Etihad Credit Insurance (ECI), the UAE Federal export credit company, has seen a significant increase in its gross exposure, reaching Dh9.6 billion by the end of 2023, a 21-fold increase compared to 2019. This growth aligns with the country’s vision to increase non-oil exports and foreign trade volume in the next decade. ECI aims to support emerging industries and SMEs to diversify the UAE’s economy and enhance its global competitiveness.
Abdulla Bin Touq Al Marri, the Minister of Economy and Chairman of ECI, emphasized the company’s role in advancing the national vision by fostering domestic trade, facilitating economic partnerships, and enhancing UAE businesses’ global presence. Through innovative credit solutions and strategic collaborations, ECI has contributed to diversifying the UAE’s economic landscape and boosting non-oil exports. The company’s commitment to supporting UAE exporters is evident in its increased policies issued and insured trade transactions.
Raja Al Mazrouei, CEO of ECI, outlined the company’s commitment to providing innovative credit solutions, finance access, market insights, and strategic collaborations to support sustainable non-oil trade for the UAE’s economy. ECI empowers UAE businesses to engage confidently in global trade, contributing to a robust and diversified economy. The company’s 2023 business plans and innovative approach have positioned ECI as a stable partner for UAE enterprises, leading to a surge in insured trade and investment transactions.
ECI’s global outreach efforts have supported UAE exporters across 17 sectors in 110 countries, resulting in non-oil trade and investment amounting to Dh14 billion in 2023. The company has signed agreements with export credit agencies worldwide, strengthening its position as a trusted partner for international trade. Additionally, ECI’s commitment to supporting clients beyond credit insurance is highlighted by its effective handling of overdue payments and collection efforts.
The annual report also emphasized ECI’s commitment to facilitating access to financing for UAE exporters, providing over Dh1.8 billion worth of credit coverage to financial institutions in the past five years. The company’s AA- international rating by Fitch for the fifth consecutive year reflects its ability to mitigate risks and maintain a strong presence in global markets. ECI’s credit cover of Dh4.7 billion to UAE’s industrial sector, with Dh1.4 billion committed in 2023, supports manufacturers’ export achievements and aligns with its partnership with the Ministry of Industry and Advanced Technology (MoIAT).
Overall, Etihad Credit Insurance plays a vital role in supporting the UAE’s vision for economic diversification, non-oil export growth, and global trade partnerships. The company’s innovative credit solutions, strategic collaborations, and global outreach efforts have made significant contributions to the UAE’s economy and its businesses. Through its commitment to providing financial support, market insights, and risk mitigation, ECI continues to empower UAE exporters and strengthen the country’s position in the global market.
