Latest news with #AbdullaBinTouqAlMarri
Mid East Info
27-05-2025
- Business
- Mid East Info
Etihad Credit Insurance achieves AED 16.2 billion in insured turnover with a 15.7% growth in more than 100 countries across 17 strategic sectors
H.E. Abdulla Bin Touq Al Marri: Under the directives of its wise leadership, the UAE has adopted innovative strategies to enhance economic diversification, and Etihad Credit Insurance (ECI) plays a vital role in supporting this Etihad Credit Insurance's results reflect the success of our efforts to enhance the global competitiveness of local companies and consolidate the UAE's economic position regionally and globally We are keen to expand the scope of the company's credit guarantees to include a number of major deals in the infrastructure and energy sectors in African markets The company's gross exposure increased to AED 11 billion, exceeding its 2023 levels by 14.58% UAE, May, 2025: Etihad Credit Insurance (ECI), the UAE federal export credit company, has revealed a remarkable year of growth and strategic achievement in its 2024 Annual Report, with insured turnover reaching AED 16.2 billion – reflecting a 15.7% year-on-year increase and accounting for 2.85% of the UAE's total non-oil exports. This was announced during a media briefing led by H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, and other senior officials from the company. These figures underscore ECI's deepened contribution to supporting and safeguarding UAE-based exporters and investors through strategic credit solutions in over 100 countries and 17 strategic sectors. In 2024, the UAE's non-oil foreign trade surged to AED 3 trillion, marking a 14.6 percent increase over the previous year. ECI's contribution plays a vital role in advancing the nation's goal of achieving AED 800 billion in the country's non-oil exports by the next decade, in line with 'We the UAE 2031' economic goals. Since its inception, the company has facilitated over AED 21 billion in cumulative export trade and investment, resulting in booked Gross Written Premium (GWP) of AED 447 million, reflecting strong portfolio growth and a high retention rate. H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said: 'Guided by the unwavering support and directives of our wise leadership, the UAE has made remarkable strides in building a resilient, innovative, and knowledge-based economy. At the heart of this transformation is economic diversification, with non-oil industries, exports, re-exports, and non-oil foreign trade playing a central role in shaping our future aligned with the 'We the UAE 2031' vision. Today, non-oil sectors contribute 74.6% to the UAE's GDP—underscoring their growing role in shaping the country's economic future. Etihad Credit Insurance has significantly contributed to advancing this vision by fostering the expansion of UAE-based companies, enabling broader market access, and reinforcing key economic partnerships through targeted collaborations and tailored credit insurance solutions. By helping UAE businesses compete more effectively on the global stage, ECI plays a vital role in accelerating non-oil export growth and strengthening the country's standing as a leading, diversified economic powerhouse.' H.E. Bin Touq further noted that ECI has extended credit guarantees to cover several major infrastructure and energy deals in African markets, including Angola and Senegal, in line with the UAE's strategic efforts to foster sustainable global partnerships and drive inclusive economic development. 'In 2024, ECI provided targeted trade and investment insurance solutions to projects that advance clean energy, food security, critical infrastructure, and water sustainability. These efforts reflect our growing role in shaping a trade and export ecosystem that delivers long-term economic value while addressing urgent global challenges such as climate change and social equity,' H.E. elaborated. The report stated that the company has witnessed a gross exposure of AED 11 billion – a 14.58 percent increase over 2023. This growth was supported by a diverse portfolio, with over 60 percent of beneficiaries comprising small and medium-sized enterprises (SMEs). The report highlighted that ECI secured AA- international rating by Fitch for the sixth consecutive year, reflecting on the company's ability to mitigate