The MoU between NBAD and K-sure will effectively improve the competitiveness of South Korean companies that are looking to secure future industrial plant and other construction orders in the Middle East.

K-sure was founded by the Korean government in 1992 to operate export and import insurance programs for the purpose of facilitating global trade. They covered 22.9 percent of the total exports of Korea in 2010, meeting demand from clients ranging from domestic large and small/medium businesses to foreign and domestic financial institutions.

South Korea is aiming to raise its trade volume to over US$1 trillion this year from $892.6 billion reached in 2010, with related insurance protection expected to play an important role in promoting exports and imports.

K-sure pledged to provide around 200 trillion won worth of trade-related insurance coverage this year.

Mark Yassin, senior general manager of corporate and investment banking division at NBAD, said: “We are keen on selecting only the best in class partners and very pleased to be cooperating with K-sure to further boost trade and economic ties between South Korea and the UAE as well as other countries in the Middle East.

“NBAD is committed to the development and progress of Abu Dhabi and the achievement of Abu Dhabi Vision 2030, the blueprint of sustainable growth in the Emirates. Therefore, we are looking forward to strengthen our partnerships to facilitate strategic programmes that are essential in realising Abu Dhabi Vision 2030.”

Will the MoU benefit the firms?

Have your say and discuss with your peers on the InfoGrok community.

Participate by posting your comments now.