Page 18 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024 (International)

Press Release

transactions. Our dedication to protecting the interests of UAE exporters is evident in the
numbers, with a 25 per cent increase in policies issued compared to 2022.”

Al Mazrouei added; “As we continue to adapt and grow, expanding ECI’s services to

strengthen national exports stands as our primary objective, marking a significant leap forward
in our capabilities and outreach. This new strategic phase aims to double the growth rate of

UAE exports through ECI and increase our contribution to the non-oil GDP by 7-fold by 2031.”

The report stated that ECI’s global outreach efforts resulted in the support of UAE exporters

across 17 sectors in 110 countries, amounting to a non-oil trade and investment of AED 14
billion in 2023. This success was facilitated by approximately 21 agreements signed with

government export credit agencies worldwide, solidifying ECI’s position as a trusted partner

for international trade.

Additionally, the report highlighted ECI’s commitment to supporting clients beyond credit
insurance. This commitment was demonstrated by the company’s effective handling of overdue

payments, leading to the collection of AED82 million. It showcases ECI’s significant

contributions to facilitating access to financing for UAE exporters, with over AED 1.8 billion
worth of credit cover provided to financial institutions over the past five years. It also stated

that ECI secured AA- international rating by Fitch for the fifth consecutive year, reflecting on
the company’s ability to mitigate potential risks and reiterating its strong presence in global

markets.

Furthermore, the report stated that ECI has given a credit cover of AED 4.7 billion to UAE’s

industrial sector, a key contributor to non-oil exports, with AED 1.4 billion committed in 2023
alone, enabling manufacturers’ exports achievement and in line with the company’s partnership

with the Ministry of Industry and Advanced Technology (MoIAT).

It further highlighted ECI’s projects that aims to support economic development and improve

the quality of living, including credit insurance commitment of USD 500 million to boost
Africa’s clean energy transition as part of the UAE’s USD 4.5 billion Africa Green Investment

initiative, announced during the Africa Climate Summit held in September 2023. The report