potential risks and reiterate its strong presence in global markets. H.E. Raja Al Mazrouei, CEO of ECI, said: 'We are committed to supporting the UAE's accelerated drive toward economic resilience and long-term sustainability. By offering innovative credit solutions, streamlined access to financing, and forging high-impact strategic partnerships, we empower UAE exporters, particularly SMEs, to unlock new opportunities and scale globally with confidence in an increasingly competitive world. This is reflected in ECI's strong performance in 2024, which not only underscores its pivotal role in enabling the national export competitiveness but also its commitment to empowering businesses with the tools and confidence to expand into new global markets. A key milestone for us in 2024 was the launch of Xport Xponential, a comprehensive program designed to support UAE-based companies. This new strategic initiative aligns with our commitment to increasing ECI's contribution to the non-oil GDP by 7-fold by 2031.' H.E. Al Mazrouei also reaffirmed ECI's dedication to clean and green energy initiatives in line with the UAE's sustainability commitments and United Nations Sustainable Development Goals (SDGs). 'The Africa Green Investment Initiative (AGII) led by the UAE and announced at the Africa Climate Summit, held in Nairobi in September 2023, is a multistakeholder partnership that employs an innovative approach to climate finance, combining the resources, expertise, and local knowledge of the following partners: Abu Dhabi Fund for Development; Masdar; AMEA Power; Africa 50; and Etihad Credit Insurance. AGII aims to deploy $4.5 billion in African renewable energy capacity by the end of the decade. This initiative represents one of the most comprehensive efforts to drive climate action and decarbonization in emerging economies and least developed countries to date and builds on the UAE's long-standing commitment to international cooperation and sustainable socio-economic development'. Furthermore, the report revealed that ECI offers coverage of up to AED 500 million per risk, with 60 percent of that amount ceded under a quota-share arrangement. This structure is backed by nine reinsurers rated 'A' and above, reaffirming ECI's robust reinsurance treaty. The report also highlighted ECI's commitment to supporting clients beyond credit insurance. This commitment was demonstrated by the company's effective handling of overdue payments, which resulted in the collection of AED 158 million from overdue payments, achieving collection success rate of 77 percent. With this, the total debt collected by ECI since its inception has risen to AED 528 million, an 87 per cent recovery success rate. The report further detailed the composition of ECI's portfolio, noting that 70 percent of its exposure lies in Short-Term Credit Insurance (ST), which supports high-frequency trade cycles, particularly in manufacturing, ICT, and agri-exports. Medium and Long-Term (MLT) commitments account for 17 percent of the portfolio, highlighting ECI's growing involvement in infrastructure, energy, and other capital-intensive sectors. The remaining 13 percent is dedicated to Political Risk Insurance (PRI). In terms of geographic distribution, the report identified Saudi Arabia as ECI's largest export market within the Gulf and wider MENA region, accounting for 7 per cent of the company's total exposure. ECI also provided notable coverage for exports to Egypt, Oman, Qatar, and Bahrain, highlighting the strength of intra-regional trade. Beyond the Middle East, ECI supported significant trade flows to leading Asian economies such as India and Singapore, while also facilitating UAE exports to Europe – including the UK and EU – and America. Furthermore, ECI signed around 28 agreements with government export credit agencies worldwide, including US EXIM, Korea Eximbank, Sinosure, BPI France, solidifying ECI's position as a trusted partner for international trade. Finally, the report also outlined ECI's plans to leverage the UAE's Comprehensive Economic Partnership Agreements (CEPAs) to further enhance trade and strengthen commercial relations. These efforts will be supported by ECI's expanding information database, which grants access to over 400 million corporates globally, empowering UAE-based exporters with valuable insights and intelligence.
