UAE – Ajman Chamber of Commerce and Industry has signed a Memorandum of Understanding (MoU) with Coface Emirates Services and National General Insurance Company (NGI) to extend trade credit solutions and risk management services to member companies of the Chamber.
The agreement, signed by H.E. Abdullah Omar Al Marzouqi, Executive Director of Membership Registration and Transactions Services at Ajman Chamber, and Massimo Falcioni, Chief Executive Officer for Middle East at Coface, aims to support the Chamber members that have existing or are planning to expand into trade business, providing a safer business environment.
Under the terms of the MoU, Coface will be providing business information, updates on payment behaviour, financial analysis, country risk assessments, and sector risk assessments. The agreement is backed by NGI, a fully accredited national insurer, which will offer protection for the trade receivables of companies. The MoU will allow concerted effort amongst the three entities in organising a number of meetings and workshops providing relevant information that will benefit the member companies in order to achieve export growth.
H.E. Al Marzouqi, said: ‘The signing of the Memorandum of Understanding reflects the keenness of Ajman Chamber in providing a safe investment and trade environment amongst its members. This is aligned with our objective of forging partnerships with various government and private agencies to improve the quality of services for our members and affiliates, in order to grow their business sustainably.
‘Massimo Falcioni, CEO Middle East Countries at Coface, said: ‘We are very pleased to partner with Ajman Chamber of Commerce and Industry in sustaining the economic and export interests of its member companies. We, at Coface Emirates Services, are glad to extend the full range of our expertise in trade credit management and risk information services. This is reinforced by the detailed country and sector risk assessments based on our vast database on more than 80 million companies and international presence in 100 countries. Company members will definitely be able to leverage on our proficiency through this new partnership and the collaborative activities in the coming months.’
Dr. Abdul Zahra Abdullah Ali, CEO of NGI, added: ‘The Emirate of Ajman has ambitious plans for trade growth and we are honoured to be the chamber’s partner that specialises in providing comprehensive insurance for trade receivables, creating a more protected business environment. We foresee that this association will lead to greater benefits for all stakeholders, including the chamber members.’