Page 111 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

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,” he said.

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
per cent increase in policies issued compared to 2022.”

The annual 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
Dh14 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 Dh82 million.

It showcases ECI’s significant contributions to facilitating access to financing for UAE exporters,
with over Dh1.8 billion worth of credit coverage provided to financial institutions over the past
five years. It also stated that ECI secured an 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 Dh4.7 billion to UAE’s
industrial sector, a key contributor to non-oil exports, with Dh1.4 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).

https://www.msn.com/en-ae/money/news/uae-etihad-credit-insurance-records-21-fold-growth-
in-gross-exposure-in-5-years/ar-BB1mRkYo?ocid=BingNewsSerp