In line with its leading role in providing full support to the UAE’s private industrial sector and its commitment to the federal government’s strategy to strengthen the relationship between the private and public sectors; the Ministry of Finance (MoF) organised a workshop on “Export Credit Insurance” in Dubai. The workshop was held in collaboration with the Arab Investment and Export Credit Guarantee Corporation (DHAMAN), the Department of Economic Development in Abu Dhabi and Dubai, as well as Export Credit Insurance in Dubai.
The workshop was attended by HE Younis Haji Al Khouri, Undersecretary of MoF, HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF, a number of Ministry’s directors, as well as representatives of the federal and local departments and authorities in the UAE. The workshop discussed various axes that clarified the role of Export Credit Insurance in achieving benefit for the industrial sector and exporters within the UAE through leading to better commercial or non-commercial risk management.
HE Younis Haji Al Khouri emphasised that this workshop falls in line with MoF’s strategic objectives in enhancing the knowledge around the support of the national industry and exporters in the country. Furthermore, the plan provides the appropriate environment for these parties to enhance the success of their business, which leads to supporting the UAE’s national industry.
Moreover, HE Al Khouri said: “MoF will constantly work on creating all necessary conditions for strengthening its cooperation with various local, regional and global parties in order to achieve the greatest possible benefit for investors in the UAE. We also aim at offering them a greater chance to view all international developments in their fields, which will in turn allow them to get the best opportunities for the development and expansion of their business.”
The members of this workshop also focused on the importance of Export Credit Insurance in offering cash flows to the source through secured debts, which protects the Statement of Financial Position and increases profitability. In addition, the benefits also include the ability to obtain short term loans from banks that will allow them to reach new export markets and gain new buyers, which will lead to a safe expansion.