Page 165 - MOE ENGLISH PR REPORT - JANUARY 2025

2/3/25, 2:56 PM Etihad Credit Insurance receives AA- rating with stable outlook from Fitch Ratings
Abdullah 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 Al Marri, 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, 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 programme, its
unparalleled expertise in the field, and the capacity to insure the risks associated with UAE foreign trade.

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, she 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,” 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.

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