The UAE Federal export credit company, Etihad Credit Insurance (ECI) is now in alliance with the Saudi Fund for Development (SFD). The partnership aims to enhance the trade, diversify and creates opportunities for the businesses and people in both countries. Additionally, it is also looking forward to providing credit insurance to protect non-oil exports of the UAE and Saudi Arabia. The main pinnacles of the collaboration involve sharing of workstreams that include insurance, reinsurance, and collections cooperation, commercial information and credit opinion sharing, cooperation in technical training programs, trade promotions, and SME programs.
According to a UAE Ministry of Economy report, the UAE’s non-oil export and re-export trade to Saudi Arabia stood at Dh79.6 billion in 2018, which was a 47.7 % increase in 2017. The report also stated that the UAE’s trade volume to Saudi Arabia has increased by 32% in 2018. Massimo Falcioni, CEO of ECI claim that “ECI believes this partnership will boost the plans of both the economies. We are certain that the association with SFD will prove to be beneficial for UAE-based businesses as they will have access to a potential business market intelligence supported with ECI’s bespoke trade credit solutions to emerging their businesses.” On the other hand, Dr Khaled Bin Sulaiman Al Khudairy, managing director of SFD, said that “SFD’s major goal is to take part in financing to uplift projects in developing countries. Moreover, We believe our this alliance will prove to be beneficial for the SME industries that will help to surpass the challenge of funds faced by SMEs.”