Etihad Credit Insurance achieves record-high milestones in 2021
The ECI board examines the firm’s yearly record and also its tasks and also accomplishments in 2021
Etihad Credit Report Insurance Coverage (ECI), the UAE Federal export credit rating firm, held its very first board of supervisors fulfilling in 2022, chaired by Abdulla container Touq Al Marri, UAE Preacher of Economic situation and also chairman of the board, at the firm’s branch in Dubai.
The conference talked about essential financial efficiency indications in 2021, in addition to its accomplishments in completing its targets and also goals, in addition to the ECI’s strategies and also methods for the following stage.
Al Marri valued previous ECI chairman Mohamed container Hadi Al Hussaini, Preacher of State for Finance, and also the administration of the UAE Federal export credit rating firm for its significant payments to the UAE’s economic situation, phenomenal company efficiency, energetic engagement in federal government efforts, and also for its solid willpower to sustain UAE organizations and also increase their competition in local and also global markets.
” ECI has actually accomplished record-high turning points in its initiatives to increase nationwide financial diversity, and also increase UAE’s profession, exports, and also financial investments around the world. In spite of the pandemic’s substantial influence on the worldwide economic situation, ECI has actually stayed dedicated to its goal of improving the development and also competition of UAE organizations by raising its profession financing assistance,” Al Marri stated.
Al Marri, that was assigned ECI chairman under the brand-new board of supervisors improvement accepted by the UAE Cupboard in November 2021, rated by the board.
Throughout the conference, the board assessed the firm’s yearly record and also its tasks and also accomplishments in 2021. The record revealed that ECI’s assistance to UAE’s merchants and also SMEs has actually seen three-digit development, with non-oil profession protected getting to Dh11.4 billion, a 128 percent development contrasted to Dh5 billion in 2020.
It additionally exposed that the export credit rating company has actually released 6,620 rotating credit rating restrictions in 2021, up 229 percent from the 2,013 centers it released a year previously; while the worth of direct exposure it has actually financed has actually raised by 266 percent to get to Dh5.6 billion from Dh1.53 billion throughout the very same duration.
ECI has actually shielded and also helped with UAE’s non-oil exports to 92 nations (vs 75 in 2020) covering 18 industries (vs 15 in 2020). Amongst the leading location nations for UAE’s exports and also re-exports consist of: Saudi Arabia, Iraq, India, Oman, Kuwait, Jordan, Egypt, South Africa, UK, Hong Kong, and also France.
The Board additionally accepted the verification of Dr Thani container Ahmed Al Zeyoudi, UAE Preacher of State for Foreign Profession as the Replacement Chairman of the Board, in addition to the development of the Exec Board chaired by Eng. Saed Mohammed Al Awadi, Ceo of Dubai Industries and also Exports, and also the development of the Audit and also Danger Board chaired by Sameh Al Qubaisi, General Supervisor of Economic Matters, Division of Economic Growth, Abu Dhabi.
Al Marri applauded ECI for effectively finishing its 3rd year of procedures in the UAE with a boosted eco-system of collaborations that add to including worth to the UAE non-oil GDP, work, and also SMEs field advancement. He additionally hailed the 3rd successive AA- global ranking verification of the firm ranking from Fitch and also the Permanent Subscription of the ECI in the Berne Union, the leading worldwide organization for the export credit rating and also financial investment insurance coverage market, last October.
” Etihad Credit report Insurance coverage’s impressive efficiency and also proceeded success in leading the initiatives to improve UAE’s exports accelerate and also receives UAE’s financial diversity strategies, according to the vision and also regulations of our smart management, the brand-new stage of UAE’s development and also the ‘Concepts of the 50’,” he stated.
” ECI will certainly remain to place top priority on its required to improve nationwide exports and also produce encouraging development possibilities for UAE organizations. With calculated collaborations to sustain the nation’s non-oil exports, profession and also financial investments, I am positive that ECI will certainly remain to change obstacles right into possibilities to increase the competition of our nationwide economic situation.”
Furthermore, Al Marri commended ECI’s function in shielding SMEs from bankruptcies by recuperating greater than Dh85 million well worth of non-payments in the last 3 years and also selling off insurance claims worth Dh7.9 million. By doing so, ECI has actually secured work and also SMEs utilized in the sustained organizations.
