Etihad Credit Insurance (ECI), the UAE Federal export credit company, received the Global Trade Review (GTR) Leaders in Trade 2022 Awards under the category “Best Export Credit Agency.”
Trade awards selected ECI for its successful, fast-growing strategy to support the development of the country’s non-oil exports, trade, and project financing in the energy, healthcare, and infrastructure sectors, which helped to bolster the competitiveness of the UAE’s small and large businesses in local and international markets.
Abdulla Bin Touq Al Marri, UAE’s Minister of Economy of the Emirates and Chairman of ECI Board of Directors, said that ECI has made it easier for businesses to have access to additional funding, protecting their receivables from non-payments.
He added that these measures have been adding to the success of UAE’s industrial strategies foremost of which is doubling the country’s GDP to reach $3 trillion by 2031, developing national exports, and stimulating Emirati investments in international markets.
Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors, said: “In 2021 alone, ECI issued 6,620 revolving credit guarantees to UAE businesses, equivalent to 11.4 billion dirhams of insured non-oil trade.”
He noted that the value of exposure that ECI has underwritten increased by 266 percent to reach 5.6 billion dirhams from 1.53 billion dirhams during the same period.
“This dynamic and continuous support greatly helped the UAE’s non-oil exports reach about 354 billion dirhams last year, setting a new record by exceeding 300 billion dirhams for the first time in its history and registering a 33.3 percent increase against 2020,” he concluded.