Markel International has signed a memorandum of understanding with Etihad Credit Insurance (ECI), the federal export credit company of the United Arab Emirates, to deliver trade credit insurance to businesses in the market.
The MoU marks the cooperation of both firms to design and deliver bespoke trade credit insurance products to help grow the country’s non-oil export industries. The partnership will assist ECI, which is owned by the UAE federal government, to further the country’s efforts in diversifying into non-oil trade.
Ewa Rose, managing director of trade credit, political risk and surety of Markel International, and Massimo Falcioni, chief executive officer of ECI, signed the agreement. It was witnessed by senior officials from both parties.
“The UAE is currently the largest market for trade credit insurance in the MENA region,” Rose said. “This has also been the strategic location where the majority of credit insurers have their base and use it as a hub to support businesses in the region.
“We are looking forward to working in close partnership with ECI,” she said. “The newly-signed MoU reflects our eagerness to earmark our presence in the Middle East region, particularly in the UAE - complementing our continuing efforts to expand our geographic reach.”
“The strategic association with Markel International will likewise create a strong platform for ECI to boost UAE businesses in line with the UAE Vision 2021 agenda,” said Saeed Al Awadi, chairman of ECI’s executive committee and CEO of Dubai Export and Development Corporation. “The agreement reinforces our commitment to service the UAE export community in order to improve their global competitiveness.”
