Page 101 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:08 PM Latest News
collaborations in line with our vision and mission to foster sustainable and secure non-oil trade for the UAE’s
economy. We empower UAE businesses to confidently participate in global trade, driving towards a robust

and well diversified economy. Leveraging our innovative approach and meticulously crafted 2023 business
plans, ECI has emerged as a beacon of stability for UAE enterprises. We have seen a significant increase in

the demand for our services, with a remarkable surge in insured trade and investment 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 underscored ECI’s strong track record of managing claims and
recoveries across its portfolio. The company supported clients with management of late payments worth AED

415 million, of which AED 353 million or 83 per cent were successfully recovered, it added.

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