The Sultanate of Oman has signed a deal with the UAE to boost trade and economic cooperation between the two Islamic nations, according to local media reports.
The trade deal was signed by the Export Credit Guarantee Agency of Oman (Credit Oman) and the UAE Federal Export Credit Company Etihad Credit Insurance (ECI) during the 10th Aman Union General Assembly held in Muscat.
According to the deal, UAE companies that seek to expand their business globally will be provided with mutual opportunities for insurance, reinsurance, co-insurance services for export of goods, investments and services from ECI and Credit Oman.
Both institutions will also collaborate to solve problems in the export and investment fields to help small and medium-sized businesses access high growth markets with ease.
With regard to the trade deal, Massimo Falcioni, chief executive at Etihad Credit Insurance, told the media, “For ECI, the recently signed partnership with Credit Oman marks a strategic step in identifying new business opportunities and developing new partnerships to expand economic ties between the UAE and the Sultanate of Oman. “
He added, “ECI has steadily endeavoured to play an important part in widening investment opportunities for local businesses. We believe that our alliance with Credit Oman will play a crucial role in advancing the non-diversification strategy of the UAE as this collaboration will help in boosting the efforts of exporting community in diverse sectors such as steel and aluminium, fishing, renewable energy, mechanical and waste management industries.”
Last year, Oman and UAE’s relations deteriorated after Oman accused UAE of theft of its national heritage and intellectual property. The bilateral ties between the two nations seemed to be deteriorating; however, the recent trade deal suggests otherwise.