UAE: Etihad Credit score Insurance coverage data 21-fold progress in gross publicity in 5 years – Information
The annual report acknowledged that ECI’s world outreach efforts resulted within the help of UAE exporters throughout 17 sectors in 110 nations
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Etihad Credit score Insurance coverage (ECI), the UAE Federal export credit score firm, on Wednesday stated it has a gross publicity of Dh9.6 billion by the top of 2023, which is a staggering 21-fold enhance as in comparison with 2019.
“With an emphasis on rising industries and SMEs, we’ll proceed to broaden and diversify our financial system in keeping with the ‘We the UAE 2031’ imaginative and prescient, which goals to extend the nation’s non-oil exports to Dh800 billion and lift the quantity of non-oil international commerce to Dh4 trillion by the subsequent decade,” stated Abdulla Bin Touq Al Marri, minister of financial system and chairman of ECI.
“Etihad Credit score Insurance coverage has considerably contributed to advancing this nationwide imaginative and prescient by fostering the enlargement of home commerce and enterprises and facilitating essential financial relations via complete financial partnership agreements (CEPAs). The corporate’s progressive credit score options and strategic collaborations have enhanced the competitiveness of UAE companies worldwide. This not solely diversifies the UAE’s financial panorama but in addition propels its non-oil exports ahead,” he stated.
Raja Al Mazrouei, Chief Govt Officer of ECI, stated: “We’re dedicated to offering progressive credit score options, facilitating quick access to finance, providing professional market insights, and nurturing strategic collaborations in step with our imaginative and prescient and mission to foster sustainable and safe non-oil commerce for the UAE’s financial system. We empower UAE companies to confidently take part in world commerce, driving in direction of a strong and well-diversified financial system.
“Leveraging our progressive method and meticulously crafted 2023 enterprise plans, ECI has emerged as a beacon of stability for UAE enterprises. We have now seen a big enhance within the demand for our companies, with a exceptional surge in insured commerce and funding transactions. Our dedication to defending the pursuits of UAE exporters is obvious within the numbers, with a 25 per cent enhance in insurance policies issued in comparison with 2022.”
The annual report acknowledged that ECI’s world outreach efforts resulted within the help of UAE exporters throughout 17 sectors in 110 nations, amounting to a non-oil commerce and funding of Dh14 billion in 2023. This success was facilitated by roughly 21 agreements signed with authorities export credit score companies worldwide, solidifying ECI’s place as a trusted companion for worldwide commerce.
Moreover, the report highlighted ECI’s dedication to supporting shoppers past credit score insurance coverage. This dedication was demonstrated by the corporate’s efficient dealing with of overdue funds, resulting in the gathering of Dh82 million.
It showcases ECI’s vital contributions to facilitating entry to financing for UAE exporters, with over Dh1.8 billion value of credit score protection supplied to monetary establishments over the previous 5 years. It additionally acknowledged that ECI secured an AA- worldwide score by Fitch for the fifth consecutive yr, reflecting on the corporate’s capability to mitigate potential dangers and reiterating its sturdy presence in world markets.
Moreover, the report acknowledged that ECI has given a credit score cowl of Dh4.7 billion to UAE’s industrial sector, a key contributor to non-oil exports, with Dh1.4 billion dedicated in 2023 alone, enabling producers’ exports achievement and in step with the corporate’s partnership with the Ministry of Trade and Superior Expertise (MoIAT).
