Etihad Credit Insurance (ECI) and the Abu Dhabi Export Office (ADEX) have joined forces to support digital transformation in Angola, enhancing the UAE’s global trade position and fostering technological advancement. This collaboration underscores the commitment of both organizations to bolster the UAE’s export sector, facilitate global expansion, and drive economic growth.
ECI & ADEX: Strengthening export capabilities
As part of their strategic collaboration, ECI and ADEX have formalized a partnership aimed at reinforcing the UAE’s position in international trade and innovation. The two bodies will support a digital transformation project in Angola, which holds substantial promise for the UAE’s technological and economic interests.
Boosting UAE’s global expansion
ADEX works to extend loans and guarantees to Emirati exporters, thereby enhancing their economic contributions on a global scale. This strategic collaboration between ECI and ADEX seeks to secure funding for UAE-based companies, with UAE company Presight as a noteworthy example. The backing from ADEX, supported by ECI Insurance, will enable Presight to implement a project that promises to advance the technology sector in Angola, amplifying the UAE’s in-country value.
The policy, marking the culmination of this strategic initiative, was formally signed by Raja Al Mazrouei, CEO of ECI, and Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and Chairman of the Exports Executive Committee of ADEX. Their shared vision for the future and commitment to empowering UAE-based companies reflect the global trust in the UAE’s dynamic economy and ECI’s pivotal role.
Global business expansion
Al Mazrouei emphasized, “The UAE continues to pioneer on the global stage, and this collaboration with UAE industry champions reinforces our vision for global prominence. We are dedicated to empowering UAE-based companies for international success, further solidifying the UAE’s position as a global business hub.”
Al Suwaidi, added, “This policy signing underscores ADEX’s commitment to driving technological progress in Angola while bolstering our national companies. It enables companies like ‘Presight’ to expand beyond our borders and enhances our mission to strengthen the national economy, establishing the Emirates as a global business hub.”
ECI – Collaborations with banks and insurance firms
Highlighting their expanding business engagement in Africa, ECI recently formalized three Memorandums of Understanding (MoUs) with top-tier banks and insurance companies in Ethiopia. These collaborations are strategically designed to unlock trade and investment opportunities, promote innovative insurance solutions, and position UAE enterprises at the forefront of global market growth.
ADEX – Enhancing cross-border trade
In February of this year, ADEX signed two green finance agreements with the government of Angola, valued at Dhs 445 million, in cooperation with Standard Chartered Bank. Additionally, ADEX entered into a financing agreement with the National Bank of Egypt (NBE), reinforcing trade and economic relations between the UAE and Egypt.
Under the terms of the agreement with the National Bank of Egypt, a revolving loan facility of USD 100 million has been established, primarily aimed at supporting transactions involving UAE exports to Egypt. This initiative seeks to bolster economic activities and promote cross-border trade relations, further enhancing the already fertile trade landscape between the two nations.
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