Signing of ECI-RAK MoU
The partnership will provide UAE-based businesses access to a portfolio of financial services and solutions such as trade credit insurance, credit risk management solutions as well as SME funding, export financing and corporate financing.
Sunday 10, March 2019 BY KUDAKWASHE MUZORIWA
UAE’s Etihad Credit Insurance (ECI) has partnered with the National Bank of Ras Al Khaimah (RAKBANK) to assist local SMEs in accessing international markets via a number of financial services and educational tools.
The SME sector comprises 94 per cent of the total number of companies in the UAE and provides employment for over 86 per cent of the private sector workforce.
In a statement, ECI stated that the collaboration is aligned with the UAE’s drive to enhance non-oil industries, thereby promoting diverse and sustainable growth for the UAE economy.
Additionally, UAE-based SMEs will also benefit from access to market intelligence and a series of seminars that will advise business owners on the importance of trade protection solutions when expanding into new markets.
Massimo Falcioni, the CEO of ECI, said, “This agreement will assist the expansion of the SME sector by offering market intelligence and easier access to financial solutions, encouraging local businesses to contribute directly to the sustainable development of the UAE economy while tapping into new geographies.”
The UAE government is committed to boosting the contribution and performance of local SMEs and has taken a leading role in establishing strategic initiatives to support funding for the sector.