There will also be a drop in horizontal visibility as light to moderate winds are expected, causing blowing dust
weather10 hours ago
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has partnered with the Saudi Fund for Development (SFD) for financing and providing credit insurance to protect non-oil exports of the UAE and Saudi Arabia.
The collaboration marks a favorable step in strengthening the alliance between the UAE and KSA, one that will enhance the UAE's global competitiveness and widen the potentialities and opportunities for local businesses as well as the export and trading community. The partnership between ECI and SFD was formalised in the presence of other senior officials from both the organisations.
Stressing on how the collaboration between Etihad Credit Insurance and Saudi Fund for Development could be beneficial for Saudi exporters and UAE-based businesses, Massimo Falcioni, CEO of ECI, said: "ECI's partnership with SFD is forming when the UAE-Saudi Arabia relations are strengthening. The year 2020 has been announced as a 'year of achievement' by both the countries, aiming to work together to become one of the top economies in the world. 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 new market, potential business market intelligence supported with ECI's bespoke trade credit solutions to diversify their businesses."
Dr. Khaled Bin Sulaiman Al Khudairy, vice chairman and managing director of SFD, said: "We are delighted to have collaborated with ECI. Since our launch in the 1970s, SFD has financed programmes in different economic sectors including education, health, transportation, agriculture, energy and water. Among SFD's main objectives are to participate in financing to uplift projects in developing countries by granting them necessary loans, technical aids required for financing studies and institutional support as well as financing and guaranteeing the national non-oil exports. We believe our alliance with ECI will prove to be beneficial for the SME industries that will help to surpass the challenge of funds faced by SMEs."
The key highlights of the alliance between the two institutions include sharing of work streams that include insurance, reinsurance and collections cooperation, commercial information and credit opinion sharing, cooperation in technical training programs, trade promotions, and SME programs.
Exports noted that the UAE and Saudi Arabia's strong partnership is well evident in their long-term agendas - UAE's Vision 2021 and Saudi Vision 2030 - that aim to promote non-oil diversification and enhance economic growth and investment in the region. According to the UAE Ministry of Economy's report on 'Non-Oil Foreign Trade Relation between The United Arab Emirates and Saudi Arabia', the UAE's non-oil export and re-exports trade volume to Saudi Arabia stood at Dh79.6 billion in 2018 up from Dh53.9 billion in 2017. The report also stated that the UAE's trade volume to Saudi Arabia has increased by 32 per cent in 2018.
- business@khaleejtimes.com
There will also be a drop in horizontal visibility as light to moderate winds are expected, causing blowing dust
weather10 hours ago
The airlines continue to monitor developments across the region
aviation10 hours ago
Volunteers have quickly stepped in to support families by setting up and preparing the tents
uae11 hours ago
The airline had earlier alerted passengers about longer queues and slower check-ins
aviation11 hours ago
The External Affairs Minister said that he is travelling to Pakistan only to be a 'good member of the SCO'
asia11 hours ago
Sheikh Hamdan took to social media platform X to make the announcement on World Teachers' Day
visa and immigration in uae12 hours ago
These goods, which were seized by Customs, can be examined at Dubai Airports, Terminal 3
uae12 hours ago
He did not elaborate on the nature or timing of the response
mena12 hours ago