The Insurance Authority and Emirates Transport sign a memorandum of understanding in the area of logistic services, transport, and insurance consultations
Abu Dhabi in January 11, 2015
The Insurance Authority and Emirates Transport signed a memorandum of understanding (MoU) to cooperate in mutual areas and develop their partnership. Agreements were made to improve their service and commercial relationships, transport solutions, logistic services, and insurance consultations.
The MoU was signed by H. E. Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority, and H.E. Mohammed Abdullah Al Jarman, General Manager of Emirates Transport, at the IA's office in Abu Dhabi in the presence of department managers from both parties.
H. E. Ebrahim Obaid Al Zaabi affirmed the importance of this MoU, as it will likely boost joint endeavors and allow for the exchange of experiences between government entities. These factors will assist in achieving the best possible performance at the government sector level.
He pointed out that, through this MoU, the IA seeks the improvement of its relationships with government institution partners. It will develop its cooperation with them by using their services and activities to achieve the IA's vision: becoming the leader in the development and regulation of the UAE’s insurance sector and improving its own standards (thus heading off global competition).
He noted that the signed MoU establishes a strategic cooperative relationship that achieves the mutual objectives of both parties. "The MoU allows the IA to create a strategic partnership with the ET by cooperating in transport, logistics, and technical areas, in addition to utility management and insurance consultation areas", said Al Zaabi.
The IA's Director General said that the IA is willing to provide all insurance consultations that relate to the ET's work areas and diverse services.
He commended the ET's role in supporting transport activity and providing integrated service solutions. Al Zaabi also noted that cooperation with a national institution that has sophisticated experience in transport solutions and logistic services contributes to minimizing burdens and saving time and effort. This helps to develop the IA’s work performance and boosts its competitive edge at all levels.
In turn, H.E. Mohammed Abdullah Al Jarman valued the IA's dedication to expanding the areas of partnership and mutual cooperation, and its confidence in the structure of ET's services at the level of transport services, rental, technical maintenance, and supporting services.
"ET's extensive experience in the transport sector for over three decades represents an appropriate foundation on which to build a successful long-term strategic partnership. This relationship will contribute to the achievement of both parties’ objectives: being two government entities, each with a clear activity that has impacts on the local work market, particularly in insurance and transportation", said Al Jarman. He indicated the close connection between the success of both sectors and the UAE reaching a prestigious position at the regional and global levels.
Al Jarman pointed out that ET directs all of its capabilities and expertise to achieving the strategic objectives of the IA. Their efforts serve a wide variety of sectors, institutions, companies, and individuals in the UAE, which is consistent with the spreading of ET's services and locations. ET now provides 38 diversified services in 27 business centers and units, maintains a fleet of 17000 vehicles, and employs over 17000 employees in all locations.
The signed MoU affirms the desire of both parties to develop mutual coordination and cooperation, which serves each party’s desired aspirations and strategic objectives, thereby empowering and developing general performance. The MoU also establishes the rules of cooperation and teamwork. The desired strategic partnership must be set up in a way that is consistent with the UAE's general policy of improving society and preparing a valid community environment, all of which enables the society to achieve its objectives and aspirations.
According to the MoU, the IA and ET seek to establish a long-term relationship that achieves the objective of the MoU through mutual coordination. The MoU also shows that the IA regards ET as a competent entity that can provide the IA with all the transport solutions and services it needs.
The MoU includes the possibility of ET approving the IA as an insurance-competent entity that can provide all legal insurance consultations for ET in the areas related to insurance (in accordance with Federal Law number 6 of 2007, and the executive regulations, rules, and instructions contained therein). Areas of cooperation include bus transportation services, light vehicle transportation services, four wheel drive transportation, and rental of buses and vehicles.
The proposed cooperation also includes logistic services, such as land shipping, martial transfer across the supply chain from one place to another, customs clearance, and divers[D1] transport services. The partnership also specifies technical services, such as handling repairs following vehicle accidents and towing broken vehicles and automobiles. The MoU then details the types of cooperation expected in the area of utility management, such as internal and external cleanliness services, hosting, correspondence, guarding services, pricing of used vehicles (as per the prevailing market rates), selling of used vehicles (through calling for bids on the used vehicles to sell at the highest value), and the announcing of bids to attract the biggest customer segment.
The IA, which was incorporated as per Federal Law number (6) of 2007 A.D. (concerning the incorporation of the Insurance Authority and regulation of its works), aims to apply the best international standards to organize and develop the insurance sector and to develop its own work mechanisms and plans. It also aims to build a strategic relationship with its federal and local government entity partners and other scientific and academic institutions. Additionally, the IA aims to adopt global best practices and launch a number of initiatives to establish the relationship between the IA and its partners. On the other hand, ET, being a national institution specialized in transport and services, will provide integrated solutions and supporting services in accordance with the best applicable standards and levels. It will boost cooperation between different government sectors and drive them toward serving the public good.