Ras Al Khaimah announces new plan to grow foreign trade

Under the agreement, ECI will provide RAKEZ members access to flexible state-backed trade finance support.

ECI will also provide them with market intelligence through seminars and workshops, to support their overseas expansion goals.

The federal export company will appoint a dedicated trade credit insurance expert in Ras Al Khaimah to meet RAKEZ members’ export solutions needs.

For its part, RAKEZ will facilitate referral channels for ECI solutions and create a permanent facility within its premises in order to provide services to their valued members regarding ECI.

The agreement is part of ECI’s continuing effort to support Ras Al Khaimah’s economic diversification process and its strategy to boost export activities.

As of November 2022, ECI has facilitated AED261 million worth of secured non-oil trade for businesses operating in the emirate.

The agreement was signed by Ramy Jallad, Group CEO of Ras Al Khaimah Economic Zone, and Massimo Falconi, CEO of Etihad Credit Insurance.

Commenting on the partnership, Jallad said, “In line with the UAE’s economic diversification strategy, this partnership will ramp up our efforts to position Ras Al Khaimah as a leading global investment destination and make export activities an engine of its economy. This move to support the businesses operating in RAKEZ will likewise advance the emirate’s industrial strategy and improve the brand value of UAE-made products across the globe.”

Falconi said the partnership will focus on small and medium size companies.

A leading economic zone in the UAE established by the Ras Al Khaimah government, RAKEZ continues to attract diversified investment opportunities.

It currently accommodates over 15,000 companies across over 50 industries.

RAKEZ equips entrepreneurs, startups, SMEs and manufacturers with a range of business solutions, comprising free zone and non-free zone licences, customisable facilities, and advanced services provided in a one-stop shop.