Emirates NBD, Etihad Credit Insurance ink deal to ease trade finance access for UAE businesses

More than 80 per cent of world trade relies on trade finance. (File/Shutterstock)
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Updated 18 April 2021
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Emirates NBD, Etihad Credit Insurance ink deal to ease trade finance access for UAE businesses

  • The deal will help the UAE lender to reduce any risks that may be associated with credit facilities

DUBAI: UAE export credit company, Etihad Credit Insurance (ECI), has signed an agreement with Emirates NBD to improve liquidity of UAE exporters by easing their access to credit facilities.
The deal will help the UAE lender to reduce any risks that may be associated with credit facilities, so businesses can pursue export and expansion opportunities, according to a joint statement.
More than 80 per cent of world trade relies on trade finance, ECI’s chief Massimo Falcioni said, and the agreement will allow Emirates NBD to offer innovative financial solutions to their clients.
Governments in the Gulf have been investing in strengthening local businesses as a strategy to recover from the COVID-19 pandemic, and to gradually veer away from oil-dependence.

 

 


Mexico eyes trade expansion, targets Saudi market with premium rice exports

Updated 4 sec ago
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Mexico eyes trade expansion, targets Saudi market with premium rice exports

RIYADH: Mexico is preparing to expand its trade ties with Saudi Arabia by exporting high-quality rice to the Kingdom, sources told Asharq Al-Awsat.

They said Mexico has an export offer for three premium rice varieties that meet the highest international standards.

Saudi Arabia imports limited quantities of Mexican rice, mainly for use in Mexican cuisine and in restaurants.

The latest initiative reflects the Kingdom’s position as one of the world’s largest rice consumers, with per capita consumption averaging 45.77 kilograms annually, the highest among plant-based food products.

Around 70 percent of consumption consists of basmati rice, while total annual imports exceed 1.3 million tonnes.

According to information obtained by Asharq Al-Awsat, the Saudi Ministry of Foreign Affairs received a request from the Mexican Embassy in Riyadh conveying the interest of the Mexican state of Nayarit in exporting premium rice to the Saudi market.

The embassy said that three rice varieties are available for export, including Super Extra Whole Grain Rice, long grain, with a monthly supply of 120 tonnes; Milagro Super Extra Rice, polished broad grain, with a capacity of 30 tonnes per month; and Morelos rice, a premium-grade variety.

Saudi Arabia has previously taken steps to encourage private-sector imports of Cambodian rice in a move aimed at diversifying supply sources alongside imports from India, Pakistan, the US, and Egypt.

Strong demand for favored rice varieties in Saudi Arabia and across the Gulf, combined with challenges such as rising shipping costs and climate-related disruptions, has occasionally led to price fluctuations. These factors have prompted the Kingdom to broaden its supplier base to ensure the availability of this commodity and maintain price stability.

The government recently decided to increase Pakistani rice imports to account for 20 percent of total needs, reinforcing supply stability and food security.

Forecasts suggest that per capita rice consumption in Saudi Arabia could rise to around 50 kg annually in the coming years, up from the current 45.77 kg, underscoring rice’s central role in the Kingdom’s food industry and traditional cuisine.