Page 80 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

“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,” 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.khaleejtimes.com/business/uae-etihad-credit-insurance-records-21-fold-growth-
in-gross-exposure-in-5-years