The IPC container terminal at Tanjung Priok port in Jakarta, Indonesia. Etihad Credit Insurance signed an agreement with Indonesia Re to boost trade and investment between the UAE and the South-East Asian country. Reuters
The IPC container terminal at Tanjung Priok port in Jakarta, Indonesia. Etihad Credit Insurance signed an agreement with Indonesia Re to boost trade and investment between the UAE and the South-East Asian country. Reuters
The IPC container terminal at Tanjung Priok port in Jakarta, Indonesia. Etihad Credit Insurance signed an agreement with Indonesia Re to boost trade and investment between the UAE and the South-East Asian country. Reuters
The IPC container terminal at Tanjung Priok port in Jakarta, Indonesia. Etihad Credit Insurance signed an agreement with Indonesia Re to boost trade and investment between the UAE and the South-East A

Etihad Credit Insurance signs agreement with Indonesia to boost trade


Fareed Rahman
  • English
  • Arabic

Etihad Credit Insurance, the UAE’s federal export credit agency, signed an agreement with state-owned reinsurance services provider Indonesia Re to boost trade and investment between the UAE and the South-East Asian country.

Under the agreement, the two organisations will focus on improving funding access to small and medium enterprises and mid-cap companies, as well as growing halal trade through Sharia-compliant insurance and finance solutions to increase exports.

“The UAE considers Indonesia as a vital strategic partner and this agreement will be a significant force in creating new opportunities, attracting FDI, boosting trade and exports, and accelerating the global economic recovery,” Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and deputy chairman of ECI's board of directors, said in a statement on Thursday.

The new partnership agreement comes as Indonesian President Joko Widodo visits the UAE to strength relations between the two countries.

ECI and Indonesia Re will also collaborate on enhancing business relations between the two countries, provide information on ongoing and potential new projects, explore opportunities for insurance, reinsurance and co-insurance for export and investments and explore recoveries of claims to be collected in Indonesia or in the UAE, among others.

The two entities will also support strategic economic sectors such as steel and aluminium, ceramics, renewable energy, mechanical, and waste management industries as part of the new partnership.

The latest development comes as the two countries focus on strengthening their economic relationship through new deals. In March, the UAE invested $10 billion with the Indonesia Investment Authority to spend on infrastructure and tourism projects in Indonesia.

Earlier this month, DP World also signed a $7.5bn deal with Indonesia's sovereign wealth fund to develop the South-East Asian country's seaports over a period of up to 30 years.

Jakarta, capital of Indonesia. AFP
Jakarta, capital of Indonesia. AFP

Other business deals signed by UAE companies with Indonesia recently include a preliminary agreement between Abu Dhabi National Oil Company and Indonesia’s Pertamina and Chandra Asri to explore the possibility of developing a crude-to-petrochemicals complex in Indonesia.

Abu Dhabi’s clean energy company Masdar also signed a power-purchase agreement with Indonesia’s state electricity company, Perusahaan Listrik Negara, to develop the country’s first floating solar photovoltaic plant.

Established in 2018, ECI provides export guarantees and trade insurance for UAE companies to minimise payment risks associated with exporting.

It has partnerships with local and international banks that offer loans to UAE companies to fund exports to overseas buyers, with ECI providing insurance.

The ECI issued Dh3.4bn worth of revolving credit guarantees as of September 2021. The volume is three times higher than the guarantees issued last year for the same period, the company said.

The total non-oil trade between the UAE and Indonesia surpassed $11bn in the past five years and touched $2bn last year.

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Three Penalties

v Panama, Group Stage (Harry Kane)

v Panama, Group Stage (Kane)

v Colombia, Last 16 (Kane)

Four Corners

v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)

v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)

v Panama, Group Stage (Stones, header, from Trippier corner)

v Sweden, Quarter-Final (Maguire, header, from Young corner)

One Free-Kick

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Benefits of first-time home buyers' scheme
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2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

THE DETAILS

Kaala

Dir: Pa. Ranjith

Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar  

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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

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The bio

Favourite food: Japanese

Favourite car: Lamborghini

Favourite hobby: Football

Favourite quote: If your dreams don’t scare you, they are not big enough

Favourite country: UAE

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

RESULTS

Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18

Women
1 Ababel Yeshaneh (ETH) 2:20:16
2 Eunice Chumba (BRN) 2:20:54
3 Gelete Burka (ETH) 2:24:07
4 Chaltu Tafa (ETH) 2:25:09
5 Caroline Kilel (KEN) 2:29:14

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Company%20Profile
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GROUPS

Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)

Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)

EXPATS
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Updated: November 04, 2021, 1:41 PM`