DUBAI, 26th April, 2017 (WAM) -- H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Chairman of the Board of Al Etihad Export Credit Company, chaired the Company's first board meeting, held today at the Dubai Ruler's Court to discuss the first steps towards developing its strategic plans.
Sultan bin Saeed Al Mansouri, Minister of Economy was elected deputy chairman of the board. In remarks during the meeting, Sheikh Hamdan noted that the Company will benefit the economy through enabling exporters to enter new markets while protecting them from non-payment risks. This support, he said, boosts non-oil imports. The Company was established as part of the UAE Vision 2021 that seeks to diversify sources of income and reduce reliance on oil to prepare for the post-oil era, he noted, and stressed that small and medium-sized enterprises, SMEs, will receive a boost as part of the UAE's efforts to support their exports and fend off credit risks. The UAE backs non-oil sectors to increase their share in the economy and the GDP, he said, citing trade and industry as key pillars of sustainable economic development. For his part, Deputy Chairman Sultan bin Saeed Al Mansouri said Al Etihad Export Credit Company will provide a federal umbrella to back national companies and empower them against non-payment risks thus bolstering confidence in UAE exporters.
© Copyright Emirates News Agency (WAM) 2017.