February 27, 2022
2 mins read

UAE, Egypt ink deal bolster trade and economic ties

The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations…reports Asian Lite News

Etihad Credit Insurance (ECI), the UAE Federal export credit agency (ECA), and its Egyptian counterpart Export Credit Guarantee of Egypt (EGE) have signed a reciprocal reinsurance agreement to support Emirati and Egyptian projects in their respective countries as well as their collaborative initiatives around the world.

The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations.

The broad range of trade credit insurance amongst these two entities will help anticipate and mitigate risks they might encounter due to various political, commercial, and non-commercial reasons. This comes as a follow-up to the alliance ECI and EGE formed at the end of 2019, which spawned a tremendous surge in their non-oil trade despite the challenging economic cycle triggered by the pandemic fallout.

Commenting on the strategic collaboration between ECI and EGE, Massimo Falcioni, CEO of ECI, said: “The UAE has been maintaining a strong, historical bilateral relationship with Egypt since its establishment, and the non-oil trade relations between these regional powers continue to improve, riding on a host of strategic collaborations. Deepening our existing partnership, this reinsurance agreement will give rise to unparalleled trading opportunities for local businesses to improve their regional and global competitiveness.”

Meanwhile, Mohamed Azzam, Managing Director & GM of EGE said: “The UAE has always been our leading trading partner in the region, with significant mutual business cooperation prevailing among the citizens of both nations for a long time. We believe this reciprocal reinsurance partnership with Etihad Credit Insurance will usher in a new era of economic prosperity, making a huge difference in our businesses transactions through a wide range of credit insurance solutions offered by both ECAs.”

Data from the UAE’s Ministry of Economy show that non-oil trade between the UAE and Egypt in 2020 amounted to AED25.8 billion, a 14.34 per cent growth compared to AED 22.1 billion in 2019, demonstrating a solid and enduring strategic association between the countries.

ALSO READ: Malaysia, UAE cement economic ties at Expo 2020

With the UAE and Egypt’s shared historical relations, both countries have benefitted from mutual agreements that have helped heighten regional security and fortify sustainable development across Arab countries.

The UAE is Egypt’s second-leading trading partner in the Gulf region and ninth in the world, and their non-oil trade exchange doubled four times from 2010 to 2019.

Emirati foreign direct investments in Egypt amounted to nearly $15 billion, while Egyptian investments in the UAE totalled over $1 billion.

Previous Story

Putin places nuclear “deterrent” forces on special alert

Next Story

Kuwait celebrates its 61st National Day at Expo 2020 Dubai

Latest from -Top News

Top Indian Officials Head to Washington

The visit, likely next week, follows US President Trump’s claims that his administration helped broker the recent India-Pakistan ceasefire….reports Asian Lite News Top sources revealed on Sunday that Foreign Secretary Vikram Misri

India, Canada Discuss Enhancing Diplomatic Relations

Canada’s new Prime Minister Mark Carney is pushing for deepening economic cooperation with India….reports Asian Lite News External Affairs Minister S. Jaishankar held his first phone call with Canadian counterpart Anita Anand,

Ramaphosa gains from US showdown

South African President’s conduct with Trump reminded South Africans of his diplomatic pedigree, and of his importance to the country’s rules-based order South Africa’s President Cyril Ramaphosa and his delegation went to
Go toTop

Don't Miss

Taliban delegation to attend Antalya Diplomacy Forum in Turkey

A Taliban delegation led by acting Foreign Minister Amir Khan

Emirates crowned as ‘Best Airline Worldwide’ at Business Traveller Middle East awards

Emirates has once again been crowned as ‘Best Airline Worldwide’