عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Etihad Airways, EL AL Airlines Sign MoU

UAE's Etihad Airways - WAM
UAE's Etihad Airways - WAM
TT
TT

Etihad Airways, EL AL Airlines Sign MoU

UAE's Etihad Airways - WAM
UAE's Etihad Airways - WAM

EL AL Israel Airlines and UAE's Etihad Airways are set to explore deeper cooperation following the signing of a virtual Memorandum of Understanding (MoU).

The wide-ranging MoU covers scope to introduce joint codeshare services between Abu Dhabi and Tel Aviv, as well as on the global flight networks beyond the two carriers’ hubs, Etihad Airways said in a statement on Thursday.

The agreement also contains plans for greater commercial cooperation in the fields of cargo, engineering, loyalty, destination management and the optimal use of pilot and cabin crew training facilities.

The MoU was signed virtually by Tony Douglas, Group Chief Executive Officer of Etihad Aviation Group, and Gonen Usishkin, Chief Executive Officer of EL AL Israel Airlines, state news agency WAM reported.

Commenting on the MoU, Douglas said: "Following EL AL’s historic flight to Abu Dhabi, the first ever flight between Israel and the UAE, this MoU is the foundation of what we envision will be a strong ongoing relationship between Abu Dhabi and Tel Aviv. We look forward to examining ways in which the two flag carriers – Etihad and EL AL – can work more closely together to improve business operations and enhance the experience for our guests."

In turn, Usishkin stated: "Following the normalization of diplomatic relations between Israel and the UAE, we have been provided a great opportunity to examine the possibility of cooperation with Etihad Airways. This MoU is only the start and we believe that together, the two flag carriers will be able to provide our mutual customers with the best possible product and service. Already, the common goals we have outlined speak for the success of our future cooperation."

Both carriers’ engineering and cargo divisions are also set to begin talks about greater cooperation. These discussions would look at optimizing MRO (maintenance repair and overhaul) opportunities, as well as ways to increase volumes of freighter traffic flowing into and out of Abu Dhabi and Tel Aviv, and across the carriers’ combined networks.

Etihad Airways announced its intention this week to commence daily services between Abu Dhabi and Tel Aviv from 28th March, 2021.

Most Viewed

 
 
Business

Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
TT
TT

Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.