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DUBAI, 22nd December, 2019 (WAM)
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 trade and economic cooperation between the two countries.
The signing took place 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.
According to an ECI statement, the new partnership will provide incentives to UAE businesses looking to expand globally by providing them with mutual opportunities for insurance, reinsurance, co-insurance services for export of goods, investments and services from ECI and Credit Oman.
Under the MoU, ECI and Credit Oman will form a collaborative task force to explore various work streams. “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,” it added.
Massimo Falcioni, ECI CEO, 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 aluminium, fishing, renewable energy, mechanical and waste management industries.”
According to the UAE 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.
Commenting on the strategic partnership, Sheikh Khalil bin Ahmed Al-Harthy, Credit Oman CEO, 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.”
