26 November 2024 - Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a memorandum of understanding (MoU) with the Free Zones Authority of Ajman to offer a broad spectrum of insurance solutions and financing opportunities to exporters in the UAE.

Under the MoU, ECI and Free Zones Authority of Ajman will strengthen and enhance their partnership in several insurance and risk management areas. This includes trade credit insurance (conventional and Murabaha), insurance against export credit risks and short-term, medium-term, or long-term credit risks, along with insurance against individual buyer risks. Additionally, ECI and Free Zones Authority of Ajman will jointly organise workshops to promote awareness of these solutions and their benefits, which include protecting businesses from non-payment risks arising from commercial and political factors. As part of their collaborative efforts, both parties will also participate in local and international conferences, events, and activities.

H.E. Raja Al Mazrouei, CEO of Etihad Credit Insurance, said: “We are pleased to sign the MoU with Free Zones Authority of Ajman as it showcases our dedication to enhancing trade and investment opportunities in the UAE and the region. This collaboration will enable us to provide consistent support to exporters in the UAE through innovative solutions in trade credit insurance, export finance, and risk management. By doing so, we aim to contribute to the competitiveness of non-oil exports in global markets. Furthermore, this agreement also reinforces our commitment to building robust relationships with government partners and solidifying the UAE’s position as a global hub for investment and trade.”

H.E. Ismail Al Naqi, Director-General of Free Zones Authority of Ajman, said: “This strategic partnership with ECI marks a significant move towards bolstering the international competitiveness of Ajman-based companies. The Authority seeks to empower these businesses by helping them protect their interests and minimise potential financial risks at different levels, fostering their stability and sustainable development through inclusive coverage solutions against credit risks. The MoU demonstrates our mutual dedication to driving growth in the commercial sector and elevating Ajman's stature as a prominent hub for trade and investment. We eagerly look forward to the fruitful outcomes of this collaboration, which will bring added value to our business community.”

Since its inception in 1988, the Free Zones Authority of Ajman has been instrumental in enhancing economic activities for businesses. Through its state-of-the-art establishments and extensive portfolio of services, features, and facilities, the Authority lays a solid foundation for the success and expansion of several enterprises.

The MoU between ECI and Free Zones Authority of Ajman represents a remarkable milestone in ECI’s relentless efforts to fortify its strategic alliances. ECI aims to strengthen its presence in the export credit sector, in keeping with its goal of broadening its network of public and private sector partners. Additionally, it seeks to improve its crucial role in facilitating the export, re-export, and foreign trade operations for UAE-based companies.
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