Etihad Credit Insurance partners with RAKEZ to boost Ras Al Khaimah’s non-oil foreign trade and economic diversification drive, with focus on SMEs
- ECI to provide RAKEZ members access to flexible state-backed trade finance support
- As of November 2022, ECI has facilitated AED261 million worth of secured non-oil trade for businesses operating in Ras Al Khaimah
Dubai, UAE: 15 December 2022
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has partnered with Ras Al Khaimah Economic Zone (RAKEZ) to support the emirate’s path towards economic diversification by stimulating its non-oil foreign trade.
The Memorandum of Understanding (MoU) came as part of ECI’s continuing effort to support Ras Al Khaimah’s strategy to boost its burgeoning export activities. As of November 2022, ECI has facilitated AED261 million worth of secured non-oil trade for businesses operating in the emirate.
The agreement was signed by Ramy Jallad, Group CEO of Ras Al Khaimah Economic Zone, and Massimo Falconi, CEO of Etihad Credit Insurance.
Ramy Jallad, Group CEO of Ras Al Khaimah Economic Zone, stated: “In line with the UAE’s economic diversification strategy, this partnership will ramp up our efforts to position Ras Al Khaimah a leading global investment destination and make export activities an engine of its economy. This move to support the businesses operating in RAKEZ will likewise advance the emirate’s industrial strategy and improve the brand value of UAE-made products across the globe.”
Massimo Falconi, CEO of Etihad Credit Insurance, said: “This partnership attests to ECI’s strong commitment to protecting businesses in Ras Al Khaimah with focus to Small and Medium Size Companies. This will open up excellent opportunities to promote the culture of entrepreneurship in the emirate, by giving them better access to state-backed trade finance support. On the other hand, will also contribute directly to the sustainable development of the UAE economy while exploring and benefiting from new growth markets.”
Through this partnership, ECI will provide RAKEZ members access to flexible state-backed trade finance support. ECI will also provide them with market intelligence through seminars and workshops, to support their overseas expansion goals.
Moreover, the federal export company will appoint a dedicated trade credit insurance expert in Ras Al Khaimah to meet RAKEZ members’ export solutions needs. For its part, RAKEZ will facilitate referral channels for ECI solutions and create a permanent facility within its premise, in order to provide services to their valued members regarding ECI.
A leading economic zone in the UAE established by the Government of Ras Al Khaimah, RAKEZ continues to attract diversified investment opportunities. It currently accommodates over 15,000 companies across over 50 industries.
RAKEZ equips entrepreneurs, start-ups, SMEs and manufacturers with an exceptional range of business solutions, comprising free zone and non-free zone licences, customisable facilities, and advanced services provided in a one-stop shop.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by the 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.
The UAE Federal export credit company 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 as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products. Since 2020, in response to the country’s economic needs, it started providing credit insurance support to domestic non-oil trade and project financing guarantees too.
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 for the fourth consecutive year in 2022 with an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.
About Ras Al Khaimah Economic Zone (RAKEZ)
RAKEZ is a powerhouse business and industrial hub established by the Government of Ras Al Khaimah in the United Arab Emirates. It currently hosts over 15,000 companies coming from over 100+ countries and operating in more than 50 industries.
RAKEZ offers entrepreneurs, startups, SMEs and manufacturers a wide-range of solutions, including free zone and non-free zone licences, customisable facilities, and first-class services provided in a one-stop shop. Furthermore, RAKEZ has specialised zones that are tailored to specific needs of investors: Al Nakheel and Al Hamra Business Zones for commercial and service companies; Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers and industrialists; and an Academic Zone for educational providers.
A leading economic zone, RAKEZ aims to continue attracting diversified investment opportunities that will contribute to the economic growth of Ras Al Khaimah.