is a positive step towards ECI’s objective to assist local entrepreneurial ventures and businesses by offering insightful intelligence, trade protection solutions and easier access to financial services. This will not only assist UAE companies to play vital roles in the continuous development of the UAE economy but also to enter new markets.”
Rola Abu Manneh, CEO of Standard Chartered Bank, UAE, said: “The banking and financial services sectors in the UAE have managed to make steady progress amidst fluctuating currency rates and volatile oil prices. Factors such as the UAE’s ease of doing business, strategic geographic location as well as strong regulatory and legal framework have created a conducive environment for entrepreneurs and homegrown companies. By working closely with ECI, we believe that our unique range of financial solutions and seamless
processes can be beneficial for UAE companies wanting to consolidate their local standing as well as those looking to venture into new markets.”
According to the Federal Customs Authority (FCA), the UAE export reached AED139.1 billion during the first nine months of 2017, with re-exports value recorded at AED325 billion during the same period. The FCA also revealed that UAE General Trade volume during the phase from January to September 2017 amounted to AED1.17 trillion, in comparison to AED1.16 trillion during the same period in 2016.