UAE: Etihad Credit Insurance Records 26% Increase in Insured Non-Oil Commercial Exports

The meeting discussed broader alignment to the initiatives outlined under the “We in the UAE 2031” strategy

Etihad Credit Insurance (ECI), the UAE Federal export credit company, recently held its first Board of Directors meeting in 2023, chaired by Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board at the company’s headquarters in Dubai.

The meeting discussed broader alignment to the initiatives outlined under the “We in the UAE 2031” strategy, which focuses on further developing the UAE’s non-oil exports and offering solutions to address challenges related to trade credit, project financing, and SME development.

Abdullah bin Touq Al Marri said, “ECI has played an integral role in supporting the UAE’s economic development, thereby demonstrating the UAE’s capabilities as a global hub for businesses and trade. We take pride in our ability to offer innovative credit solutions and forging strategic partnerships that bolster UAE companies’ competitiveness on a global scale, thereby diversifying the country’s economic development and driving UAE non-oil exports.”

“ECI supports key sectors that enable non-oil domestic projects and will continue to focus on strengthening sectors that are aligned with national priorities. We also will support projects that offer sustainable growth to realize the nation’s ambitious strategy and contribute to achieving the UAE’s vision as it ventures into the next phase of its transformative strategy,” he added.

Al Marri praised ECI for its efforts in securing AA- international rating by Fitch for the fourth consecutive year, reflecting on the company’s ability to mitigate potential risks; and reiterating its strong presence in global markets.

Raja Al Mazrouei, Managing Director, and Acting CEO of ECI, stated, “ECI has undergone a rigorous review of its strategy and 2023 business plans in line with the vision and aspirations of the UAE’s leadership. Our efforts align with the four pillars that make up the ambitious ‘We in the UAE 2031’ vision. We will focus on the adoption of the latest technologies and the development of a global interconnected ecosystem and a diverse portfolio of transformative projects, all of which will drive national exports geared towards diversifying the country’s economic streams.”

The Board discussed the company’s milestone achievements in 2022 and reviewed its annual report; which recorded an increase of 26 percent from 2021 in the value of non-oil insured turnover secured for exporters and SMEs, reaching AED 14.4 billion in 2022. The credit export agency also disclosed issuing 8,140 revolving credit limits in 2022; a 23 percent hike from the 6,620 revolving credit limits issued in 2021. Additionally, the value of the company’s underwritten exposure reached AED 8.1 billion; a 45 percent surge from AED 5.6 billion during the same period.

ECI has also protected and facilitated UAE’s non-oil exports to 106 countries, compared to 92 in 2021, while entering new markets, including Egypt, Iraq, Senegal, Kingdom of Saudi Arabia (KSA), India, Ghana, Angola, United Kingdom (UK) and Oman for companies operating across 16 sectors.

The meeting was attended by members of the Board including Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI; Omar Ahmed Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology; Sameh Al Qubaisi, Director-General, Department of Economic Development in Abu Dhabi; Saed Mohammed Al Awadi, Chief Executive Officer, Dubai Industries and Exports; Marwan Ahmed Al Ali, Director-General, Ajman Department of Finance; H.H Sheikh Omar bin Saqr Al Qasimi, Executive Director, Investment and Development Office in Ras Al Khaimah; Ahmed Salem Al Yamahi, Deputy Director Department of Finance in Fujairah; Amer Abdul Rahim Kazem, Head of Internal Audit, Emirates NBD; Raja Al Mazrouei, Managing Director, and Acting CEO of ECI; and Omar Mohammd Al Humaidi, Board Secretary and Director, Trade Remedies, Ministry of Economy.