The UAE’s Federal export credit company, Etihad Credit Insurance (ECI), the Hamriyah Free Zone Authority (HFZA), and the Sharjah Airport International Free Zone Authority (SAIF Zone) have signed an MoU to collaborate and support Sharjah exporters and re-exporters to start and grow their international business.
Saud Salim Al Mazrouei, Director of HFZA, said: “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.”
Massimo Falcioni, CEO of Etihad Credit Insurance, said: “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.”
He added: “We are confident that ECI’s trade and project financing support to UAE businesses will reinforce HFZA and SAIF Zone’s visions to solidify Sharjah’s position as a destination for global investments and a business centre in the Middle East while sustaining UAE’s position as an export powerhouse even amid the severe disruptions in the current economic cycle” he added.
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 SMEs operating in the two free zones.
Through this collaboration, the entities will jointly conduct seminars and workshops to educate the UAE business community about the benefits of trade protection solutions of Etihad Credit Insurance.
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 expand in new growth markets around the world.