(MENAFN- Khaleej Times) Etihad Credit Insurance (ECI), the UAE federal export credit company, on Wednesday said it has a gross exposure of Dh9.6 billion by the end of 2023, which is a staggering 21-fold increase as compared to 2019.
“With an emphasis on emerging industries and SMEs, we will continue to broaden and diversify our Economy according to the 'We the UAE 2031' vision, which aims to increase the country's non-oil exports to Dh800 billion and raise the volume of non-oil foreign trade to Dh4 trillion by the next decade,” said Abdulla Bin Touq Al Marri, Minister of economy and chairman of ECI.
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“Etihad Credit Insurance has significantly contributed to advancing this national vision by fostering the expansion of domestic trade and enterprises and facilitating crucial economic relations through comprehensive economic partnership agreements (CEPAs). The company's innovative credit solutions and strategic collaborations have enhanced the competitiveness of UAE businesses worldwide. This not only diversifies the UAE's economic landscape but also propels its non-oil exports forward,” he said.
Raja Al Mazrouei, Chief Executive Officer of ECI, said:“We are committed to providing innovative credit solutions, facilitating easy access to finance, offering expert market insights, and nurturing strategic collaborations in line with our vision and mission to foster sustainable and secure non-oil trade for the UAE's economy. We empower UAE businesses to confidently participate in global trade, driving towards a robust and well-diversified economy.
"Leveraging our innovative approach and meticulously crafted 2023 business plans, ECI has emerged as a beacon of stability for UAE enterprises. We have seen a significant increase in the demand for our services, with a remarkable surge in insured trade and investment transactions. Our dedication to protecting the interests of UAE exporters is evident in the numbers, with a 25 per cent increase in policies issued compared to 2022.”
The annual report stated that ECI's global outreach efforts resulted in the support of UAE exporters across 17 sectors in 110 countries, amounting to a non-oil trade and investment of Dh14 billion in 2023. This success was facilitated by approximately 21 agreements signed with government export credit agencies worldwide, solidifying ECI's position as a trusted partner for international trade.
Additionally, the report highlighted ECI's commitment to supporting clients beyond credit insurance. This commitment was demonstrated by the company's effective handling of overdue payments, leading to the collection of Dh82 million.
It showcases ECI's significant contributions to facilitating access to financing for UAE exporters, with over Dh1.8 billion worth of credit coverage provided to financial institutions over the past five years. It also stated that ECI secured an AA- international rating by Fitch for the fifth consecutive year, reflecting on the company's ability to mitigate potential risks and reiterating its strong presence in global markets.
Furthermore, the report stated that ECI has given a credit cover of Dh4.7 billion to UAE's industrial sector, a key contributor to non-oil exports, with Dh1.4 billion committed in 2023 alone, enabling manufacturers' exports achievement and in line with the company's partnership with the Ministry of Industry and Advanced Technology (MoIAT).
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