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23 December 2019
BUSINESS

UAE, Oman sign agreement to strengthen bilateral trade ties

The countries agreed to identify specific solutions in the export and investment fields that will support SMEs businesses to access high growth markets with ease.

Bloomberg/Christopher Pike

by Kudakwashe Muzoriwa

The Etihad Credit Insurance (ECI) has signed an MoU with the Export Credit Guarantee Agency of Oman (Credit Oman) to enhance trade and economic cooperation between the UAE and Oman.

Massimo Falcioni, the CEO at ECI, said that the UAE Federal Export Credit Company’s alliance with Credit Oman will play a crucial role in advancing the non-diversification strategy of the UAE as this collaboration will help in boosting the efforts of exporting community in diverse sectors.

ECI stated that the collaboration will provide incentives to UAE businesses that are looking to expand globally by providing them mutual opportunities for insurance, reinsurance as well as co-insurance services for export of goods, investments and services from ECI and Credit Oman.

Under the MoU, ECI and Credit Oman will form a collaborative task force to explore work streams that include commercial information and credit opinion sharing on companies located in both the UAE and in Oman, Halal industry & Shari’ah compliant insurance and finance solutions as well as trade promotions, investments and SME programmes.

According to the Ministry of Economy, the volume of non-oil trade between the two countries in 2017 registered about AED 36 billion, a growth rate of 12.4 per cent over the year 2016. Non-oil trade between the UAE and Oman in Q3 2018 reached AED 32.5 billion.

 


RELATED STORIES: Export Credit Guarantee Agency of Oman Etihad Credit Insurance SMEs


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