His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Chairman of the Board of Directors of the "Union for Export Credit" said that the establishment of the "Union for Export Credit" comes within the framework of consolidating the UAE's position on the world trade map, working to raise the volume of national exports and support industries Emirati women, and enhancing their competitiveness in international markets, adding that His Highness added that the financial and insurance solutions provided by the Union Export Credit Company, in 2019, help companies operating in the Emirates to increase the rates of national exports and their competitiveness, within the international standards and indicators.
In detail, His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Chairman of the Board of Directors of “Union for Export Credit”, the National Credit Protection Company of the UAE government, chaired yesterday the fourth board meeting.
His Highness began by congratulating the members of the Council on the effective efforts made by the company, which contributed during the 21 months since its operations began to support exports, national industries and foreign investments, in implementation of the country's strategy to diversify its economic structure and promote the growth of non-oil sectors.
His Highness also welcomed the new board member, and wished success and success to all employees of the company.
A meeting of the Board of Directors of the Union Export Credit Company was held, in the presence of the Minister of Economy and Deputy Chairman of the Board, Sultan bin Saeed Al Mansoori, in the Diwan of His Highness the Ruler of Dubai.
The meeting was attended by members of the company’s board of directors, and the CEO of Etihad Export Credit Corporation, Massimo Valcyone.
His Highness Sheikh Hamdan bin Rashid Al Maktoum said that «the establishment of the (Union for Export Credit), the national credit protection company affiliated with the government of the UAE, aims to provide support to companies operating in the country, and comes within the framework of consolidating the UAE’s position on the world trade map, and working to raise the volume of exports Patriotism, supporting Emirati industries, and enhancing their competitiveness in international markets, in line with the UAE’s vision of 2021 in the process of economic development based on knowledge and innovation, which leads to the development of non-oil economic sectors, especially commercial and industrial, to achieve prosperity and development. Sustainable development. ”
His Highness pointed out that «financial and insurance solutions, which were provided by the Union Export Credit Company, in 2019, help companies operating in the UAE to access regional and international markets, thus increasing national export rates and their competitiveness, within the global standards and indicators.
His Highness pointed out that «these solutions include tools compatible with the provisions of Islamic Sharia to secure the exports and investments of these companies, and manage the commercial and political risks facing them, which contributes to supporting the growth of the trade and industry sectors, and their contribution to the gross domestic product of the state».
His Highness Sheikh Hamdan bin Rashid Al Maktoum added that "the efforts undertaken by the Union Export Credit Company have been appreciated by the federal government and local governments, and the global bodies and institutions working in the areas of trade and the financial and banking sector."
His Highness said that «(Export Credit Union) is on the right track to achieve its goals, as it made great efforts to build distinguished strategic partnerships with more than 30 entities from the commercial and financial sector in record time, and we value these efforts that seek to provide the necessary infrastructure, as it requires The high growth in the volume of exports and the existence of more mechanisms and tools to protect against risks.
For his part, Sultan bin Saeed Al-Mansoori said that small and medium-sized companies, especially those operating in the field of export and re-export in the UAE, play a big role in the country's GDP growth, and they face great challenges, the most important of which is obtaining financing from banks and financial institutions in the country, And the ability to protect its commercial entitlements from the risk of default by buyers, so Union Export Credit Company has provided financial solutions, specially designed for small and medium-sized companies based in the UAE, called the service «Protection of small and financial companies Mediation », and this service helps protect these companies and facilitate their access to financing.
He added that «in implementation of the Emiratization strategy of the UAE government, the Human Capital Department of the Union Export Credit Company launched the National Accelerators Program, which targets new graduates of the citizens of the country, to prepare them to work in the field of export credit, to occupy various executive and administrative positions, and contribute to the growth of the company's business And achieve its goals and aspirations. ”
schedule of work
The meeting of the Board of Directors of the Union Export Credit Company discussed a number of items on its agenda, as they reviewed the audited financial statements report for the year 2018, and the allocations for the year 2019. The company's activities and actions, which included figures on the guarantees provided to the non-oil exports sector, were also reviewed in The first 10 months of this year, and the company's five-year strategic business plan, from 2019 to 2023, was approved.
The company's financial and insurance solutions help Emirati companies gain access to regional and international markets.