The UAE and Netherlands Ink MoU on 50th Anniversary of Trade Ties
Etihad Credit Insurance (ECI) and Atradius Dutch State Business (Atradius DSB) have signed a memorandum of understanding (MoU) in order to improve the two countries' long-standing trade and economic ties. Come read our blog to learn more.
To further strengthen the age-old trade and economic ties between the UAE and the Netherlands, Etihad Credit Insurance (ECI), a UAE Federal export credit company, and its Dutch counterpart Atradius Dutch State Business (Atradius DSB) have signed a memorandum of understanding (MoU).
What the MoU Will Bring
The development comes at a time when the UAE and the Netherlands are celebrating the 50th anniversary of the establishment of diplomatic relations between the two nations. The MoU will not only strengthen the bilateral relations of mutual opportunities in trade and investments through joint strategic projects between the organizations, but also open the door for trade financing solutions for small businesses and mid-caps.
“The Netherlands has been one of UAE’s key strategic partners for half a century. The agreement between our export credit agencies will provide enormous benefits to businesses in both countries with innovative trade credit and project finance solutions. It mirrors our strong relationship and shared values. I am confident that this deal will mark a new dawn in our bilateral economic relations,” said Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Deputy Chairman of the ECI’s Board of Directors.
Besides facilitating halal trade through Sharia-compliant finance solutions, ECI and Atradius DSB will organize workshops, B2B meetings, and other events to extend trade financing and investment support, and help exporters gain a competitive edge to expand on a global scale. Both organizations have agreed to enhance growth opportunities for value sectors, such as agriculture, construction, steel and clean energy, and green projects.
According to Massimo Falcioni, CEO of ECI, “our new alliance with Atradius DSB will create a marked shift in the competitiveness of businesses in both the UAE and the Netherlands. We will help the Dutch company expand on an international scale with concerted efforts, leveraging various bespoke credit insurance, project financing, and credit insurance solutions, affording detailed market insights, and facilitating ease of access to emerging markets.”
The UAE accounts for 40% of the Netherlands’ exports to the GCC countries. Currently, more than 7,800 Dutch nationals reside in the UAE. The trade between the two countries has thrived in recent years, with total UAE investment flows into the Netherlands amounting to about $750 million between 2003 and 2019.
In 2020, despite the impact of the COVID-19 pandemic, data from the UAE Ministry of Economy shows that non-oil foreign trade between the two nations reached more than Dh11 billion. The Dutch companies are one of the largest players in commerce and industry fields today, particularly in the oil and gas sector, ports and building islands, and reclamation of agricultural land in the UAE. The UAE investments in the Netherlands include the energy sector, ports, and aviation sectors.
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