Page 314 - MOE ENGLISH PR REPORT - FEBRUARY 2024

3/4/24, 4:33 PM PRESSR: Fitch reaffirms ECI’s ratings at 'AA-' with a stable outlook for the sixth consecutive year — TradingView News
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 800 billion dirhams by the next decade."

Key highlights of ECI’s achievements and strategic importance:

Systemic Significance: Founded in 2018, ECI has been vital in

protecting UAE businesses against commercial and political risks,

reducing the costs of trade finance, and facilitating access to trade

finance solutions and international markets.

Export Insurance Provider: 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 AED9.5

billion as of the end of 2023 and covering 1.9% out of AED 366 billion

in 2022.

Robust Financial Health: Reflecting its very strong capitalization

and prudent investment strategies, ECI has maintained a strong

capital base and a highly liquid investment portfolio, coupled with a

dynamic and well-diversified reinsurance program.

https://www.tradingview.com/news/reuters.com,2024-02-27:newsml_Zaw2ZTslf:0-pressr-fitch-reaffirms-eci-s-ratings-at-aa-with-a-stable-outlook-for-th… 2/4