UAE Federal Export Credit Supports Business Community In Ras Al Khaimah

DUBAI, (UrduPoint / Pakistan Point News / WAM - 26th Dec, 2018) 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 to support the local business community, particularly those from the trade and export sectors.

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.

Speaking on the occasion, Al Sabab 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."

Falcioni commented, " 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.

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"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.

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 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.