Page 306 - MOE ENGLISH PR REPORT - FEBRUARY 2024

Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of Etihad
Credit Insurance, said, “The positive rating from Fitch reaffirms the UAE’s efforts in diversifying
the national economy and enhancing its competitiveness regionally and globally. It also reflects
the confidence of international institutions, global rating agencies, and business communities in
the UAE as a leading economic destination.”

He added, “This rating will strengthen the creditworthiness of Etihad Credit Insurance, the
strength of its financial position, and its role in enhancing the reputation and competitiveness of
national exports in foreign markets. This success confirms our firm commitment to increasing
economic diversification in the country, supporting and encouraging exporters to deal with foreign
markets confidently and securely, thereby enhancing the achievement of the economic targets of
‘We the UAE 2031’ vision. This vision aims to enhance the country’s position as a global partner,
an attractive and influential economic hub, and to increase the non-oil national exports of the
country to Dhs 800 billion by the next decade.”

ECI’s strategic initiatives have significantly contributed to the promotion of UAE non-oil exports,
evidencing a robust portfolio growth with a gross exposure of Dhs9.5 billion as of the end of 2023
and covering 1.9 per cent out of Dhs366 billion in 2022.

Supporting the AA- rating by Fitch, ECI has a strong capitalisation with Dhs250 million in paid-in
capital, an extra Dhs750 million contributed by its shareholders for growth objectives, and it
doesn’t have any debt.

ECI’s investments are characterised by high liquidity and prudent allocation to short-term fixed
deposits in UAE-based banks of high credit quality.

Etihad Credit Insurance remains committed to the UAE’s ambitious agenda to diversify its
economy and boost its stature on the global trade map.

https://www.gulftoday.ae/business/2024/02/27/fitch-reaffirms-ecis-ratings-at-aa-with-stable-
outlook