Page 105 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:08 PM Etihad Credit Insurance records 21-fold growth in gross exposure by end of 2023 to reach AED 9.6bln in 5 years
strategic 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.

It stated that ECI-backed trade finance lending crossing AED 1 billion in the first year of a partnership

with DP World Trade Finance. The partnership aims to broaden SME access to trade finance by

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