Page 312 - MOE ENGLISH PR REPORT - FEBRUARY 2024

3/4/24, 4:33 PM UAE's Etihad Credit Insurance Holds Strong with AA- Fitch Ratings …

The Pillar of Economic Diversification

Under the visionary leadership of His Excellency Abdulla Bin Touq Al Marri, Minister of Economy and

Chairman of ECI, the company has emerged as a cornerstone in the UAE's ambitious economic diversification
plans. The AA- rating, encompassing both the Insurer Financial Strength (IFS) rating and Long-Term Issuer

Default Rating (IDR), is more than a numerical value; it's a reflection of ECI's robust capitalization, its highly

liquid investment portfolio, and a well-diversified reinsurance program. These elements, coupled with

substantial government backing, underscore the company's critical role in achieving the 'We the UAE 2031'
vision, with goals to elevate the UAE's global economic position and increase non-oil national exports to 800

billion dirhams.

ECI's Contribution to Non-Oil Exports

Since its inception in 2018, ECI has been at the forefront of promoting UAE non-oil exports, achieving a gross
exposure of AED9.5 billion by the end of 2023. This impressive figure not only illustrates ECI's commitment to

enhancing the international competitiveness of UAE-based businesses but also its significant contribution to

the country's economic prosperity. ECI's strategic initiatives and prudent management practices have played a

vital role in this success, fostering a diversified and globally integrated economy that is less dependent on oil

revenues.

Looking Ahead: ECI's Role in the Future

As the UAE strides confidently towards its 2031 economic goals, ECI's continued strong performance and

strategic importance cannot be overstated. The AA- rating by Fitch for the sixth consecutive year is a clear

indicator of ECI's financial health and its pivotal role in supporting the UAE's economic diversification efforts.

With a steadfast commitment to enhancing the export competitiveness of UAE-based businesses and a robust
plan to support the nation's vision, ECI stands as a beacon of economic resilience and prosperity. The

remarkable journey of ECI, from its establishment in 2018 to its current stature, is a compelling narrative of

strategic foresight, robust management, and unwavering dedication to the nation's economic future.

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