“Union for Credit”: support non-oil exports and re-exports to UAE companies worth $ 3 billion

16-02-2019 Media in Dubai:
The Export Credit Union has set a goal of supporting non-oil exports and re-exports to companies worth US $ 3 billion in line with the UAE’s strategy for economic diversification 2021.
This came during a meeting held at the Jumeirah Emirates Towers Hotel in Dubai to move forward in 2019.
The attendees highlighted the aim of the Association of Export Credit to provide US $ 1.1 billion in support to UAE companies to reduce risk through renewed credit limits in 2019, underscoring their continued commitment to helping UAE companies strengthen their presence at regional and global levels.
The strategic partnerships established by EFTA with government entities, export credit insurance companies that comply with Islamic and traditional Shari’a, international export credit agencies and banks as well as companies providing advisory services, technology and market information were highlighted.
During the meeting, EFTA partners from government agencies confirmed their support to UAE companies to help them expand their business and find solutions to the challenges they face. Senior economists and financial professionals also provided valuable information on the economic performance and future prospects of the UAE and the Gulf region .
While other strategic partners have introduced conventional Shariah-compliant credit and export credit solutions and services that will be extended to UAE companies through cooperation with the Export Credit Association.
The meeting also provided an overview of the economic outlook and challenges for 2019 as well as the review of the EU’s export credit strategy and plans for the year.
The meeting was attended by HE Saed Al Awadhi, CEO of Dubai Export Development Corporation (EDC), Board Member and Chairman of the Executive Committee of the Federation of Export Credit, Massimo Valcioni, CEO of the Union of Export Credit and a number of senior officials of the company, Mohammed Bin Sulaiman, Senior Relations Manager of Dubai Chamber of Commerce and Industry, Mr. Obiri, Business Development Specialist and Director of Investment Promotion Department, RAK Chamber of Commerce and Industry, Khadija Haq, Head of Research, Middle East and North Africa, Emirates NBD, Dr. Nasser Saidi, Chairman, Nasser Al Saidi & Partners Yemon Eidel, Regional Head of Corporate and Investment Banking for the Middle East and Africa, Natixis and Yorg Theos, Principal Partner and Head of Financial Services, Switzerland, Eric Lviv, Co-Partner, Ernst & Young, Federica Pochek Senior Relationship Manager for the UAE and Middle East and North Africa, And Murad Ali Missouri, Director of Business Development at the Islamic Foundation for Insurance of Investment and Export Credit, Leroy Almeida, Chief Executive Officer of Marckel International in Dubai, Olivier Plaka, Executive Vice President of Tenopo Square, Danesh Shamsi, Sales Manager, Fitch Solutions.