EEtihad Credit Insurance (ECI), the UAE Federal export credit score firm, signed a Memorandum of Understanding (MoU) with its Dutch counterpart, Atradius Dutch State Business (Atradius DSB), to boost the long-standing bilateral trade and financial relations between the UAE and the Netherlands. The cooperative settlement goals to bolster collaboration via joint strategic initiatives that promote the provision of and entry to bespoke trade financing options for companies.
The partnership additionally seeks to facilitate stronger halal trade via ECI’s Sharia-compliant finance options, in addition to drive additional financial improvement by supporting the expansion of SMEs and mid-caps.
In a bid to equip exporters with a aggressive edge to develop on a world scale, ECI and Atradius DSB may also organise workshops, B2B conferences and different occasions that deepen financial cooperation and prolong trade financing and funding assist. The two entities additionally agreed to improve progress alternatives for worth sectors, similar to agriculture, development, metal, clear power, and inexperienced initiatives.
Commenting on the settlement, His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and deputy chairman of ECI’s board of administrators, mentioned: “The Netherlands has been one of UAE’s key strategic partners for half a century, and this agreement between our export credit agencies will provide enormous benefits to businesses in both countries with innovative trade credit and project finance solutions. It mirrors our strong relationship and shared values. I am confident that this deal will mark a new dawn in our bilateral economic relations.”
The new alliance will create a marked shift within the competitiveness of companies in each the UAE and within the Netherlands. ECI will assist them develop on a world scale with concerted efforts, leveraging numerous bespoke credit score insurance coverage, challenge financing, and credit score insurance coverage options, affording detailed market insights, and facilitating ease of entry to rising markets.
The UAE represents 40 per cent of the Netherlands’ exports to the GCC international locations. Currently, greater than 7,800 Dutch nationals reside within the UAE, and the trade between the 2 international locations has thrived lately, with whole UAE funding flows into the Netherlands amounting to about US$750 million between 2003-2019. In 2020, regardless of the impression of COVID-19 pandemic on world markets, information from the UAE Ministry of Economy present that non-oil international trade between the UAE and the Netherlands reached greater than AED11 billion.