The UAE hosted a key conference on trade credit insurance as the global economy continues to be impacted due to supply chain disruptions caused by the coronavirus pandemic.
Delegates from Berne Union’s Prague Club Committee member countries took part in the conference in Dubai from February 8 to 10 to discuss issues impacting trade and investment, event organisers Etihad Credit Insurance (ECI) said.
“In a complex interconnected world, businesses continue to face hurdles and disruptions necessitating better co-operation between countries and their export credit agencies,” Thani Al Zeyoudi, UAE minister of state for foreign trade and deputy chairman of ECI’s board of directors, said.
"Berne Union’s Prague Club Committee meeting is instrumental in setting the future agenda in ensuring the growth of export innovation.”
The Prague Club was established in 1993 by the Berne Union, an international organisation of export credit and political risk insurers, with funding from the European Bank for Reconstruction and Development. The group supports member countries in developing their export credit and investment insurance schemes to boost trade.
"The close association between export credit agencies has become absolutely crucial in the current economic cycle, which has been seriously impacted by an unforeseen event in the world history,” Michal Ron, president of the Berne Union, said.
“Working together is key to navigating these unprecedented challenges in global trade.”
Businesses continue to face hurdles and disruptions necessitating better cooperation between countries and their export credit agencies
Thani Al Zeyoudi,
UAE minister of state for foreign trade
Established in 2018, ECI provides export guarantees and trade insurance for UAE companies to minimise payment risks associated with exporting.
It has partnerships with local and international banks that offer loans to UAE companies to fund exports to overseas buyers, with ECI providing insurance.
The ECI was admitted as a full member of the Berne Union last year, following an administrative process that began two years ago. Export credit agencies from other countries are also part of the Berne Union.
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All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
