DUBAI, 31st January, 2021 (WAM) — H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, and Chairman of the Board of Directors (BoD) of Etihad Credit Insurance (ECI), presided over the first Board of Directors virtual meeting in 2021 by congratulating the management for achieving unparalleled success in the past year, reflecting the strength of the national economy despite challenges faced by the global economy due to the repercussions of the COVID-19 pandemic.
The chairman lauded the substantial contributions of the UAE Federal export credit company to UAE businesses and SMEs during this economic cycle, supporting their growth in the international market and thereby propelling the nation’s non-oil economy towards greater heights, in line with the vision of our wise leaders.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, was nominated as the new Deputy Chairman of the BoD by the members. Sheikh Hamdan also welcomed the new Deputy Chairman.
Sheikh Hamdan expressed his sincere thanks and appreciation to Sultan bin Saeed Al Mansoori, former UAE Minister of Economy and Deputy Chairman of the BOD of ECI, for his efforts in supporting the operations of the ECI and contributing to its goals. He wishing Al Mansoori all success and prosperity.
He stated that the ECI has been firm in its support to the UAE businesses by enhancing their competitiveness in the global arena. “The ECI’s broad range of trade credit solutions and guarantees play a pivotal role in fortifying exporters and investors, enabling their contribution to the country’s diversified Gross Domestic Product (GDP) in this economic cycle. We recognise the efforts of the ECI’s management, and the monumental strides it has taken to further shore up their competitiveness in the international markets from initiatives that aim to educate businesses, partnerships with various local and global entities to ease SMEs’ access to funding, to innovative and modern tools that further help protect our entrepreneurs and investors from the risks associated with foreign markets.”
Dr. Al Zeyoudi praised the ECI for being assigned with the Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA – (Very Strong) with Stable Outlook from Fitch Ratings, for the second year. He said that the high rating received by ECI reflects how the company is strategically important for the UAE economy, the strength of its government shareholders, strong company capitalisation and its prudent investments, the strong and well-diversified reinsurance programme built by the management, and the disciplined commercial and risk underwriting strategy.
Dr. Al Zeyoudi said, “With our strong presence in the global arena through our bespoke export credit, financing, and investment insurance products, ECI has proven its solid contributions to the UAE economy despite being only on its third year of operations and amidst the ongoing impact of the global COVID-19 pandemic.”
During the meeting, the Board of Directors also discussed ECI’s 10-year strategy implementation that aims to further strengthen its support for UAE businesses, examined the audited financial statements of 2019 and 2020 preliminary figures, and commented on the initiative of having a new visual identity to continue its innovative strategic development that is leaning towards digitalisation. The board also underscored the implementation of the Board Governance Manual for Federal companies, issued by the UAE Cabinet.
The meeting was attended by a number of senior officials.