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Etihad Credit Insurance inks agreement with Greece’s Export Credit Insurance Organisation

DUBAI, 29th November, 2021 (WAM) — Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with Greece’s Export Credit Insurance Organisation (ECIO), to enhance the bilateral trade and economic cooperation between the UAE and Greece.

The two state export credit agencies will support local businesses of both countries operating in agriculture, construction, steel and aluminium, ceramics, renewable energy, mechanical, and waste management with trade finance tools to help them grow internationally. The partnership will also boost the growth of small and medium-sized enterprises (SMEs) and mid-caps and enhance halal trade through the promotion and utilisation of Sharia-compliant finance solutions.

This agreement follows the recent UAE-Greece high-level diplomatic meetings between H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, with Nikos Dendias, Foreign Minister of Greece in Washington DC; and Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, with Kyriakos Mitsotakis, Greek Prime Minister in Athens. These discussions reviewed the prospects of strengthening the strategic partnership ties between the two nations and deliberated many regional and international issues of interest, including the latest developments in the eastern Mediterranean and the importance of strengthening peace and stability in the region.

Under this new alliance, ECI and ECIO will explore mutual opportunities in insurance, reinsurance, and co-insurance. They will also exchange expertise and best practices in commercial underwriting, risk management, country assessment, claims and recovery.

Massimo Falcioni, CEO of ECI, emphasised the steady growth in the UAE-Greece relations across various fields, including bilateral trade and investments, thanks to the strategic partnership and friendly ties between the two nations.

"We are pleased to forge this new alliance with the export credit agency of Greece, which will be instrumental for the growth and increased competitiveness of UAE exporters. This agreement will help businesses from both countries to expand on a global scale, backed by a wide range of credit insurance solutions, market intelligence, and ease of access to international trade. It will also protect SMEs and large enterprises from both commercial and non-commercial risks they come across in their business journey," Falcioni said.

Meanwhile, Gregory Stamatopoulos, Director-General of ECIO, said, "Building on the long-term bilateral relationship between Greece and the UAE, this partnership will play a pivotal role in enhancing the economic stability and trade strength of both countries. We are very pleased to sign this collaboration with ECI because we believe this will create far-reaching benefits for Greek businesses as they look to grow beyond our borders. At ECIO, it is our objective to cover the needs of all export businesses by providing credit insurance services with simultaneous financing, while using simple procedures."

The Secretary-General for International Economic Affairs of the Hellenic Ministry of Foreign Affairs, Ioannis Smyrlis, welcomed the signing of the memorandum as the beginning of a new era for ECIO. The strengthening of the role of the Organisation as a key tool for the support and promotion of exporting companies comes as a tangible result of the Greek Government's decision to incorporate under the supervision of the Ministry of Foreign Affairs all relevant actors for economic diplomacy.

In 2020, the UAE and Greece established a strategic partnership based on a solid basis of friendship and mutual respect, which dates back to 1976 when the respective countries set up a joint committee for economic, cultural and technical cooperation.

Today, the partnership between the two nations encompasses a broad spectrum of cooperation in diverse fields, comprising economics, politics, defence, culture, governance, and food security. Over the years, the UAE and Greece joined forces to promote and enhance economic relations, resulting in an increased trade relation between the countries.

In 2020, the non-oil foreign trade between the United Arab Emirates and Greece stood at AED1.2 billion, up 41 percent from AED850 million in 2019, data from the UAE Ministry of Economy shows.

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Credit Suisse managers could face disciplinary action, Swiss regulator says


Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS.
FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was on “the transitional phase of integration” and “preserving financial stability.”

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UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking.
Credit Suisse on Sunday declined to comment on the FINMA President’s comments when asked by Reuters for a response.
Asked whether FINMA is looking into holding current Credit Suisse managers accountable for the collapse of Switzerland’s second-largest bank, Amstad said it is “exploring the options”.
“CS had a cultural problem that translated into a lack of responsi-bilities,” Amstad was quoted as saying by NZZ, adding: “Numerous mistakes were made over several years”.
FINMA had conducted six public “enforcement proceedings” against Credit Suisse in recent years, Amstad said.
“We have intervened and used our strongest instruments,” she said of its previous moves.
Amstad also defended Switzerland’s decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.
“The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support,” Amstad said.
“The bonds were created precisely for such situations.”

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Aramco affirms support for China’s energy security


Saudi Arabian oil giant Aramco affirmed on Sunday its support for China’s long-term energy security and development, the company’s CEO Amin Nasser said in remarks made before a forum in Beijing.

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Nasser said that the company has partnerships and emission-reducing technologies with China to make lower carbon products.

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Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week

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Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week


Kuwait Oil Company said on Sunday it is dealing with a “limited fire” that erupted at a well where oil leaked last week.
The company said in a statement that no injuries had been reported at the scene.
“The company’s operations in the area have not been affected,” the statement read.
Kuwait Oil Company declared a state of emergency last Monday due to an oil leak in the west of the country.

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