ECI discusses its role in boosting competitiveness of UAE’s businesses

Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade - following his appointment as new Deputy Chairman of the Board of Directors of Etihad Credit Insurance (ECI) - visited ECI’s branch in Dubai.

During the visit, Ahmed Al Zeyoudi congratulated the ECI management for the achievements recorded by the multi-awarded locally and internationally fast-growing Federal government company, and discussed its strategic role in boosting the competitiveness of the country’s businesses, in line with UAE’s goal to accelerate and sustain national diversification.

Al Zeyoudi, who was joined by Eng. Saed Al Awadi, CEO of Dubai Exports and Board Member at ECI and Eng. Ali Abdulhaq Al Baloushi, one of the 33 young Emiratis appointed members of the board of key Federal entities by the Cabinet aimed at empowering the Emirati youth, met with the ECI Chief Executive Officer Massimo Falcioni along with ECI’s team members and directors, who toured him at the ECI office and briefed him on current developments.

Ahmed Al Zeyoudi also handed ECI’s team certificates of the ‘LEAD Programme’, which is a leadership training model launched by ECI in March 2020, in partnership with Mohammed bin Rashid School for Government (MBRSG).  

In addition, Dr Thani Bin Ahmed Al Zeyoudi provided strategic directions on how ECI can further contribute to the UAE’s national economic agenda and commended the Federal export credit company on its efforts in boosting the UAE’s non-oil exports, trade and investments.

Dr. Thani bin Ahmed Al Zeyoudi said, “The UAE ranked first in the Arab world and 17th globally in the exports of services, recording a growth of 2.3 per cent, which highlights the competitive position of the country in this field. On this front, the UAE Federal export credit company aims to contribute to maintaining and boosting this position by supporting UAE businesses and facilitating the access of their exports to international markets.”

For his part, Falcioni said, “It is truly an immense honour for us to welcome His Excellency Dr. Thani Bin Ahmed Al Zeyoudi. His visit today shows his strong resolve to inspire us achieve far greater heights in our mandate to support UAE businesses.

As we go in pursuit of bolstering the UAE’s non-oil sector, we are looking ahead to cementing UAE exporters’ strong presence in the international arena, with his’ wise guidance and directions.”

Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.

It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products.

To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.

ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.

Earlier Etihad Credit Insurance, ECI, the UAE Federal export credit company, has launched its Shariah-compliant export credit solutions under ‘ECI Islamic’ in order to boost the country’s halal export industry and to cement its strong position as a global leader in the fast-growing Islamic economy.

The Federal export credit company has virtually introduced ‘ECI Islamic’ earlier today at AIM Digital 2020, the largest deal-making virtual platform for the global investment community.

The launch of this Shariah-compliant product has made ECI one of the first sovereign export credit agencies in the Middle East to offer Shariah-compliant Export Credit Insurance and Guarantee Solutions.

‘ECI Islamic’ is in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who highlighted the vital importance of the Islamic Economic system in offering a real opportunity for finding new ways to manage economic, commercial and financial growth. His Highness has pointed out that the adoption of the Islamic Economy can stimulate economic growth and create new opportunities and initiatives through collaborations between local, Islamic and international companies.

WAM