Etihad Credit Insurance (ECI), the UAE Federal export credit company, and the Ras Al Khaimah Chamber of Commerce and Industry, has signed a Memorandum of Understanding (MoU) to support the local business community, particularly those from the trade and export sectors. Coinciding with this, ECI and RAK Chamber successfully conducted a focus group workshop, aimed at giving its members a key understanding of the benefits and advantages of utilising trade credit solutions, and driving in an increase in trade activity of local businesses.
The MoU was signed by Mohammed Hassan Al Sabab, Acting Director General of RAK Chamber, and Massimo Falcioni, CEO of ECI, in the presence of ECI and RAK Chamber senior officials.
Mohammed Hasan Al Sabab, Acting Director General of RAK Chamber, said: “The RAK Chamber is helping exporters find solutions to the challenges they face in the export process in order for them to expand their business, increase their sales, and secure their exports, which in turn will enhance the revenues of foreign trade. The cooperation with ECI represents the support for UAE exporters, and the role of the Chamber to assist the private sector in increasing their contribution to the local economy.”
Massimo Falcioni, CEO of ECI, said: “We take pride in collaborating with RAK Chamber in supporting the non-oil sectors, especially the industrial and trade sectors, as a key player in driving sustainable economic development in the emirate. We join the Chamber in assisting local companies to accelerate export activity worldwide by providing intelligence and information on commercial and political trade risks, as well as trade credit, surety bonds and trade finance solutions.”
“The emirate of Ras Al Khaimah represents a diversified non-oil economy, making it an ideal location that we should be working in as an export credit company. ECI is committed in supporting Ras Al Khaimah’s initiative geared towards attracting more foreign direct investments. Likewise, we endeavour to assist UAE businesses to penetrate new markets including the GCC, Asian and African regions,” Massimo added.
Participants attending the workshop took part in the highly interactive workshop sessions and roundtable discussions that focused on timely topics, with a spotlight on contributing to the country’s non-oil diversification strategy as well as to increased trade and export activity between local and international companies.
The event is part of a series of roadshows that ECI is holding in partnership with chambers of commerce across the UAE.
Recent industry reports have shown Ras Al Khaimah’s vibrant business and industrial sector, complete with a diverse range of development projects in the pipeline. The bright outlook is attributed to the strong support provided by the local government – backed by a vision that looks towards positioning Ras Al Khaimah as an ideal investment and tourist destination in the Middle East region.
Exports and re-exports, from the emirate of Ras Al Khaimah reached AED5.4 billion in 2017. While Oman, Kuwait, India, Saudi Arabia, Bahrain, Kenya, Yemen, Iraq, Madagascar and Djibouti were amongst the top destinations for Ras Al Khaimah exports last year.
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