The Dubai Export Development Corporation (EDC) and The Arab Investment & Export Credit Guarantee Corporation (Dhaman) will jointly support local and regional export sectors in the UAE by providing trade credit insurance to cover exports from the UAE.

The partnership was finalised at a meeting of the two organisations held at The Arab Investment & Export Credit Guarantee Corporation's headquarter in Kuwait, EDC said in a Press statement.

The partnership will see Dhaman provide technical, human resources and marketing support to EDC.

"This partnership allows UAE exporters access to trade credit insurance for their export activities – helping them to enter new markets and grow their business. Given the current global economic situation, this service is essential to provide security to UAE businesses involved in export activities.

"The export trade credit insurance service will also assist in increasing the export proportion of the UAE's GDP – which is a direct component of the Dubai Strategic Plan 2015," said Saed Al Awadi, CEO of EDC.

"Dhaman's long history and experience in the field of risk management and insurance of export trade credit across the region means that the UAE's exporters will benefit greatly from this partnership."

The technical support provided by Dhaman will reinforce EDC's underwriting strategy.

In addition to the training and support to be provided to EDC staff in the areas of human resources responsible for providing export credit guarantee service, and marketing for the insurance scheme, a state of the art IT system to manage registration of the region's importers and exporters is also under development.

Dhaman has over 35 years experience in providing export trade credit insurance. Headquartered in Kuwait, its activities span the Middle East.

Dhaman's businesses include the Arab Export Credit Insurance Scheme which is designed to support and encourage Arab exporters' efforts to enhance their exports to Arab and non-Arab Markets, increasing inter-Arab trade and Arab exports worldwide.

The export trade credit insurance service is one of EDC's major projects being developed and implemented, to empower and diversify both Dubai's as well as the UAE's economic growth. This service will be made available to UAE exporters in the very near future. - TradeArabia News Service