THE BUSINESS OF INTERNATIONAL TRADE
UK Export Finance (UKEF) has confirmed that it has signed an agreement with its counterpart organisation in the United Arab Emirates, Etihad Credit Insursance (ECI).
According to UKEF, the agreement "provides a general framework for reinsurance underwriting between UKEF and ECI that will enable the two agencies to combine their financial support to help UK and UAE businesses secure export contracts anywhere in the world."
Trade between the UAE and the UK is worth £17.8 billion, and the UAE was already one of the top export destinations supported by UKEF last year.
Discussing the agreement, UK Minister for Exports, Graham Stuart, said that "This partnership is a boost to our trading relationship and to businesses in both countries. The UAE is diversifying its exports away from oil and gas into renewable energy and its goals to reduce its dependency on fossil fuels align with our own.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of the Board of Directors of Etihad Credit Insurance, added that "The UAE and the UK have always had strong trade relations over the years, and this agreement reflects the keenness of both nations to enhance the competitive advantage of our respective business sector in the international market. We are pleased to enter this partnership with UKEF, with our strong confidence that this will further help ECI propel UAE businesses towards greater heights. This alliance will prove instrumental in advancing the UAE’s national economic non-oil diversification programmes."
If you have any leads on projects, there are two UKEF export finance experts based in the UAE who you can contact; Dave Moleshead (e: firstname.lastname@example.org) and Michelle Leong (e: email@example.com).
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