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6/4/24, 4:02 PM UAE: Etihad Credit Insurance achieves 21-fold growth in gross exposure within 5 years - News | Gulf Press
UAE: Etihad Credit Insurance achieves 21-fold growth in gross
exposure within 5 years – News
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Last updated: 2024/05/22 at 8:21 PM
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has seen a signi cant increase in
its gross exposure, reaching Dh9.6 billion by the end of 2023, a 21-fold increase compared to 2019. This
growth aligns with the country’s vision to increase non-oil exports and foreign trade volume in the next
decade. ECI aims to support emerging industries and SMEs to diversify the UAE’s economy and enhance
its global competitiveness.
Abdulla Bin Touq Al Marri, the Minister of Economy and Chairman of ECI, emphasized the company’s
role in advancing the national vision by fostering domestic trade, facilitating economic partnerships, and
enhancing UAE businesses’ global presence. Through innovative credit solutions and strategic
collaborations, ECI has contributed to diversifying the UAE’s economic landscape and boosting non-oil
exports. The company’s commitment to supporting UAE exporters is evident in its increased policies
issued and insured trade transactions.
Raja Al Mazrouei, CEO of ECI, outlined the company’s commitment to providing innovative credit
solutions, nance access, market insights, and strategic collaborations to support sustainable non-oil
trade for the UAE’s economy. ECI empowers UAE businesses to engage con dently in global trade,
contributing to a robust and diversi ed economy. The company’s 2023 business plans and innovative
approach have positioned ECI as a stable partner for UAE enterprises, leading to a surge in insured trade
and investment transactions.
ECI’s global outreach e orts have supported UAE exporters across 17 sectors in 110 countries, resulting in
non-oil trade and investment amounting to Dh14 billion in 2023. The company has signed agreements
with export credit agencies worldwide, strengthening its position as a trusted partner for international
trade. Additionally, ECI’s commitment to supporting clients beyond credit insurance is highlighted by its
e ective handling of overdue payments and collection e orts.
The annual report also emphasized ECI’s commitment to facilitating access to nancing for UAE
exporters, providing over Dh1.8 billion worth of credit coverage to nancial institutions in the past ve
years. The company’s AA- international rating by Fitch for the fth consecutive year re ects its ability to
mitigate risks and maintain a strong presence in global markets. ECI’s credit cover of Dh4.7 billion to
UAE’s industrial sector, with Dh1.4 billion committed in 2023, supports manufacturers’ export
achievements and aligns with its partnership with the Ministry of Industry and Advanced Technology
(MoIAT).
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