Etihad Credit Insurance (ECI), the UAE’s Federal Export Credit company, has attained an Insurer Financial Strength (IFS) Rating of ‘AA-‘ (Very Strong) and a Long-Term Issuer Default Rating (IDR) of ‘AA-‘ with Stable Outlooks from Fitch Ratings, a prominent provider of credit ratings, commentary, and research for global capital markets.
This esteemed rating underscores ECI’s crucial role in propelling the UAE’s economic diversification and solidifying its global trade leadership. It also corresponds with the Long-Term IDR of the United Arab Emirates (UAE; AA-/Stable), reflecting the UAE’s solid economic policies and strategic initiatives aimed at nurturing a dynamic, future-ready economy.
H.E. Abdulla bin Touq Al Marri on UAE’s economic growth
H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance, asserted that the UAE, guided by the wisdom of its leadership, has evolved into a robust economy that leverages diverse resources and is capable of adapting to global changes. According to H.E., the nation has embraced flexible and proactive economic policies and strategies, which have been vital in enhancing the competitiveness of national products in international markets, encouraging economic accessibility to the world, forging meaningful partnerships with numerous regional and international markets, and increasing the non-oil sector’s contribution to the national GDP by 75 percent.
Praise for ECI’s high credit rating from H.E. Bin Touq
Commending ECI’s high credit rating, H.E. Bin Touq further remarked: “ECI’s favourable rating from Fitch ratings demonstrates the confidence of business communities in the national economy, and promotes its reputation regionally and globally, thereby consolidating the country’s position as a leading hub for business and trade. In alignment with the ‘We the UAE 2031’ initiative, which aims to elevate the country’s GDP to AED 3 trillion by the next decade and boost non-oil exports to AED 800 billion, the latest milestone accentuates our national efforts to fortify the company’s essential role in cultivating a competitive environment for exporters and importers, while enhancing the momentum of export and re-export activities of UAE-based companies.”
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Factors contributing to ECI’s milestone
Numerous factors have played a role in ECI’s recent accomplishment, including government backing, particularly as the UAE’s federal export credit agency, alongside its capital strength and the absence of any financial limitations. Furthermore, other significant factors included the company’s robust reinsurance program, its unmatched expertise in the sector, and the capability to insure the risks related to UAE foreign trade.
H.E. Raja Al Mazrouei on ECI’s rating significance
H.E. Raja Al Mazrouei, CEO of ECI, emphasized that this rating is among the highest granted by specialized agencies, serving as a new benchmark for the company’s financial performance and risk tolerance strength. This success, Her Excellency noted, results from ECI’s strategic roadmap, which seeks to amplify the volume of credit assistance provided to manufacturers and exporters. “The AA-rating further aids ECI in delivering its services and solutions more effectively worldwide, enhances national export competitiveness, and simplifies the process for Emirati products to access targeted global markets,” H.E. Al Mazrouei added.
ECI’s ongoing support for the national economy
Since its establishment, Etihad Credit Insurance has been instrumental in driving the national economy and non-oil foreign trade. Moreover, by facilitating local trade and manufacturing activities, equipping entities with tools to mitigate trade and political risks, lowering the cost of trade financing, supporting project financing, and providing access to trade financing solutions and international markets, ECI continues to advance national economic objectives with its extensive portfolio of comprehensive services.
