Page 180 - MOE ENGLISH PR REPORT - JANUARY 2025

2/3/25, 2:57 PM Latest News
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.

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