Emcredit signs MoU with Export Credit Insurance Company of Emirates
In a move to boost the thriving exports from the UAE, Emcredit, Dubai’s official credit information agency, signed a Memorandum of Understanding (MoU) with the Export Credit Insurance Company of the Emirates (ECIE). Under the terms of the agreement, Emcredit’s advanced credit information reporting services will be used in ECIE credit insurance services. In addition, both Emcredit and ECIE will promote their respective services to members.
The MoU is expected to have a significant impact on trade given where access to sound business information tools is critical to support the growth and sustainability of businesses in the credit insurance sector. The MoU would also help protect ECIE against unmeasured credit and liquidity risks and provide its members with access to valuable business information.
“Comprehensive and up-to-date credit and business information are essential elements in supporting trade between countries,” said Ali Ibrahim, Managing Director, Emcredit. “An alliance such as this between Emcredit and ECIE will provide trading partners with access to the necessary business information to support business decisions, and help companies manage export risks by transferring the risks to a credit insurer.”
“This partnership highlights the value of collaboration between two government departments in supporting the government's specific economic objectives,” said Engr. Saed Al Awadi, Managing Director and CEO of ECIE. “Accurate credit and trade information is a cornerstone of trade credit insurance. Emcredit’s products will greatly support ECIE's information objectives and will play an important role by providing ECIE access to its pool of high quality business information, further strengthening our ability to offer suitable insurance cover to our customers. Moreover, Emcredit’s credit and business information will further enable ECIE to help companies identify appropriate business partners, and support quicker and better decision making while mitigating their credit risks.”
In exchange ECIE will also support Emcredit in the enhancement and enrichment of its business reports by providing Emcredit with relevant data.