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Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has partnered with the Ras Al Khaimah Economic Zone (Rakez) to support the emirate’s path to economic diversification by stimulating its non-oil foreign trade.
The Memorandum of Understanding (MoU) is part of ECI’s ongoing efforts to support Ras Al Khaimah’s strategy for its thriving export activities. As of November 2022, ECI has facilitated secured non-oil trade worth AED 261 million (US$ 71 million) for businesses operating in the emirate.
The agreement was signed by Ramy Jallad, CEO of Ras Al Khaimah Economic Zone Group, and Massimo Falcioni, CEO of Etihad Credit Insurance.
diversification
“In line with the UAE’s economic diversification strategy, this partnership will intensify our efforts to make Ras Al Khaimah a leading global investment destination and make export activity the engine of its economy,” Jalad said. The initiative to support businesses operating in Rakez will likewise advance the UAE’s industrial strategy and increase the brand value of UAE-made products globally.”
Falcioni said: “This partnership is a testament to the ECI’s strong commitment to protecting businesses in Ras Al Khaimah, with a focus on small and medium-sized companies. It will boost entrepreneurship in the emirate by giving them better access to state-backed trade finance support.” Culture opens up excellent opportunities. On the other hand, while exploring and benefiting from new growth markets, it will also directly contribute to the sustainable development of the UAE economy.”
Through this partnership, ECI will provide Rakez members with flexible country-backed trade finance support. ECI will also provide them with market intelligence through seminars and workshops to support their overseas expansion goals.
credit specialist
In addition, Federal Export Corporation will appoint a dedicated trade credit insurance specialist in Ras Al Khaimah to serve the export solutions needs of Rakez members. For its part, Rakez will facilitate referral channels for ECI solutions and create a permanent facility within its premises to provide ECI-related services to its valued members.
Rakez, the UAE’s leading economic zone established by the Ras Al Khaimah Government, continues to attract diverse investment opportunities. It currently serves more than 15,000 companies in more than 50 industries. — trade arab news agency
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