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Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has signed a Memorandum of Understanding (MoU) with Euler Hermes Aktiengesellschaft, acting on behalf of and for the account of the Federal Republic of Germany to manage its official Export Credit Guarantee Scheme. The MoU establishes a framework for a long-term partnership focused on the joint support and risk mitigation of international export and infrastructure projects. 

Signed by Mohammed Tahlak, Director of Corporate Support at ECI, and Jan-Philipp Apking and Thomas Baum, Members of Executive Management at Euler Hermes, the MoU paves the way for discussions toward a comprehensive Reinsurance Agreement. The future agreement is intended to provide a permanent framework for reinsuring export credit risks arising from transactions involving suppliers from the UAE and Germany, including potential cooperation in third-country markets.

Under the proposed framework, ECI and Euler Hermes may identify and explore export credit transactions suitable for cooperation. Participation in individual transactions will be assessed on a case-by-case basis, in accordance with each party’s product portfolio, eligibility requirements, risk assessment criteria and applicable international requirements.

The agreement comes amid the growing strategic importance of the Gulf region for export credit guarantees. In 2025, projects and contracts with a total volume of approximately EUR 1.4 billion were covered by Germany’s official Export Credit Guarantee Scheme across the region, representing almost twice the amount recorded in the previous year.

The MoU builds on the successful cooperation between the two institutions under the Ad-hoc Reinsurance Agreement concluded in 2024 in relation to a major infrastructure project in Iraq. The transaction demonstrated the mutual benefits of coordinated reinsurance and provided a strong foundation for future cooperation involving German and Emirati companies.  

The partnership further reflects the strong and evolving economic ties between the UAE and Germany, as well as the complementary strengths of the two markets. It brings together the UAE’s growing role as an international hub for trade, finance and investment and Germany’s industrial and technological capabilities, creating opportunities for greater cooperation on international export and infrastructure projects involving suppliers from both countries.

The signing underscores ECI’s commitment to deepening cooperation with international export credit institutions and developing risk-sharing arrangements that support eligible UAE-based exporters. It also reinforces ECI’s role in facilitating access to global markets and contributing to the continued growth and diversification of the UAE’s non-oil exports.