Channel Post MEA
20-05-2025
- Business
- Channel Post MEA
G42 And iGenius To Deploy AI Compute Cluster In Europe
In a major step toward deepening the UAE-Italy strategic relations, G42, the leading AI technology group from Abu Dhabi, through its subsidiary Core42, today announced a strategic partnership with iGenius, a pioneer in AI models for highly regulated industries, to deliver the largest AI compute deployment in Europe. The partnership reflects the growing momentum in bilateral ties, aligned with both nations' leadership vision to drive innovation, enable economic advancement, and create shared value through advanced technology and knowledge exchange. The agreement is intended to establish a robust framework for collaboration, positioning G42 and iGenius as trusted enablers of global digital transformation. G42 is serving both as a strategic partner and lead financier of the initial phase of Colosseum, reflecting the shared ambition to embed AI into critical value chains, which foster regional resilience and long-term sustainable growth. The announcement was made on the sidelines of 3rd Edition of Investopia Europe, in the presence of senior Italian ministers and UAE officials such as H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, H.E. Adolfo Urso, Minister of Enterprise and Made in Italy, and H.E. Alia Bint Abdulla Al Mazrouei, UAE Minister of State for Entrepreneurship, among others along with the leadership team of G42, Core42, and iGenius. At the heart of the partnership is the deployment of a high-performance GPU cluster powered by thousands of NVIDIA Blackwell GPUs, a major milestone in enabling sovereign AI infrastructure for the European market, thanks to the contribution of iGenius's Colosseum, the first data center with over 100 Exaflops of compute designed specifically for sovereign AI workloads. The envisaged pan-European AI rollout will be enabled and operated by Core42, a G42 company specializing in sovereign cloud, AI infrastructure, and digital services. iGenius is redefining the digital landscape through Colosseum. The supercomputer is scheduled to go live in Italy this summer. The initial build-out is more than a data center. It's a blueprint for sovereign AI factories designed for use cases demanding the highest levels of security, reliability, and accuracy. H.E. Adolfo Urso, Minister of Enterprise and Made in Italy, stated: 'This agreement, which will lead to the creation of a supercomputer in our country, marks a decisive step forward in relations with the United Arab Emirates, confirming and enhancing both Italy's leading role in the global development of artificial intelligence and our contribution to European AI. There is a strong likelihood that Puglia will host this significant investment, but the cooperation of all local institutions will be essential to ensure the necessary energy support for its operation. Italy is on the right path and is building its industrial future with vision, through strategic alliances and cooperation in emerging technologies. The compute cluster will serve as a foundational layer to accelerate AI training, inferencing, and application development across key European industries, including financial services, manufacturing, and the public sector. It is purpose-built to meet the region's growing demand for secure, scalable, and high-performance infrastructure, aligned with Europe's digital sovereignty objectives. Commenting on this development, H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, said, 'The signing between G42 and iGenius is a testament to the strong economic cooperation between the UAE and Italy, and to our shared commitment to building partnerships in new economic sectors, like AI, that are driving global transformation. The UAE is at the heart of this shift, and we are proud to see this MoU signed at Investopia, a platform designed to accelerate partnerships and investment in the new economy.' 'This partnership with iGenius marks a new chapter in boosting the European AI economy,' said Kiril Evtimov, Group Chief Technology Officer, G42 and Chief Executive Officer, Core42. 'By combining Core42's sovereign AI infrastructure expertise with Italy's innovative leadership, we are laying the groundwork to support the next generation of AI innovation in Europe. It reflects both our commercial promise and the strategic trust between the UAE and Italy in advancing the global AI ecosystem.' Uljan Sharka, CEO at iGenius, said, 'Our alliance with G42 is a strategic step toward building sovereign AI capacity for Europe. Together, we are combining world-class compute infrastructure with deep AI expertise to deliver impactful solutions across industries, while strengthening Italy's role as a hub for responsible and transformative AI innovation. This powerful infrastructure will serve as both the brain and the engine of intelligence, driving the Made in Italy transformation in this new AI industrial revolution.' The new collaboration with iGenius marks another pivotal step in Core42's journey to deliver sovereign, enterprise-grade AI infrastructure across the continent. As AI adoption accelerates across Europe, trusted, high-performance infrastructure will be key to realizing the region's digital ambitions. This collaboration between Core42 and iGenius reflects a shared commitment by the UAE and Italy to contribute meaningfully to that vision, enabling responsible, scalable, and sovereign AI solutions that support Europe's long-term competitiveness and technological leadership. 0 0
