The Union Export Credit Company, a credit protection company, affiliated with the Federal Government in the Emirates, has entered into an agreement with the Saudi Fund for Development in the field of financing and securing credit for non-oil exports to the two countries, within the framework of the UAE and Saudi Arabia’s keenness to strengthen economic ties between them and enhance trade, diversify and create opportunities for companies operating in both countries.
This cooperation represents a vital step in strengthening trade relations between the two countries, and, accordingly, expanding the businesses of local companies in both countries, and creating more commercial opportunities for those companies working in the field of export and trade. This partnership agreement was concluded in the presence of senior officials from both sides.
Emphasizing that this cooperation between Etihad Export Credit Company and the Saudi Fund for Development will benefit Saudi exporters and companies based in the UAE, Massimo Valcyone, CEO of Etihad Export Credit Company, said: “The Etihad Export Credit Partnership is with the Saudi Fund For development, it serves as an affirmation of the strong ties that bind the UAE and Saudi Arabia.
And since both countries have declared 2020 as “a year of achievements” in strengthening their ties, they will work together, making their economy one of the best in the world. The Union Export Credit Company is confident that this cooperation will benefit companies based in the UAE, as it will have access to the latest in-depth information about the market, in addition to innovative commercial credit solutions, provided by the company to contribute to the growth and diversification of these businesses. Companies.
Dr. Khaled bin Sulaiman Al-Khudairi, Vice Chairman of the Board, Managing Director of the Saudi Fund for Development said: “We are pleased to cooperate with the Union Export Credit Company. Since the launch of the Saudi Fund for Development in the 1970s, the fund has successfully funded programs in various economic sectors, including education, health, transportation, agriculture, energy, and water.
Among the main objectives of the fund are participating in financing projects in developing countries, through granting development loans, technical assistance necessary to finance studies and institutional support, as well as financing and ensuring national non-oil exports in those countries. We believe that our partnership with the Union Credit Export Company will benefit the small and medium companies, which will be able to overcome the financial challenges that may prevent the growth of their business.
Under the partnership agreement, the Union for Export Credit will work closely with the Saudi Fund for Development in the areas of insurance and reinsurance, commercial information, exchange or credit opinions, cooperation in technical training programs, marketing activity, SME programs, and many other areas.
It is noteworthy that the strong ties between the UAE and Saudi Arabia are very evident in the development plans that the two countries have put in place in the long term, represented in the UAE vision 2021 and the Kingdom’s vision 2030, which aim to accelerate non-oil economic diversification and boost economic growth and investment in the region.
According to the non-oil foreign trade relations report issued by the Ministry of Economy in the UAE, the volume of UAE trade in the field of export and re-export to Saudi Arabia reached 79.6 billion dirhams in 2018, compared to 53.9 billion dirhams in 2017. The report also stated that the volume of trade between the Emirates And Saudi Arabia increased by 32% in 2018.