As of April 2021, ECI sustained the UAE non-oil trade and export by issuing 3,605 revolving credit guarantees in excess of AED 2.28 billion, equivalent to AED 6.86 billion worth of non-oil trade to over 85 countries and eased trade and project finance though guarantees for AED 1.16 billion
Dubai, UAE: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Minister in charge of Talent Attraction and Retention and Deputy Chairman of Etihad Credit Insurance (ECI) Board of Directors, presided over the 2nd Board of Directors meeting at ECI’s branch in Dubai. He opened the meeting by applauding the management of the UAE Federal export credit company for the valuable contribution to the UAE’s resilient economy in the post-pandemic era and commended the organisation’s sterling business performance despite the current global economic conditions.
In his opening speech, H.E. Dr. Thani bin Ahmed Al Zeyoudi took the opportunity to honour the legacy of the late Sheikh Hamdan Bin Rashid Al Maktoum, for the important role he played in forming the economic and trade policies of the country, including his inspiring and leading role as the Chairman of Etihad Credit Insurance (ECI), which strengthened the UAE’s position as a global trade and commerce hub.
The Deputy Chairman lauded the UAE Federal export credit company for its tireless commitment, great flexibility, and strong cohesion, which allowed the organisation to make substantial contributions as well as achieve outstanding results in sustaining the UAE non-oil GDP.
Highlighting Etihad Credit Insurance (ECI)’s strong performance and continued success, H.E. Al Zeyoudi stated: “Despite the global pandemic having considerable impact on the global economy, ECI has remained true to its mandate of boosting the growth and competitiveness of UAE businesses. As of April 2021, ECI enhanced the competitiveness of the UAE non-oil trade and export by issuing 3,605 revolving credit guarantees in excess of AED 2.28 billion, equivalent to AED 6.86 billion worth of non-oil trade to over 85 countries and eased trade and project finance through guarantees for AED 1.16 billion. A detailed review of the performance has revealed that among the 18 sectors that benefited from our guarantees include cable, steel, petrochemicals, building materials, packaging, automotive, energy, utilities, healthcare, and food.”
“At the same time, ECI’s continued support to UAE trade and export despite the deep global recession caused by the COVID-19 pandemic last year has not only continued to protect businesses' cash flows, but also eased SMEs access to trade finance that also contributed to accelerate the economic recovery during the post-pandemic era. These measures provided access to new markets to UAE’s exporters and re-exporters and helped stabilise the UAE economy, as well as create new opportunities for investments and project financing, thereby adding value to the UAE non-oil GDP, employment and SME sector development. Easing access to trade and project financing will highly contribute to advancing Operation 300bn and Make it in the Emirates initiatives, to more than double the value of the output of the national manufacturing and industrial sector in the next 10 years,” added H.E. Al Zeyoudi.
During the meeting, the Board of Directors reviewed ECI’s first four months of 2021 performance, approved the audited financial statements of 2020, as well as discussed other topics listed in the agenda, including key projects to unify efforts of national teams to further ease access to trade finance and partnerships strategy, in the light of the imminent Expo2020 and B20 International Business Summit, the official G20 dialogue with the global business community.
In addition, H.E. Al Zeyoudi commended ECI’s exemplary Human Capital, having been certified as one of ‘the best place to work’ companies in the UAE. He also underscored ECI’s continued enhancement of its ecosystem of partnerships to accelerate its development and positioning in the international marketplace of state-backed export credit agencies.
The members of the Board who attended the meeting included His Excellency Rashid Abdul Karim Al Balooshi, the Undersecretary of Abu Dhabi Department of Economic Development (ADDED)—representing the Emirate of Abu Dhabi; His Excellency Saed Mohamed Alawadi, CEO of Dubai Exports, Board Member and Chairman of the Executive Committee at ECI—representing the Emirate of Dubai; His Excellency Dr. Abdurahman Al Shayeb Al Naqbi, Director General of the Department of Economic Development of Ras Al Khaimah—representing the Emirate of Ras Al Khaimah; His Excellency Marwan Ahmed Al Ali, Director General of Ajman’s Department of Finance—representing the Emirate of Ajman; His Excellency Yousef Abdullah Alawadi, Deputy Director of Fujairah Natural Resources Corporation—representing the Emirate of Fujairah; Abeer Ali Abdooli, Director of the Financial Policies Coordination Department at Ministry of Finance; Saif Ali Mohamed Al Shehhi, Independent Member and Chairman of the Risk and Audit Committee at ECI; Abdulla Mohamed Al Yousef, Independent Member; and Ahmad Rashid Ahmad bin Fahad, representing the Youth. The CEO of ECI, Massimo Falcioni, was also present at the BOD meeting.
-Ends-
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by the UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE's non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
The UAE Federal export credit company is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products. Since 2020, in response to the country’s economic needs, it started providing credit insurance support to domestic non-oil trade and project financing guarantees too.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned for the second consecutive year this 2021 with an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook according to Fitch Ratings.
For media enquiries, please contact:
Vince Ang
New Perspective Media Group
Email: vince@newperspectivemedia.com
T: +971 55 473 9253, +971 4 244 9642
Abeer Al Mutawa
Director of Marketing & Communications
Etihad Credit Insurance
abeer.almutawa@eci.gov.ae
T: +971 4 245 4445
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.