Mid East Info
07-05-2025
- Business
- Mid East Info
Majra – National CSR Fund hosts innovative workshop to advance UAE's sustainability vision for private sector
MAJRA – National CSR Fund hosted recently the 'National Sustainability Strategy Workshop', convening professionals from federal and local governments, private sector corporates and non-profit. to collaboratively shape a comprehensive sustainability strategy for the private sector. This marks a significant milestone in the UAE's commitment in including all stakeholders to ensure the private sector's the national sustainability strategy is consistent with the aspirations of the wise leadership. H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of the Board of Trustees of Majra, stated: 'Sustainability is no longer a distant goal, rather, a strategic imperative driving the growth of diverse sectors. In such a scenario, the 'National Sustainability Strategy Workshop' for private sector plays an important role in uniting stakeholders to drive transformative change and establish a new 'impact economy' that integrates economic vision with elements of corporate citizenship, community responsibility, and transparency. Robust collaboration is integral to the success of such workshops as the final strategy is co-designed with the participants' collective expertise.' Sarah Shaw, CEO of Majra, said: 'The workshop helped convene leading thought leaders and change makers across various industries with an aim to develop a visionary strategy that is both inclusive and avant-garde. It primarily focused on fostering meaningful dialogues to create a practical methodology that integrates economic, environmental, social and governance priorities under a unified national vision For sustainability and community responsibility in the private sector.. Furthermore, strategic objectives and KPIs introduced as a part of the workshop will help track progress and ensure maximum impact, aligning with the objectives of federal and local entities.' The high-level, interactive workshop followed a structured agenda included, principles, vision formulation, strategic framework development, strategic initiatives and objectives, current state assessment, as well as a conclusion session focused on summarising key outcomes and outlining agreements for future actions. Moreover, participants were segregated into working groups representing diverse sectors, to facilitate robust collaboration and insight sharing. Participants were also encouraged to engage openly and contribute towards fostering a highly resilient, inclusive, transparent, as well as impactful nation.
Web Release
07-05-2025
- Business
- Web Release
Majra – National CSR Fund hosts innovative workshop to advance UAE's sustainability vision for private sector
By Editor_wr Last updated May 7, 2025 National CSR Fund hosted recently the 'National Sustainability Strategy Workshop', convening professionals from federal and local governments, private sector corporates and non-profit. to collaboratively shape a comprehensive sustainability strategy for the private sector. This marks a significant milestone in the UAE's commitment in including all stakeholders to ensure the private sector's the national sustainability strategy is consistent with the aspirations of the wise leadership. H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of the Board of Trustees of Majra, stated: 'Sustainability is no longer a distant goal, rather, a strategic imperative driving the growth of diverse sectors. In such a scenario, the 'National Sustainability Strategy Workshop' for private sector plays an important role in uniting stakeholders to drive transformative change and establish a new 'impact economy' that integrates economic vision with elements of corporate citizenship, community responsibility, and transparency. Robust collaboration is integral to the success of such workshops as the final strategy is co-designed with the participants' collective expertise.' Sarah Shaw, CEO of Majra, said: 'The workshop helped convene leading thought leaders and change makers across various industries with an aim to develop a visionary strategy that is both inclusive and avant-garde. It primarily focused on fostering meaningful dialogues to create a practical methodology that integrates economic, environmental, social and governance priorities under a unified national vision For sustainability and community responsibility in the private sector.. Furthermore, strategic objectives and KPIs introduced as a part of the workshop will help track progress and ensure maximum impact, aligning with the objectives of federal and local entities.' The high-level, interactive workshop followed a structured agenda included, principles, vision formulation, strategic framework development, strategic initiatives and objectives, current state assessment, as well as a conclusion session focused on summarising key outcomes and outlining agreements for future actions. Moreover, participants were segregated into working groups representing diverse sectors, to facilitate robust collaboration and insight sharing. Participants were also encouraged to engage openly and contribute towards fostering a highly resilient, inclusive, transparent, as well as impactful nation. Prev Post DHA explores new healthcare partnership with India's KIMS Group Comments are closed.
