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ADGM and ECI collaborate on developing UAE’s non-oil business sectorsADGM FSRA 27/10/2019
Etihad Credit Insurance (ECI), the UAE Federal Credit Insurance Company has signed a Memorandum of Understanding (MoU) with Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in Abu Dhabi, to promote and sustain an effective financial ecosystem and provide an advantageous business environment that nurtures collaboration and international competitiveness of UAE businesses.
This agreement will enable the two institutions to support the development of numerous opportunities for investment banks and their customers that include local businesses, through export credit insurance solutions, structure trade finance services, project finance, international guarantees, and export trade loan securitisations. It will also help UAE businesses in their potential growth by offering them a range of ECI’s Shariah-compliant trade credit solutions for insurance and reinsurance capacity and ADGM’s local and regional market expertise and best-in-class financial tools and services.
The MoU was signed by Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM and Massimo Falcioni, CEO of ECI in the presence of H.E Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM as well as several senior ranking officials from both organisations.
The MoU sets up an official platform for both the institutions to work closely in key areas that include international risk analysis, country risk reports and market intelligence; collaboration in trade credit risk training programs; mutual support of business development opportunities for local businesses; co-operation in financial services; and joint involvement in forums and conferences.
Commenting on the strategic partnership, Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM said: “we are pleased to work together with ECI to further enable investment banks through exchanging industry-related insights, innovative financial services and tools.
As an International Financial Centre we will continue to work towards reinforcing the financial ecosystem, encouraging financial stability, and creating steady business and investment opportunities for local companies and entrepreneurs in the country as well as the region.”
Massimo Falcioni, CEO of ECI said: “This strategic alliance with ADGM marks an important milestone for ECI in its journey to foster and nurture local businesses in the development of the country’s non-oil sectors and investments, that is in line with the Vision 2021 mandate. We believe that by combining the resources and in-depth risk assessment reports of ADGM and our bespoke Shariah-compliant trade credit solutions and advisory services, we can create a stable financial environment that will be beneficial for the local businesses. The collaboration also coincides with ADGM’s efforts to make the country become an even greater influential hub for global commerce”.
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