In a significant development, Etihad Credit Insurance (ECI), the federal export credit company of the United Arab Emirates (UAE), has solidified its influence on the African continent by establishing strategic partnerships with prominent financial institutions in Ethiopia. This noteworthy accomplishment coincides with the official visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to the Federal Democratic Republic of Ethiopia, along with a high-ranking delegation from the UAE.
Demonstrating unwavering dedication to safeguarding UAE exports and investments, ECI has formalized Memoranda of Understanding (MoUs) with key Ethiopian financial entities. These include the esteemed Commercial Bank of Ethiopia, the state-owned Development Bank of Ethiopia, and the Ethiopian Insurance Company, a pivotal provider of insurance solutions in the nation.
The primary objective of ECI’s collaborations in Ethiopia is to amplify non-oil trade activities between the UAE and Africa, unlocking new avenues for trade and investment. Additionally, these partnerships aim to introduce innovative insurance solutions that ensure the protection of UAE enterprises while fostering a continuous flow of investments and trade into Ethiopia and the broader African continent.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI, highlighted the deep-rooted partnership between the UAE and Ethiopia, which has evolved into a potent economic alliance. With trade figures reaching $1.4 billion in 2022, the MoUs underscore the shared aspiration to elevate existing commercial relations, aligning with the ‘We are the Emirates 2031’ vision.
“Our collaborations with Ethiopia’s premier banking and insurance institutions bolster bilateral trade relations and pave the way for untapped investment prospects,” Dr. Al Zeyoudi stated. He emphasized that this synergy mirrors the UAE’s strategic goals of enhancing non-oil exports and reaffirms their commitment to driving economic growth in Ethiopia and Africa as a whole.
Raja Al Mazrouei, CEO of Etihad Credit Insurance, noted that the signing of these pivotal MoUs is aimed at strengthening trade ties with one of Africa’s significant markets. This move not only contributes to commercial prosperity and enhances the competitive edge of UAE exports but also provides comprehensive insurance solutions that empower UAE businesses in their global expansion endeavors. These efforts align seamlessly with the overarching objective of diversifying the UAE’s economy and solidifying its position as a leading global trade and business hub.
In 2022, ECI played a pivotal role in supporting UAE’s non-oil trade, which achieved remarkable growth exceeding AED 2.2 trillion by the end of the year. The company’s strategic initiatives, including insuring a turnover worth AED 14.4 billion and underwritten exposure valued at AED 8.1 billion across 16 diverse sectors spanning 106 countries, fostered international collaboration with key partners.