Zawya
08-04-2025
- Business
- Zawya
UAE and China strengthen economic cooperation at AIM Congress 2025
Abu Dhabi, UAE – In line with ongoing efforts to explore promising opportunities in the new economy, trade, and investment sectors, the United Arab Emirates and the People's Republic of China have reaffirmed their strategic economic cooperation during the 'Invest in China, Guangxi' session, held as part of the AIM Congress 2025 in Abu Dhabi. The high-level session was organized in collaboration with the Abu Dhabi Chamber of Commerce and Industry and the Government of Guangxi, China, and was attended by senior government officials, leading business executives, and global investors. Strategic Vision for Economic Collaboration His Excellency Abdulla Bin Touq Al Marri, Minister of Economy, emphasized the strength of UAE-China economic relations, describing them as a model for successful strategic partnerships built on diversity and innovation. He affirmed the UAE's commitment to deepening its economic ties with China and highlighted the Belt and Road Initiative as a vital driver of regional connectivity and international cooperation. His Excellency also praised Guangxi's strategic position and growing economic potential as a gateway to Southeast Asia and a platform for shared development. Expanding Opportunities Through SMEs and Investment H.E. bin Touq noted that small and medium-sized enterprises (SMEs) represent a key area of cooperation between the UAE and China. He highlighted the increasing presence of Chinese businesses in the UAE, with over 15,500 Chinese companies operating across free zones and advanced industrial hubs, and emphasized the vital role played by both countries' business communities in advancing bilateral economic cooperation. Guangxi: A Gateway to Southeast Asia In his remarks, H.E. Lan Tianli, Governor of the People's Government of Guangxi, commended the UAE's leadership in fostering international economic collaboration. He underscored Guangxi's strategic geographic location and the region's commitment to strengthening cooperation with the UAE in sectors such as trade, investment, and infrastructure. He stressed that the session aimed to open new horizons for sustainable growth and shared prosperity through joint efforts under the Belt and Road Initiative. Advancing Bilateral Trade and Global Development Goals H.E. Khaled Al Fahim, Board Member, Abu Dhabi Chamber, reaffirmed the UAE's dedication to enhancing trade and investment relations with China. He noted that Guangxi's economic potential presents unique opportunities for collaboration and emphasized the importance of building strong economic bridges that contribute to global development objectives. H.E. Hussain Ibrahim Al Hammadi, Ambassador of the UAE to China, highlighted the synergy between the UAE's position as a regional trade gateway and Guangxi's strategic location. He encouraged companies to seize the emerging opportunities and work together towards sustainable economic growth. H.E. Zhao Liang, Chargé d'Affaires of the Chinese Embassy in the UAE, lauded the expanding economic partnership between the two nations and expressed confidence in Guangxi's potential to contribute significantly to joint development efforts. Private Sector Engagement and Institutional Cooperation Mr. Raad Al-Saady, Second Vice Chairman – Managing Director, ACWA Power , emphasized the robust and long-standing collaboration between UAE and China, particularly in energy and infrastructure. He acknowledged the Belt and Road Initiative as a key enabler for further cooperation and underlined Guangxi's growing appeal as an investment destination. The session also featured promotional presentations by representatives of major institutions including the World Free Zones Organization (World FZO), the Guangxi Pilot Free Trade Zone, the Beibu Gulf Port Group, and Gargash Motors. These presentations showcased Guangxi's expanding trade capabilities and its integration into global economic networks. Dr. Samir Hamrouni, CEO of World FZO, announced the official inclusion of the Guangxi Pilot Free Trade Zone into the organization's international network. A Memorandum of Understanding (MoU) was also signed to strengthen collaboration in trade, research, and innovation. Looking Ahead The 'Invest in China: Guangxi' session marks another milestone in the UAE-China economic partnership and underscores both nations' commitment to advancing trade, investment, and innovation through strategic initiatives and mutual cooperation.
