Customized insurance solutions rolled out to support UAE-based businesses and increase trade
Jebel Ali Free Zone (JAFZA) and DP World recently showcased to its customers the trade payments protection solutions it has rolled out in partnership with Etihad Credit Insurance (ECI), the UAE Federal export credit company.
During the webinar titled, ‘Etihad Credit Insurance Collaboration: Trade with Protection’, JAFZA-based companies were given a walk-through of ECI’s solutions as part of the Free Zone’s drive to ensure the growth of businesses, while lowering the cost of export, by reducing the risk of non-payments, and funding, by lowering banking pre and post-shipment funding in the current unprecedented economic climate
JAFZA has introduced ECI’s tailored solutions to support UAE-based businesses and increase trade by providing them with protection against commercial and non-commercial risks. More than 8,000 companies in the free zone are set to directly benefit from the strategic collaboration of JAFZA and ECI, giving export businesses a major boost and a competitive edge in the regional and global markets.
The shared objectives of ECI and JAFZA represent the vision of the leadership to establish the UAE as a preferred global hub for exports. The Free Zone is working closely with ECI to take this partnership forward and reinforce their commitment to business continuity with confidence.
In addition, ECI has issued more than 1,600 revolving credit guarantees for a total exposure amount of AED1.2 bn (US$ 327mn) in the first half of 2020, which is equivalent to AED 4bn (US$ 1.089bn) guaranteed non-oil trade coverage.
