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Etihad Credit Insurance (ECI) has signed a Memorandum of Understanding (MoU) with Ras Al Khaimah Economic Zone (RAKEZ) to support the emirate’s non-oil foreign trade.
Under the agreement, ECI will provide RAKEZ members with access to flexible state-backed trade finance support and market intelligence through seminars and workshops to help them achieve their overseas expansion goals.
ECI will also appoint a dedicated trade credit insurance expert in Ras Al Khaimah to assist RAKEZ members with their export solutions needs. In return, RAKEZ will facilitate referral channels for ECI solutions and provide a permanent facility within its premises to offer services to its members regarding ECI.
This agreement is part of ECI’s ongoing efforts to support Ras Al Khaimah’s economic diversification process and its strategy to boost export activities.
As of November 2022, ECI has facilitated AED261 million worth of secured non-oil trade for businesses in the emirate.
Ramy Jallad, Group CEO of Ras Al Khaimah Economic Zone, and Massimo Falconi, CEO of Etihad Credit Insurance, signed the agreement.
Commenting on the partnership, Jallad said, “In line with the UAE’s economic diversification strategy, this partnership will ramp up our efforts to position Ras Al Khaimah as a leading global investment destination and make export activities an engine of its economy. This move to support the businesses operating in RAKEZ will likewise advance the emirate’s industrial strategy and improve the brand value of UAE-made products across the globe.”
Falconi said the partnership will focus on small and medium size companies.
RAKEZ, a premier economic zone in the UAE established by the Ras Al Khaimah government, continues to attract a diverse range of investment opportunities.
It currently hosts more than 15,000 companies across over 50 industries. RAKEZ provides entrepreneurs, startups, SMEs, and manufacturers with a range of business solutions, including free zone and non-free zone licenses, customizable facilities, and advanced services available in a one-stop shop.