• It targets to facilitate stronger halal trade through ECI’s Sharia-compliant finance solutions, as well as drive further economic development by supporting the growth of SMEs and mid-caps in both countries

Dubai, UAE – Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with its Dutch counterpart Atradius Dutch State Business (Atradius DSB) to boost the long-standing bilateral trade and economic relations between the UAE and the Netherlands.

The bilateral meeting took place at ECI’s branch office in Dubai, which coincided with the 50th anniversary of the establishment of diplomatic relations between the two countries, which has created significant mutual opportunities in trade and investments over the past decades.

The cooperative agreement aims to bolster collaboration between the two ECAs through joint strategic projects that promote the availability of and access to bespoke trade financing solutions for businesses.

The partnership also seeks to facilitate stronger halal trade through ECI’s Sharia-compliant finance solutions, as well as drive further economic development by supporting the growth of SMEs and mid-caps.

In a bid to equip exporters with a competitive edge to expand on a global scale, ECI and Atradius DSB will also organise workshops, B2B meetings and other events that deepen economic cooperation and extend trade financing and investment support. The two entities also agreed to enhance growth opportunities for value sectors, such as agriculture, construction, steel, clean energy, and green projects.  

Commenting on the agreement, His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and deputy chairman of ECI’s board of directors, said: “The Netherlands has been one of UAE’s key strategic partners for half a century, and this agreement between our export credit agencies will provide enormous benefits to businesses in both countries with innovative trade credit and project finance solutions. It mirrors our strong relationship and shared values. I am confident that this deal will mark a new dawn in our bilateral economic relations.”

Massimo Falcioni, CEO of ECI, said: “Our new alliance with Atradius DSB will create a marked shift in the competitiveness of businesses in both the United Arab Emirates and in the Netherlands. We will help them expand on an international scale with concerted efforts, leveraging various bespoke credit insurance, project financing, and credit insurance solutions, affording detailed market insights, and facilitating ease of access to emerging markets.”

Meanwhile, Irene Visser, Head of Strategy & International Relations, Atradius Dutch State Business, said: “This partnership marks an important step towards stronger trade relations between Dutch and UAE-based growth sectors. We are glad to support the export and import of high-value capital goods and make it easier for Dutch and UAE-based companies to access much-needed technology. We already see concrete opportunities in the fields of renewable energy, the circular economy, water, and agri-food.”

The UAE represents 40 per cent of the Netherlands’ exports to the GCC countries. Currently, more than 7,800 Dutch nationals reside in the UAE, and the trade between the two countries has thrived in recent years, with total UAE investment flows into the Netherlands amounting to about US$750 million between 2003-2019.

In 2020, despite the impact of COVID-19 pandemic on global markets, data from the UAE Ministry of Economy show that non-oil foreign trade between the nations reached more than AED11 billion.

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About Etihad Credit Insurance

Etihad Credit Insurance (PJSC) was established by the UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE's non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.

The UAE Federal export credit company is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products. Since 2020, in response to the country’s economic needs, it started providing credit insurance support to domestic non-oil trade and project financing guarantees too.

To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.

ECI has also been assigned for the third consecutive year this 2021 with an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook according to Fitch Ratings.

About Atradius Dutch State Business

Atradius Dutch State Business (Atradius DSB) is a subsidiary of Atradius N.V., one of the largest credit insurers in the world. As a separate entity, Atradius DSB offers a wide range of insurance and guarantee services to Dutch exporters of capital goods, internationally operating contracting companies, banks and investors against the risks of international trade. These services are offered on behalf of and for account of the Dutch State, making it the official Export Credit Agency (ECA) of the Netherlands and has fulfilled this role since 1932.