Dubai: As the UK reshapes its future trade policy during the post-Brexit transition period, the UAE – UK’s largest export market in the Middle East and the 13th biggest globally – has become one of its first trade allies to reaffirm its commitment in trade relations.
This commitment was signified by the meeting between Etihad Credit Insurance (ECI), the UAE Federal export credit company and the Rt. Hon. The Lord Mayor of the City of London William Russell, which underscores the aim of both entities to foster deeper relationships between the UAE and the UK, and to further strengthen the trade relations between the two countries.
The post-Brexit transition period gives the UK new opportunities to engage with countries which have a liberal trade regime, such as the UAE, thereby attracting capital from international markets. This will pave the way for greater value creation for UAE businesses and exporters, prompting an increase in trade and foreign investments for the future.
Stressing on ECI’s commitment in supporting a successful post-Brexit transition, Massimo Falcioni, CEO of Etihad Credit Insurance said: “The UK is one of the biggest trading partners of the UAE and we are delighted to enter into a productive discussion with the Lord Mayor of City of London to discuss strategic ways to strengthen trade and investments between the UAE and the UK.”
The Rt. Hon. The Lord Mayor of the City of London William Russell said: “The UAE is the UK’s key trading partner in the region, making up 40% of GCC-UK trade. According to the UAE Ministry of Economy’s ‘Non-Oil Foreign Trade Relation Report between The United Arab Emirates and United Kingdom’, the UAE’s non-oil export and re-exports trade volume to the UK stood at AED 13.2 billion in 2018 up from AED 13.1 billion in 2017.
The UAE – the UK’s fourth largest export market outside the EU – is also home to a large expat population of 120,000 UK nationals and a travel destination to 1.25 million UK tourists in 2016.”
“ECI is committed to facilitating support for UAE exporters and investors to expand their business in the UK with comprehensive solutions to bring in new investments, trade opportunities and more jobs for the national economy. The meeting was instrumental in advancing the UAE’s economic non-oil diversification drive,” Massimo added.
The meeting was witnessed by distinguished officials from The British Embassy marking the next step to drive economic momentum between the UAE and the UK.
In 2019, Etihad Credit Insurance signed a Memorandum of Understanding with UK Export Finance (UKEF), the UK government’s export credit agency, to encourage greater confidence amongst traders and investors by enhancing the trade relations as well as boosting investment opportunities between the UK and the UAE.
The MoU focuses on collaborations in export credit policies and practices, projects and other areas of mutual interest.
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 as well as support the exporters in the domestic trade 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.
ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.
For media inquiries, please contact:
Abeer Al Mutawa
Director Marketing & Communications
Etihad Credit Insurance
+971 4 245 4445
abeer.almutawa@eci.gov.ae
Sonal Salvi
PR Manager
New Perspective Media
+971 58 206 9825/ +971 4 244 9642
sonal@newperspectivemedia.com
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