Dubai: Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with UK Export Finance (UKEF), the UK government’s export credit agency, to encourage greater confidence amongst traders and investors by enhancing the trade relations as well as boosting investment opportunities between the UK and the UAE.

The MoU, which reinforces the UAE’s non-oil diversification strategy, will focus on collaborations in export credit policies and practices, projects and other areas of mutual interest.

The MoU was signed following a high-level meeting between Massimo Falcioni, Chief Executive Officer of ECI, and the Lord Mayor of the City of London, Alderman Peter Estlin

Commenting on the signing, Estlin said, “Through this collaboration, both countries will be able to explore the exchange of expertise and solutions in trade finance that will be mutually beneficial. This has also served to endorse the UK’s strong economic fundamentals, and to discuss the investment landscape of the UK as well as the latest updates on the EU exit. We hope the signing of this memorandum will not only strengthen the relationship between the two countries but also serve to motivate the UAE to continue regarding the UK as a natural partner and source of expertise in the development of the sector.”

Data from the UAE Ministry of Economy shows that in 2017 the non-oil foreign trade between the UAE and UK was valued at Dh37.97 billion, of which 34 per cent were non-oil exports and re-exports standing at Dh1.89 billion and Dh11.16 billion, respectively.

Both countries are channelling their focus towards the use of big data, artificial intelligence, machine learning, and sustainable energy, amongst others, which will serve to further strengthen, develop and sustain their partnership in the long run.