Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, has joined forces with the Abu Dhabi Export Office to drive the technology sector in Angola by supporting UAE companies to launch new projects in the West African nation.
The collaboration between the two entities aims to secure funding for projects awarded to UAE-based companies in Angola, ECI said in a statement on Sunday.
Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, secured funding from Adex backed by ECI for the implementation of a project in Angola.
“This collaboration not only enables companies like Presight to expand beyond the UAE’s borders, but it also fuels our mission to enhance the national economy and solidify the Emirates’ position as a global business hub," Mohamed Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the exports executive committee of Adex, said.
Set up in 2019, Adex offers financing solutions to exporters to help increase the UAE’s trade volumes and promote its export business in global markets.
The entity provides credit facilities to overseas buyers and importers through direct and indirect loans and guarantees.
The latest announcement follows Adex signing two green finance agreements in February with the government of Angola to support the country’s IT sector and infrastructure projects.
One agreement, worth Dh330 million ($90 million), relates to the acquisition of an analytical platform, main data centre, backup data centre, and national cloud platform to strengthen the Angolan IT sector. The project will be carried out by Presight, Adex said at the time.
The other agreement, valued at Dh115 million, will allow Mark Cables, a UAE company specialising in manufacturing cables, lighting, water and electrification projects, to install and maintain street lights in the cities of Luanda, Malanje, N’dalatando and Uíge.
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.
ECI said on Sunday it recently formalised three preliminary agreements with top banks and insurance companies in Ethiopia, to "unlock a multitude of trade and investment possibilities" and position "UAE enterprises at the forefront of global market growth".
"These partnerships underscore ECI's focus on nurturing economic alliances, enriching trade, and catalysing sustainable business expansion across Africa," it said.
Raja Al Mazrouei, chief executive of ECI, said the collaboration with UAE industry champions helps to "empower UAE-based companies for global prominence".
More from Neighbourhood Watch:
Mohammed bin Zayed Majlis
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
Killing of Qassem Suleimani
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
