UK Export Finance (UKEF)
has signed a cooperation agreement with its counterpart in the
United Arab Emirates (UAE), the Etihad Credit Agency
(ECI), that will
strengthen trade cooperation and boost investment between the UK
and UAE.
The agreement provides a general framework for reinsurance
underwriting between UKEF
and ECI that will
enable the two agencies to combine their financial support to
help UK and UAE
businesses secure export contracts anywhere in the world.
UKEF can now support the
export of products from the UAE through its collaboration with
ECI where a transaction
also involves substantial trading opportunities for UK exporters
in third countries.
The UAE was one of the
top destinations for exports supported by UKEF last year and total trade between
the two countries is now worth £17.8 billion. This agreement will
strengthen this trading relationship and create more
opportunities for UK businesses to export.
UK Minister for Exports, , said:
This partnership is a boost to our trading relationship and to
businesses in both countries. The UAE is diversifying its exports
away from oil and gas into renewable energy and its goals to
reduce its dependency on fossil fuels align with our own.
Having overtaken France last year to become the world’s fifth
largest exporter, we are determined to help businesses across
the UK access the finance they need to take advantage of new
opportunities uncovered by UKEF across the world.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State
for Foreign Trade and Deputy Chairman of the Board of Directors
of Etihad Credit Insurance, said:
The UAE and the UK
have always had strong trade relations over the years, and this
agreement reflects the keenness of both nations to enhance the
competitive advantage of our respective business sector in the
international market. We are pleased to enter this partnership
with UKEF, with our
strong confidence that this will further help ECI propel UAEbusinesses towards greater
heights. This alliance will prove instrumental in advancing the
UAE’s national
economic non-oil diversification programmes.
Louis Taylor, UKEF’s Chief
Executive, said:
There is a strong pipeline of new opportunities in renewable
energy and healthcare – among others – where UK and
UAE businesses can
offer their expertise. This agreement will help us tap into
that shared potential and increase the scale of new business
that we can support in cooperation with ECI.
Massimo Falcioni, CEO of ECI, said:
The UAE and the UK
have always had strong trade relations over the years, and this
agreement reflects the keenness of both nations to enhance the
competitive advantage of our respective businesses in the
international market. We are pleased to enter this partnership
with UKEF, with
confidence that this will further help ECI propel UAE businesses towards greater
heights. This alliance will prove instrumental in advancing the
UAE’s national
economic non-oil diversification, in line with our country’s
vision.
Background
UKEF has a network of export finance
experts based in key markets around the world, servicing
Posts in their region, including David Moleshead and Michelle
Leong who are both based in the UAE.
