The Ministry of Industry and Advanced Technology and the Union Export Credit Company have started a new phase to support the performance and competitiveness of the advanced industry and technology sector in the UAE, through cooperation that will produce a package of financing initiatives for Emirati exports, facilities for financing industrial and advanced technology projects, and providing guarantees for the repayment of loans to small and medium-sized companies in The industrial and advanced technology sector in the country, as well as programs to secure intellectual property rights for emerging companies.
This came during the signing of a memorandum of understanding by the Ministry of Industry and Advanced Technology and the Union for Export Credit Company, signed by the Undersecretary of the Ministry of Industry and Advanced Technology, Omar Suwayna Al-Suwaidi, and the CEO of the Union for Export Credit, Massimo Falcioni, in the presence of the Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al-Jaber. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Vice Chairman of the Board of Directors of the Union Export Credit Company.
Under the agreement, products and facilities that support the industrial sectors in the country will be provided, especially the priority sectors identified by the strategy of the Ministry of Industry and Advanced Technology “Project 300 billion”, provided that the company will form a permanent work team to ensure the implementation of the initiatives, in cooperation with the Ministry of Industry and Advanced Technology, in an appropriate manner. Serves the growth and prosperity of the industrial sector and advanced technology in the UAE.
The UAE leads a qualitative model of providing financing solutions with low financial risks, to invest in emerging companies, as the agreement includes the establishment of cooperation that allows industrial investors to invest in the shares of emerging companies, with lower risks, which was a concern for investors earlier, especially When dealing with entrepreneurs and startups, given the high risks.
Under this cooperation, the Ministry of Industry and Advanced Technology will promote the financing solutions provided by the Union for Export Credit, especially trade credit protection, trade finance, export finance, project finance, loan repayment guarantee program, property rights insurance program for start-ups, and the “Small Business Protection” service. and medium”, while the Export Credit Union will contribute to working to achieve the objectives of the “300 billion project” by enhancing the performance and competitiveness of companies and manufacturers in the UAE towards international markets.
Dr. Sultan bin Ahmed Al Jaber said: “In line with the forward-looking vision of the wise leadership, which supports the strategy of industry and advanced technology, and is keen on stimulating and developing the industrial and advanced technology sector in the country, given its importance and its pivotal role in enhancing the competitiveness of national industries, in a way that supports our national economy and sustainable development plans. This cooperation will support the work of the industrial sector and advanced technology, stimulate the performance of companies and industrial institutions, and enhance the country’s position as a global destination for pioneering the industries of the future.”
He added that “cooperating with a major national institution such as the Export Credit Union, will support the objectives of enhancing the competitiveness of the national industry, and the access of our products to new global markets, and will facilitate the work of priority industrial sectors, in addition to focusing on vital sectors that develop competitive advantages for the national product, and make a country The UAE is a regional and global center for stimulating innovation and adopting advanced technology, which will support the country’s leadership in the industries of the future.”
“Made in the UAE”
For his part, Dr. Thani bin Ahmed Al Zeyoudi said: “This partnership between the Ministry of Industry and Advanced Technology and Etihad Export Credit Company will positively and significantly affect the empowerment of industrial sectors in the UAE. It would facilitate companies’ access to trade and project financing, and would contribute significantly to supporting the (300 billion project) and the (Make in the UAE) initiative, and would double the value of the output of the national industrial sector in the next 10 years. We also believe that this cooperation will play a major role in enhancing the confidence of Emirati companies, which in turn will increase the contribution of the industrial sector to the non-oil GDP.”
In turn, Massimo Falcioni said: “This cooperation with the Ministry of Industry and Advanced Technology is an important step in achieving the UAE’s vision of strengthening the industrial sector and attracting investment. ECI continuously supports the growth of UAE companies, through a wide range of export credit insurance, financing and investment products. These innovative solutions will play a vital role in supporting the (300 billion project) and the (Make in the UAE) initiative.”
Sultan Al Jaber:
• «Cooperation stimulates the performance of companies, and enhances the country’s position as a global destination for pioneering the industries of the future».
Thani Al Zeyoudi:
• «Partnership contributes to doubling the value of the output of the national industrial sector in the next 10 years».
The Export Credit Union supported the non-oil trade of the UAE, as it provided, until May 2021, about 4,039 revolving credit guarantees with a value of more than 2.5 billion dirhams, equivalent to 7.5 billion dirhams as guarantees for non-oil exports to more than 85 countries, and it provided guarantees for trade financing. It amounted to 1.16 billion dirhams. The companies benefiting from the guarantees operate in the cable industry, steel, petrochemicals, building materials, packaging, automobiles, energy, services, health care, and food.
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