Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Terminus Group, an international Artificial Intelligence of Things (AIoT) smart solution provider, to strengthen the company’s trade-related digital infrastructure projects in the UAE and its expansion into new markets.
The agreement, signed by Massimo Falcioni, CEO of ECI, and Lance Wang, Vice President of Terminus Group, aims to jointly understand existing challenges and needs and to create bespoke credit insurance solutions in order to enhance the bankability of Terminus Group’s digital infrastructure projects in the UAE and upcoming projects in the MENA region.
The ECI said in a statement that it will safeguard the Terminus Group’s receivables and mitigate potential risks while trading in the UAE market or entering new competitive business settings.
The statement said that Terminus Group is exploring with UAE strategic partners to bring its world-class innovation and manufacturing capabilities to the UAE by setting up an innovation hub and factoring site.
ECI also aims at providing medium and long-term solutions such as buyer credit/project finance insurance and foreign investment insurance to guarantee Terminus Group’s project development, the statement added.
Falcioni said, “By teaming up with world-leading digital technology brand Terminus Group, we are helping accelerate the UAE’s non-oil trade through state-of-the-art digital solutions.”
ECI said its insurance coverage can also be accessed by Terminus Group’s mother company – China Everbright Group, a Chinese state-owned enterprise, which will be the entity to invest in the innovation hub and factory.
China Everbright Group signed a strategic partnership during the Chinese President’s visit to the UAE in 2018.