Etihad Credit Insurance, the federal export credit agency of the UAE, has so far issued 3,605 revolving credit guarantees worth Dh2.28 billion ($620 million) to help local businesses boost their exports to different countries.
The total credit guarantees extended by the agency since its inception in 2018 contributed to Dh6.86bn in non-oil exports to more than 85 countries, the ECI said on Sunday.
“A detailed review of the performance has revealed that the 18 sectors that benefitted from our guarantees include cable, steel, petrochemicals, building materials, packaging, automotive, energy, utilities, health care and food,” said Thani Al Zeyoudi, Minister of State for Foreign Trade and deputy chairman of the agency.
He made the comments after a meeting of the agency’s board of directors in Dubai.
The ECI provides export guarantees and trade insurance to UAE companies to mitigate payment risks associated with exports.
The agency already has partnerships with a number of local and international banks that offer loans to UAE companies to fund exports, with the ECI providing insurance.
“The ECI’s continued support to UAE trade and export, despite the deep global recession caused by the Covid-19 pandemic last year, has not only continued to protect businesses' cash flows" but also eased the access of small and medium enterprises to trade finance, said Mr Al Zeyoudi.
This has helped to hasten economic recovery in the post-pandemic era, he said.
“These measures provided access to new markets to the UAE’s exporters and re-exporters and helped to stabilise the UAE economy, as well as create new opportunities for investment and project financing, thereby adding value to the UAE's non-oil gross domestic product, employment and SME sector development.”
The ECI extended Dh420m worth of trade credit support to SMEs in the first 11 months of 2020 to help companies protect their liquidity positions amid the coronavirus-induced global economic slowdown.
Last month, the UAE leadership announced a new initiative called Operation 300bn to more than double the industrial sector's contribution to the country's economic output to Dh300bn by 2031, from Dh133bn currently.
Emirates Development Bank will provide Dh30bn in financing over the next five years to support the strategy.
“Easing access to trade and project financing will highly contribute to advancing Operation 300bn and Make it in the Emirates initiatives to more than double the value of the output of the national manufacturing and industrial sector in the next 10 years,” said Mr Al Zeyoudi.
The ECI also signed an agreement with Emirates NBD to improve exporters' access to trade finance earlier this year.
As part of the deal, Emirates NBD will provide loans to UAE businesses backed by the ECI.
The agency also has partnerships with different global financial institutions to boost UAE's exports.
This year, it has teamed up with the African Trade Insurance Agency to boost cross-border trade with the continent.
It is also evaluating a partnership with its counterpart in Italy to extend trade finance for sustainable development projects.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
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Killing of Qassem Suleimani
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
