Agreement signed by Dubai World entities aims to facilitate management of risk in Dubai’s trade flow
DUBAI, United Arab Emirates - Monday, September 5th 2011 [ME NewsWire]
Insure Direct (Brokers) LLC, a member of end-to-end insurance solutions provider Brokerage World Solutions (BWS), and Dubai Trade, the premier trade facilitator under Dubai World, today (September 5) signed an agreement to provide innovative online insurance services to the trading community.
The commercial agreement was signed by Mohammed Al Muallem, Member of Board of Directors, Dubai Trade, Kenneth G Maw, President and Group CEO, Brokerage World Solutions, and Saeed J. Al Qaizi, Director of Procurement, Contracts and General Administration, Dubai World, during a ceremony held in Jebel Ali Free zone. Present at the function were Mahmood Al Bastaki, Director, Dubai Trade, and senior officials from both sides.
Under the agreement, Insure Direct will be the first partner of Dubai Trade to offer customised online insurance products and services to meet the needs of the trading and logistics companies that use the portal, www.dubaitrade.ae,
Insure Direct’s services and well-structured and competitively-priced solutions will also be available to companies that are not registered with Dubai Trade Portal. Moreover, Insure Direct will come with appropriate international support, where required, by leveraging the global network of its parent BWS.
The strategic objective is to combine the strengths of the two Dubai World entities to facilitate the management of risk in Dubai’s trade flow.
Mohammed Al Muallem, Member of Board of Directors, Dubai Trade, said:
“We welcome this landmark agreement designed to provide enhanced risk solutions for Dubai’s trade flow and believe it will further sharpen the competitive edge of the UAE’s business community as a whole. Insure Direct (Brokers) LLC and Dubai Trade have introduced, through this accord, a new benchmark for excellence in the e-commerce culture of the region as a whole.”
Based on the type of business and management requirements of clients, Insure Direct has developed risk solutions ranging from import/export cargo, inland transit, Property and business interruption to employers liability, employee benefits and credit and , political risks and is now recognised as a market leader in the handling of all classes of insurance.
Kenneth Maw, CEO, President and Group CEO, Brokerage World Solutions, said:
“Insurance is an annual expense that needs to be constantly monitored, with policies regularly updated to keep pace with growth. Given the rapid growth of trade in Dubai, Insure Direct (Brokers) LLC and Dubai Trade decided to combine their core strengths to create new risk management opportunities for the trading community. We believe this partnership will enable all trade and logistics companies using Dubai Trade’s portal to add value to their business operations through our online insurance products and services.”
Dubai Trade offers a portfolio of integrated innovative services designed to serve the growing clientele of DP World, Economic Zones World, Dubai Customs and Dubai Multi Commodities Centre (DMCC).
Mahmood Al Bastaki, Director, Dubai Trade, said:
“This agreement is in line with our strategic Trade Integration Framework to standardise the integration of Dubai Trade portal with additional domains such as insurance. It opens the doors to new options for our customers and will help them to eliminate the need to visit broker and insurance offices which will save time and effort. We welcome Insure Direct (Brokers) LLC on board Dubai Trade.”
BWS, established following the merger of Insure Direct (Brokers) LLC and Independent Risk Solutions BV (IRS) of Rotterdam, is strategically pacing its expansion moves to deliver competitive and quality services in the insurance and reinsurance sectors, both within the region and in the bigger markets of Asia and Europe.
The group also provides end-to-end insurance solutions to key industrial sectors, including marine, oil & gas, on- and off-shore construction projects, aviation, financial institutions, professional and specialist risks, as well as individual personal protection.
Contacts
Media contact:
Khoder Makki,
Hasaad Communications
+971 50 5592268
Khoder.makki@hasaad.ae
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