Page 100 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:08 PM Latest News
• Over two-thirds of beneficiaries of ECI comprise SMEs while large corporations represent another 20.9 per
cent.

• The company effectively handled overdue payments, resulting in the collection of AED 82 million.
• ECI receives AA- international rating by Fitch for the fifth consecutive year.

UAE, May 22, 2024: Etihad Credit Insurance (ECI), the UAE Federal export credit company, has unveiled its
remarkable growth trajectory in its latest annual report for the year 2023. With a gross exposure of AED 9.6

billion by the end of 2023, ECI has experienced a staggering 21-fold increase compared to 2019. This was
announced during a media briefing led by H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, in the

presence of other senior officials from the company.

H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said: “Under
the guidance of our wise leadership, the UAE has achieved outstanding successes on regional and

international levels, solidifying its standing as the region's leading hub for trade and investment. With an
emphasis on emerging industries and SMEs, we will continue to broaden and diversify our economy
according to the ‘We the UAE 2031’ vision, which aims to increase the country's non-oil exports to AED 800

billion and raise the volume of non-oil foreign trade to AED 4 trillion by the next decade.”

H.E. Bin Touq added: “Etihad Credit Insurance has significantly contributed to advancing this national vision
by fostering the expansion of domestic trade and enterprises and facilitating crucial economic relations

through comprehensive economic partnership agreements (CEPAs). The company’s innovative credit
solutions and strategic collaborations have enhanced the competitiveness of UAE businesses worldwide.

This not only diversifies the UAE’s economic landscape, but also propels its non-oil exports forward.”

His Excellency stated that ECI’s recent commitments to clean and green energy initiatives further signify its

role as a driving force towards sustainability. “ECI's support has been financial as well as strategic,
contributing to the 2030 Agenda for Sustainable Development through support for non-oil trade, while also

ensuring compliance with international standards,” H.E. Bin Touq added.

The report highlighted ECI’s notable role in fostering the expansion of the UAE’s non-oil exports, covering 3.1
per cent out of AED 441 billion in 2023, compared to 1.9 per cent in the previous year. This growth was

supported by a diverse portfolio, with over two-thirds of beneficiaries comprising small and medium-sized
enterprises (SMEs), while large corporations represented another 20.9 per cent. This underscores ECI’s
significant contribution to the UAE’s progress towards its 2031 foreign trade targets.

H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, said: “We are committed to providing innovative credit

solutions, facilitating easy access to finance, offering expert market insights, and nurturing strategic

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