UAE’s Federal export credit company, Etihad Credit Insurance (ECI) has entered into a partnership with the Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) to support Sharjah exporters and re-exporters to start and grow their international business and secure their receivables globally.
The strategic initiative will boost the exports from Sharjah, one of the key manufacturing and industrial hubs in the region, and a major contributor to UAE’s non-oil GDP and national employment.
As per the agreement, Etihad Credit Insurance will offer its range of flexible trade credit insurance and financial solutions, including its Sharia-compliant insurance product ‘ECI Islamic’, to startups and small-and-medium enterprises (SMEs) operating in the two free zones.
“In line with our strategy to accelerate the UAE’s economic diversification and non-oil trade agenda, ECI is helping to enhance the bankability of SMEs, startups, and innovative projects launched by younger entrepreneurs across the country. We are honored to team up with one of the biggest industrial free zones in the UAE to empower local businesses and exporters through the state-backed financial and insurance support.”
Through this collaboration, they will jointly conduct seminars and workshops to educate the UAE business community about the benefits of trade protection solutions of Etihad Credit Insurance.
According to the statement, “By providing country risk reports and in-depth market intelligent services, ECI will also help the companies in the free zones to successfully carry out export to foreign countries as well as identify and flourish in new growth markets around the world confidently.”
HE Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority and Sharjah Airport International Free Zone Authority said that, “Our agreement with UAE Federal export credit company is a major effort in unlocking new avenues of financing for companies seeking to open operations in Sharjah.”
“This deal will strengthen the existing initiatives in the free zones to enhance SMEs’ contribution to the local economy with ECI’s insurance and project finance facilities as well as the market intelligence and advisory services. It signifies our collective vision to nurture an entrepreneurial ecosystem in Sharjah, thereby contributing to the sustainable economic growth of the UAE,” Mr. Al Mazrouei added.
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