DUBAI - 02nd of June, 2013 - The Dubai Multi Commodities Centre ('DMCC'), a Government of Dubai Authority and Euler Hermes, the world's leading provider of trade-related insurance solutions, have signed a memorandum of understanding ('MoU') to enhance mutual cooperation.

The signing ceremony was attended by Ahmed Bin Sulayem, Executive Chairman, DMCC, and a Euler Hermes delegation led by Massimo Falcioni, CEO, Euler Hermes GCC.

Ahmed Bin Sulayem, Executive Chairman, DMCC, said: "With over 6,600 companies currently operating from the JLT Free Zone, it is essential that we offer our members the most appropriate products and services they require in order to succeed. Today's MoU between DMCC and Euler Hermes marks our commitment to the ever-growing international business community in Jumeirah Lakes Tower (JLT) whilst highlighting Dubai's strength as a global hub for trade and enterprise".

The MoU follows a meeting between Ahmed Bin Sulayem, Executive Chairman, DMCC and Wilfried Verstraete, Chairman of the Euler Hermes Group Management Board, during Mr Verstraete's recent visit to Dubai. Euler Hermes representatives were also given a tour DMCC's headquarters, Almas Tower, the tallest commercial tower in the Middle East, based in JLT.

Wilfried Verstraete said: "Euler Hermes has over 100 years of experience in corporate client support and we look forward to sharing our expertise with DMCC's diverse member base. We are certain that the MoU will be mutually beneficial, as it will enhance the range of services offered at the JLT Service Centre, and enable Euler Hermes to grow its presence in this dynamic region".

Businesses worldwide are seeking markets in which they can expand, access new customers, and conduct their day-to-day operations in a secure, transparent and modern environment. DMCC provides this infrastructure and over 200 new companies choose to establish operations in JLT every month - more than six companies per day - over 90% of which are new to Dubai.

"Under the terms of the MoU, Euler Hermes will be able to offer all existing and potential DMCC members credit insurance products and services through the JLT Service Centre in Almas Tower, JLT, to safely develop their domestic and export trade," said Massimo Falcioni.

-Ends-

About The Dubai Multi Commodities Centre
The Dubai Multi Commodities Centre (DMCC) is a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including 50-year guaranteed 0% corporate and personal income tax, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies. DMCC owns three fully operational towers which host the majority of the physical, market and financial infrastructure including the Jewellery & Gemplex facility, the specialized diamond and pearl exchanges and gold vaults.

About Euler Hermes
Euler Hermes is the worldwide leader in credit insurance and one of the leaders in the areas of bonding, guarantees and collections. With 6,000+ employees in over 50 countries, Euler Hermes offers a complete range of services for the management of B-to-B trade receivables and posted a consolidated turnover of €2.4 billion in 2012. Euler Hermes has developed a credit intelligence network that enables it to analyze the financial stability of 40+ million businesses across the globe. The Group insured worldwide business transactions totaling €770 billion exposure end of December 2012. Euler Hermes, subsidiary of Allianz, is listed on Euronext Paris. The Group is rated AA- by Standard & Poor's.

Euler Hermes established operations in Dubai in September 2007, sponsored in UAE by Alliance Insurance PSC whose chairman of the board is HH Sheikh Ahmed Saeed Al Maktoum. With operational offices in Jeddah and Riyadh, Euler Hermes is also present in Bahrain, Kuwait, Oman and Qatar.

For more information visit www.eulerhermes.com or follow us on Twitter @eulerhermes

Cautionary note regarding forward-looking statements: The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Euler Hermes Group's core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) persistency levels, (v) the extent of credit defaults, (vi) interest rate levels, (vii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of acquisitions, including related integration issues, (xii) reorganization measures, and (xiii) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The company assumes no obligation to update any forward-looking statement.

For media enquiries:
Euler Hermes GCC (Dubai)
Iphigenia von Moock Tsipas
Head of Market Management - GCC Countries
+ 971 4 211 6049
iphigeniavonmoock@eulerhermes.com

Dubai Multi Commodities Centre
Henriette Svensen
PR & Corporate Communications Manager
+971 4 375 2207
henriette.svensen@dmcc.ae

© Press Release 2013