Dubai, UAE: Etihad Credit Insurance (ECI), the UAE Federal export credit company, has inked a Memorandum of Understanding (MoU) with The National Bank of Ras Al Khaimah (RAKBANK), the UAE’s leading SME bank. The agreement will assist local SMEs in accessing international markets via a number of financial services and educational tools.
Under the agreement, UAE-based businesses will gain access to a portfolio of financial services and solutions such as trade credit insurance (both conventional and Murabaha), credit risk management solutions, SME funding, export financing, corporate financing and letters of credit confirmation.
According to the Ministry of Economy, the SME sector comprises 94% of the total number of companies in the UAE and provides employment for over 86% of the private sector workforce. The UAE government is committed to boosting the contribution and performance of local SMEs and has taken a leading role in establishing strategic initiatives to support funding for the sector.
The partnership is aligned with the UAE’s drive to enhance non-oil industries, thereby promoting diverse and sustainable growth for the UAE economy. Local SMEs will also benefit from access to market intelligence and a series of seminars that will advise business owners on the importance of trade protection solutions when expanding into new markets.
Massimo Falcioni, CEO, ECI, said: "SMEs play a crucial role in the development of the UAE economy. From job creation to innovation and growth, their contribution to the country’s economy is substantial. We are pleased to partner with RAKBANK, a dynamic financial institution in the UAE, that is not only known for its extensive range of conventional and Shariah-compliant banking services but for its solutions for supporting the advancement of the SME sector. The MoU with RAKBANK provides a direction towards supporting the UAE’s diversification strategy and achieving ECI’s objectives in line with UAE Vision 2021. This agreement will assist the expansion of the SME sector by offering market intelligence and easier access to financial solutions, encouraging local businesses to contribute directly to the sustainable development of the UAE economy while tapping into new geographies.”
Peter England, CEO of RAKBANK, said: “This partnership is in line with one of our core strategic pillars – to diversify our offer for business customers beyond regular lending. We are pleased to be working with ECI to provide business owners with the set of tools needed to ease the access to new markets and grow their businesses, which in turn will stimulate the UAE economy’s growth. Our approach is to offer customers a complete suite of financial products and advisory services to help them grow and achieve their business objectives.”
The MoU was signed by Massimo Falcioni, Chief Executive Officer at ECI, and Peter England, Chief Executive Officer at RAKBANK, in the presence of other senior officials from the respective institutions.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by 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.
It 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 through a range of export credit, financing and investment insurance products.
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.
For media inquiries, please contact:
Abeer Al Mutawa
Director Marketing & Communications
Etihad Credit Insurance
+971 4 4096824
Business Unit Head
New Perspective Media
+971 4 2449597
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 36 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
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© Press Release 2019
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