In line with the UAE’s Make it in the Emirates initiative, Etihad Credit Insurance (ECI), the UAE Federal export credit company, and Emirates NBD have signed an agreement that will improve the liquidity of UAE exporters and businesses and enhance their global competitiveness.

The partnership aims to increase the confidence of the financial sector to fund UAE companies in their manufacturing, export and expansion targets.

"We are very pleased to support the Make it in the Emirates initiative, which aims to create a sense of pride in locally made products, through this strategic alliance with Emirates NBD,” said Massimo Falcioni, CEO of Etihad Credit Insurance.

Last March, the vice president and prime minister of the UAE and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum launched the Unified Industrial Brand Identity under the slogan Make it in the Emirates.

As an extension of the UAE Nation Brand, the new campaign stems from a vision based on building up the unique credentials of products made in the UAE by enhancing their quality and global competitiveness.

“More than 80 percent of world trade relies on trade finance, mostly of a short-term nature. We are delighted to offer the solutions we have developed for supporting banks’ factoring and supply financing activities, which can be leveraged effectively by the lenders, to offer innovative financial solutions to their clients, whether large companies or SMEs, thereby benefiting the local economy and supporting its continued development," continued Falcioni.

This comes in following a recent UAE cabinet approval of a policy that aims to support the country’s foreign trade and to increase the non-oil sectors’ contribution to GDP.

Following their agreement, which was inked on Sunday, Emirates NBD can now leverage ECI’s insurance policy to provide credit facilities to the Emirates’ businesses.

The support of a federal export credit such as ECI helps the bank reduce any risks that could be associated with credit facilities, while supporting UAE businesses’ cash flow and capabilities to seek or maintain their global operations.

"Emirates NBD is delighted to join hands with ECI to support our nation’s businesses and enhance their competitive strengths. As the UAE looks to build ICV (in-country value), this is a critical time for local manufacturers and exporters looking to enhance their proposition on an international stage,” said Ahmed Al Qassim, senior executive vice president and group head, Corporate & Institutional Banking, Emirates NBD. 

“As strategic contributors to the UAE economy, Emirates NBD’s partnership with ECI builds on our long-term commitment to deliver robust financing facilities and support to UAE businesses to boost their trade competitiveness and overall confidence," he added.

The agreement follows a previous Memorandum of Understanding signed in 2019 between Falcioni and Al Qassim.

Through this partnership with Emirates NBD, ECI can aid UAE businesses in strengthening the reach of UAE products and exports internationally, opening up opportunities to promote locally produced goods and enhance their competitiveness in the global marketplace.

Last Wednesday, the vice president and prime minister of the UAE and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum tweeted that, under the policy, local products will make up 50 percent of exports.