Etihad Credit Insurance (ECI), the UAE Federal credit insurance company, has signed a Memorandum of Understanding (MoU) with Sharjah Chamber of Commerce and Industry (SCCI) to support the non-oil sectors, especially the thriving manufacturing sector as well as Sharjah-based SMEs and exporters.

The partnership highlights the commitment of both ECI and SCCI in enhancing the growth and development of the UAE’s non-oil sectors, as support to the country’s non-oil diversification strategy.

The MoU was signed by H.E. Mohammed Ahmed Amin, Acting Director General of SCCI, and Massimo Falcioni, CEO of ECI, in the presence of HE Abdullah Sultan Al Owais, Chairman of the Board of Sharjah Chamber of Commerce and Industry (SCCI), HE Raghda Taryam, Board Member and Abdulaziz Shattaf, Assistant Director-General for Members Services at SCCI.

The areas of focus of the partnership include organising seminars, training programmes and workshops about the benefits of trade protection solutions; offering keen market insights that highlight commercial and political risks; facilitating referrals channel to ECI; as well as promoting ECI’s trade credit solutions across SCCI’s channels.

Sharjah’s commercial appeal contributes to the economic growth of both the emirate and the UAE. Across Sharjah’s industries, manufacturing remains amongst the most significant sources of the emirate’s annual GDP with its contribution estimated at approximately 19 per cent. Additionally, it has been estimated that over 48 per cent of UAE’s gross industrial output comes from Sharjah’s 19 industrial areas.

H.E. Mohammed Ahmed Amin, Acting Director General of SCCI, said: “Sharjah has always been considered as an emirate with immense potential. Some of its high-performing sectors include healthcare, industrial, wholesale and retail, and the education sector. By collaborating with ECI, we will be able to provide Sharjah-based businesses access to trade credit and support solutions that will allow them to boost their potential, improve their local presence and prepare them for global ventures. This partnership will also play a critical role in further strengthening and nurturing Sharjah’s non-oil sectors, especially the manufacturing industry, that in turn will support in the sustainable progress of the emirate and the UAE at large.”

Massimo Falcioni, CEO of ECI, said: “Since its inception, ECI’s role is to support and boost the non-oil diversification strategy of the UAE aligned with the country’s Vision 2021 Agenda. ECI’s partnership with SCCI is a tremendous step towards fulfilling those objective and goals. Through this alliance, ECI can further assist Sharjah-based SMEs and businesses by providing trade credit solutions, expert advisory services, and training programmes.”

The Sharjah Chamber of Commerce and Industry was set up following an Amiri decree that was issued in 1970. The Chamber’s primary objective has been to stimulate the sustainable financial and industrial development of the Sharjah business community, to enhance their overseas growth, and to be a center that offers the best practices, and solutions.