Page 318 - MOE ENGLISH PR REPORT - FEBRUARY 2024

position as a global partner, an attractive and influential economic hub, and to
increase the non-oil national exports of the country to AED 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
AED 9.5 billion as of the end of 2023 and covering 1.9 percent out of AED 366

billion in 2022.

Supporting the AA- rating by Fitch, ECI has a strong capitalisation with AED 250
million in paid-in capital, an extra AED 750 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. Through its

innovative suite of services, ECI is dedicated to empowering UAE businesses to
navigate the complexities of international trade, secure competitive credit terms,

and leverage strategic partnerships worldwide.

Raja Al Mazrouei, CEO of ECI, commented, “The 'AA-' rating, Fitch Ratings, for
the sixth consecutive year, is more than just an honour; it reflects ECI's stable

foundation, strategic objectives, and the significant role we play in supporting the
UAE's strategy for economic progress. This grade underscores our commitment
to excellence as we continue to develop and deliver robust trade financing

solutions that enable UAE businesses to succeed on a global scale."

https://www.msn.com/en-ae/news/other/fitch-reaffirms-eci-s-ratings-at-aa-with-stable-outlook-
for-6th-consecutive-year/ar-BB1iY8h9