Dubai Chamber, Coface, and NGI Sign MOU to Support Trade with Africa

The Dubai Chamber of Commerce and Industry (DCCI) signed a Memorandum of Understanding (MoU) with Coface and National General Insurance Company (NGI) for co-operation in supporting Dubai Chamber members with trade and export into African markets. The ceremony took place on the side-lines of the first day of the Africa Global Business Forum in Dubai.

The signing ceremony was attended by H.E. Hamad Buamim, President & CEO of Dubai Chamber, as well as Mr. Massimo Falcioni, Head of Middle East Countries at Coface, and Dr. Abdul Zahra Abdullah Ali, CEO of NGI. As part of the partnership, Dubai Chamber members exporting to Africa will now have access to NGI Trade Credit Insurance products, and Coface will work to provide various value added services that aim to assist companies entering or expanding their businesses in Africa.

Commenting on the partnership, H.E. Hamad Buamim stated that the signing demonstrated the vital role of the Dubai Chamber as a catalyst for trade and the leading entity in terms of access to African and other emerging markets. He noted that as Dubai has quickly become a hub for global trade, it is now more imperative than ever that the Chamber both continues to look for opportunities for Dubai-based companies and encourage companies abroad to expand into the Dubai market. He also stressed the strong investment potential of Africa for companies based out of Dubai, noting the strong expertise of all the partners involved.

He added that AGBF has harnessed the Dubai Chamber’s capabilities to stimulate investment and cooperation between global business communities and Africa- not just by creating dialogue, but by also delivering sustainable long-term partnerships and legacy projects that will serve as a long-term engine for growth.

“This powerful synergy now allows Dubai Chamber to work diligently with experienced partners and stakeholders to provide a toolkit of practical solutions that can help boost real economic activity” added Buamim. “One example is the SME business community of Dubai and their counterparts in Africa, who will be helped in tapping into underutilized SME trade finance funds available with many UAE Banks,” Buamim concluded.

Mr. Massimo Falcioni said: “We are very proud to be associated with Dubai Chamber, in its continuous bid to help cement Dubai as a global trade hub, and in particular, as one of the biggest supporters of trade with the Africa continent. This provides with an opportunity to leverage our global expertise in credit risk management and utilize our wide-ranging presence across 99 countries to help companies based out of Dubai break into the African market.”

Dr. Abdul Zahra Abdullah Ali, CEO of NGI, added: “As one of the leading composite insurers in the UAE, we’re well-placed to offer support to members interested in expanding into the African continent. We’re excited by the ambition the Chamber has shown, and hope to play our part in encouraging trade from companies into Africa.”

Africa’s diverse investment potential is the highlight of the Africa Global Business Forum that Dubai Chamber is organising for the third year running. The Forum has attracted more than 1,000 guests including heads of states, prime ministers and chairmen, as well as leading figures from banks and sovereign funds.