Page 108 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

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 percent. This underscores ECI’s significant
contribution to the UAE’s progress towards its 2031 foreign trade targets.

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 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 percent 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 AED14 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 AED1.8 billion worth of credit coverage 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 AED4.7 billion to
UAE’s industrial sector, a key contributor to non-oil exports, with AED1.4 billion

https://www.msn.com/en-ae/news/other/eci-records-21-fold-growth-in-gross-exposure-by-end-
2023-to-reach-aed96-billion-in-5-years/ar-
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%20of%20other%20senior%20officials%20from%20the%20company.