Euler Hermes, the worldwide leader in trade credit insurance , presented strategic options to leverage trade finance and insurance for domestic and foreign trade growth at the Trade Credit Insurance Summit in Dubai on October 27-29, 2014. Speaking alongside governmental and international institutions, Euler Hermes also looked at optimizing opportunities leading up to World Expo 2020 in Dubai and the FIFA World Cup in Qatar in 2022.
“The Dubai summit was an ideal platform for Euler Hermes to highlight the solid economic scenarios and growth opportunities that we believe underpin this market,” said Mahan Bolourchi, Euler Hermes CEO for the GCC countries. “It also enabled us to reconfirm our continued commitment to the region through investments that further expand our services and client support, in cooperation with Alliance Insurance PSC in the UAE and Allianz Saudi Fransi in the Kingdom of Saudi Arabia (KSA).”
Bolourchi also shared with event participants several highlights of the latest GCC country economic updates produced by the Euler Hermes Economic Research team:
UAE’s GDP is expected to grow at 4.2% in 2014 and 4.5% in 2015. Total exports of $379 billion in 2013 are expected to grow a further 6% in 2014, taking advantage of increasing demand from Asia – particularly in India, Singapore, Taiwan and Thailand. With strong logistics and infrastructures, UAE is well-positioned for future global trade development.
Saudi Arabian GDP is projected to grow at 4.5% in both 2014 and 2015.Total exports of $376 billion in 2013 are expected to grow by more than 4.5% in 2014. Trading activities in fertilizers, gas, organic chemicals, petroleum and related materials, and plastics connect the Kingdom to global markets. In 2015 China, India, Japan, South Korea, Taiwan and the USA are expected to remain its largest trading partners.
Global Banking and Finance Review recently named Euler Hermes as “Fastest Growing Credit Insurance Company GCC” in 2014, for the second consecutive year. The awards honor companies specifically for expertise in the banking and finance industry, and recognize Euler Hermes for its continuing efforts to deliver high quality products and services.