Page 84 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:02 PM UAE: Etihad Credit Insurance Records 21-Fold Growth In Gross Exposure In 5 Years
“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

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