Etihad Credit Insurance and Credit Oman sign partnership agreement to enhance trade and economic cooperation between both countries
This eminent partnership was signed during the 10th General Assembly of AMAN UNION held in Muscat
Dubai, UAE, December 22, 2019:
The UAE Federal Export Credit Company Etihad Credit Insurance (ECI), has signed a Memorandum of Understanding (MoU) with the Export Credit Guarantee Agency of Oman (Credit Oman) to enhance the trade and economic cooperation between the UAE and the Sultanate of Oman, during the 10th AMAN UNION General Assembly, held in Muscat.
The MoU was signed by Massimo Falcioni, CEO at ECI and Sheikh Khalil bin Ahmed Al-Harthy, recently appointed CEO at Credit Oman, in the presence of senior officials from both the institutions.
This partnership will provide incentives to UAE businesses that are looking to expand globally by providing them mutual opportunities for insurance, reinsurance, co-insurance services for export of goods, investments and services from ECI and Credit Oman.
Through this alliance, both institutions will identify specific solutions in the export and investment fields that will help specifically small and medium-sized businesses access high growth markets with ease.
Under this MoU, ECI and Credit Oman will form a collaborative task force to explore work streams that include: insurance, reinsurance, collections, commercial information and credit opinion sharing on companies located in both the UAE and Sultanate of Oman, Halal industry & Sharia’ compliant insurance and finance solutions, trade promotions, investments and SME programs.
Massimo Falcioni, CEO at ECI, said: “For ECI, the recently signed partnership with Credit Oman marks a strategic step in identifying new business opportunities and developing new partnerships to expand economic ties between the UAE and the Sultanate of Oman. ECI has steadily endeavoured to play an important part in widening investment opportunities for local businesses. We believe that our alliance with Credit Oman will play a crucial role in advancing the non-diversification strategy of the UAE as this collaboration will help in boosting the efforts of exporting community in diverse sectors such as steel and aluminum, fishing, renewable energy, mechanical and waste management industries.”
Discussing this highly strategic partnership, Sheikh Khalil bin Ahmed Al-Harthy, CEO at Credit Oman, said: “The UAE is one of the most important investors in the Sultanate of Oman. The newly-signed alliance between ECI and Credit Oman will certainly be a major milestone in the UAE- Oman trade and economic relations. Since commencing its activities in 1991, Credit Oman has been focused on exploring solutions that will strongly support local businesses in their expansion plans thereby contributing to the growth of the country and the region as a whole. By offering expert guidance and solutions to local businesses thereby enabling them to expand securely will also have a positive impact on the bilateral trade relations shared between the UAE and the Sultanate of Oman.”
According to the Ministry of Economy, the volume of non-oil trade between the two countries in 2017 registered about AED36 billion, a growth rate of 12.4 percent over the year 2016 adding that the non-oil trade during the first nine months of 2018 amounted to AED32.5 billion.
AMAN UNION is a professional forum of national Export Credit Agencies (ECAs) founded in 2009, assembling Commercial & Non-commercial Risks Insurers & Reinsurers in Member Countries of the Organization of the Islamic Conference (OIC) and of the Arab Investment & Export Credit Guarantee Corporation “Dhaman”.
Aman Union has reached 43 members of which 16 are founding members, 18 full members and 15 observer members. Its mandate is to strengthen the relationships between its Members though effective cooperation and exchange of technical expertise in seeking to promote commercial and non-commercial risk insurance. Aman Union members insured UAD 38 billion worth transactions in trade and investments in 2018, collected USD 187 million, protecting 7376 corporates.
ECI was admitted as associate member in Aman Union by voting procedure of all its members in 2018.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.