Page 162 - MOE ENGLISH PR REPORT - JANUARY 2025

2/3/25, 2:56 PM Etihad Credit Insurance receives AA- rating with stable outlook from Fitch Ratings
This prestigious rating underscores ECI’s pivotal role in accelerating the UAE’s economic diversification
and reinforcing its global trade leadership. It also aligns with the Long-Term IDR of the United Arab
Emirates (UAE; AA-/Stable), reflecting the UAE’s robust economic policies and strategic initiatives to
foster a dynamic, future-ready economy.

H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of
Etihad Credit Insurance, affirmed that the UAE, driven by the guidance of its wise leadership, has
grown into a strong economy that relies on diverse resources and is capable of adapting to global
changes. According to H.E., the nation has adopted flexible and proactive economic policies and

strategies, that have been instrumental in promoting the competitiveness of national products in foreign
markets, encouraging economic accessibility to the world, building meaningful partnerships with
numerous regional and international markets, and increasing the non-oil sector's contribution to the
national GDP by 75 per cent.

Praising ECI's high credit rating, H.E. Bin Touq said: “ECI’s favourable rating from Fitch ratings

demonstrates the confidence of business communities in the national economy, and promotes its
reputation regionally and globally, thereby consolidating the country’s position as a leading hub for
business and trade. In keeping with the ‘We the UAE 2031’ initiative, which aims to increase the

country's GDP to AED 3 trillion by the next decade and increase non-oil exports to AED 800 billion, the
latest milestone highlights our national efforts to strengthen the company's crucial role in creating a
competitive environment for exporters and importers, while helping increase the momentum of export
and re-export activities of UAE-based companies.”

Many factors have contributed to ECI's latest milestone, including government support, especially as the

UAE's federal export credit agency, coupled with its capital strength and the absence of any financial
constraints. Other key determinants also included the company's robust reinsurance program, its
unparalleled expertise in the field, and the capacity to insure the risks associated with UAE foreign trade.

H.E. Raja Al Mazrouei, CEO of ECI, underlined that this rating is one of the highest rates offered by

specialised agencies, making it a new gauge of the company's financial performance and risk tolerance
strength. This success, Her Excellency said, is the outcome of ECI’s strategic roadmap, which aims to
increase the volume of credit assistance provided to manufacturers and exporters. “The AA-rating
further helps ECI provide its services and solutions more effectively worldwide, boosts national export
competitiveness, and makes it easier for Emirati products to reach targeted global markets,” H.E. Al

Mazrouei added.

Since its inception, Etihad Credit Insurance has played a crucial role in supporting the national economy
and non-oil foreign trade. By enabling local trade and manufacturing activities, empowering entities with
tools to protect against trade and political risks, reducing the cost of trade financing, facilitating project

financing, and allowing access to trade financing solutions and international markets, ECI continues to
advance national economic goals with its broad portfolio of comprehensive services.

https://www.zawya.com/en/press-release/government-news/etihad-credit-insurance-receives-aa-rating-with-stable-outlook-from-fitch-ratings-gdxa65z6 2/3