Dr Thani container Ahmed Al Zeyoudi, Preacher of State for Foreign Profession stated: “ECI’s success is greatly as a result of its concentrated execution of its 10-year roadmap. By safeguarding UAE organizations’ liquidity, shielding their settlements, and also giving accessibility to global markets, ECI has actually highly added to the velocity of the UAE’s recuperation throughout the pandemic.”
In accordance with the regulations of the ECI Board of Supervisors, the administration of ECI has actually acted upon resolving the obstacles encountered by merchants, specifically the raised expenses of funding and also greater prices of turned down applications. In spite of the enhanced market unpredictability, ECI reacted prompt by raising its profession financing assistance to the non-oil field.
It finished the year 2021 with document economic efficiency and also triple-digit development in different elements of business, consisting of gross written costs development of 510 percent from Dh17.9 million to Dh109.5 million in 2021.
The worth of ECI’s temporary profession financing warranties included financial institutions raised from Dh680 million in 2020 to Dh1.1 billion in 2021, while the worth of medium/long-term profession financing warranties included financial institutions– a brand-new item released in 2021– is taped at Dh574 million.
Given that its procedures start-up till 2021, ECI sustained UAE non-oil GDP by guaranteeing settlements of UAE suppliers and also investors for Dh19 billion, of which 60 percent were given in 2021 alone.
The leading sectors that took advantage of ECI’s stubborn dedication to aiding UAE organizations acquire an one-upmanship in the global market are chemicals (23 percent), steel (21 percent), building and construction and also structure product (17 percent), cords (15 percent) food (7 percent), product packaging (4 percent), electronic devices (4 percent), medical care (3 percent), and also printing (2 percent).
With the years, ECI has actually progressed to provide even more thorough remedies from export insurance coverage to export funding, task financing, facilities financing, and also profession financing to sustain essential bellwether industries such as power and also medical care. For task financing, particularly, it offers warranties that reduced funding expenses (rate of interest and also margins) contrasted to pure industrial lendings.
In 2021, ECI released for the very first time its Political Danger Insurance coverage remedy, targeted at giving economic defense to UAE financiers and also organizations that deal with the opportunity of shedding cash due to political occasions, by shielding versus the opportunity that a federal government will certainly take some activity that triggers the guaranteed to experience a huge economic loss. A calculated collaboration was developed with DP Globe, on the planet Logistic Key program to improve the competition of UAE merchants, in addition to shielding and also alleviating logistic facilities financial investments and also profession funding.
The participants of the board that went to the conference consisted of Sameh Al Qubaisi, director-general for Economic Matters– standing for the Emirate of Abu Dhabi; Eng Saed Mohammed Al Awadi, president of Dubai Industries and also Exports– standing for the Emirate of Dubai; Marwan Ahmed Al Ali, director-general of Ajman’s Division of Money– standing for the Emirate of Ajman; Sheikh Omar container Saqr Al Qasimi, executive supervisor of the Financial investment and also Growth Workplace– standing for the Emirate of Ras Al Khaimah; Ahmed Salem Al Yamahi, replacement supervisor of Money Division– standing for the Emirate of Fujairah; Omar Ahmed Al Suwaidi, Undersecretary of Ministry of Market and also Development Modern Technology; Amer Abdul Rahim Kazem, head of Inner Audit at Emirates NBD, participant of the board of supervisors, Emirates NBD Egypt; Mrs Rajaa Mohammed Al Mazrouei, executive vice-president at Fintech Hive, participant of the board of supervisors of the Arab Financial Institution for Financial Investment and also Foreign Profession Al Masraf. The chief executive officer of ECI, Massimo Falcioni, was additionally existing at the board of supervisors conference.
• ECI records 128% development in non-oil profession field assistance to Dh11.4 billion in 2021 just, increasing the recuperation of the UAE non-oil economic situation
• The worth of direct exposure ECI has actually financed has actually raised by 266 percent to get to Dh5.6 billion
• Export credit rating company helped with exports to 92 nations in 2021, contrasted to 75 in 2020, for business running in 18 industries
• ECI sustained UAE non-oil GDP by guaranteeing settlements of UAE suppliers and also investors for Dh19 billion, of which 60 percent were given in 2021 alone