Fitch affirms Etihad Credit score Insurance coverage’s scores at AA- (very robust) with a secure outlook for the fourth consecutive 12 months – InsuranceNewsNet

Your excellence Abdulla bin Touq Al-Marri, United Arab Emirates Minister of Economic system and Chairman of the Board of Administrators of ECI, mentioned: “This constructive score displays the arrogance of worldwide organizations and international score companies for the United Arab Emirates usually, and likewise confirms the creditworthiness of the corporate, the power of its monetary place and its position in enhancing the repute of the UAE and the competitiveness of its exports within the overseas market”.

His Excellency defined that ECI is likely one of the essential engines to diversify and develop the United Arab Emirates non-oil exports and enhancing its capability to broaden into new markets by implementing the imaginative and prescient of clever management, the goals of the ’50 Tasks’ and the pillars of the United Arab Emirates Centennial 2071. His Excellency praised the efforts of the members of the Board of Administrators and the administration of ECI in supporting the United Arab EmiratesChina’s non-oil exports, which play an vital position in enhancing the capabilities of start-ups within the United Arab Emiratessupporting their international competitiveness, creating new job alternatives and rising the arrogance of the enterprise group and international commerce in merchandise bearing the “Made in United Arab Emirates” model.

His Excellency Dr. Second bin Ahmed Al Zeyoudi, Minister of State for International Commerce and Vice Chairman of the ECI Board of Administrators, mentioned: “This achievement is a testomony to the continued excessive stage of belief of world business stakeholders within the UAE export credit score company. By defending United Arab Emiratesnon-oil sector primarily based corporations towards non-payment, in addition to supporting SMEs, ECI has been contributing to numerous nationwide initiatives equivalent to ‘Operation 300bn’ and ‘Make it within the Emirates’, which was launched as a part of the Venture of the 50, with the target of strengthening the place of the nation as a number one industrial middle”.

Massimo FalcioniECI Government Director, mentioned: “On behalf of ECI Administration, I wish to categorical my immense gratitude to the ECI Board of Administrators for his or her belief and steerage, and my reward to ECI administration and the collective efforts of the whole workforce. , with out whom we might not have been in a position to obtain these very robust scores for the fourth 12 months in a row.”

“From a macro perspective, this reinforces the UAE’s astounding financial achievements and developments in recent times, which proceed to draw important overseas direct funding. From a micro perspective, these favorable scores assist corporations entry funds at decrease premiums and with out having to undergo prolonged credit score line evaluations. This in flip creates a vibrant enterprise ecosystem, which is significant for the nation’s prosperity and progress,” Falcioni added.

From September 2022ECI supplied greater than AED 6.3 billion of commerce ensures in worth, equal to AED 16.6 billion of assist to non-oil buying and selling corporations within the United Arab Emirates, which has exported to 111 international locations, benefiting 15 rising sectors equivalent to logistics, heavy business, development and development supplies, meals and drinks, electrical and digital tools, petrochemicals and chemical substances, packaging, innovation and digital providers, equipment and tools, providers monetary, agricultural, rubber and plastic, steel business, pharmaceutical well being, renewable power and superior manufacturing. These insurance coverage ensures lined AED 8.3 billion in non-oil worldwide exports and re-exports, AED 8.3 billion in non-oil home commerce of United Arab Emirates shoppers of exporters, AED 1.2 billion in non-oil exports within the medium/long run and AED 10.6 billion in overseas fairness investments that hedge political threat.

The Fitch Score outcomes reinforce the essential position of ECI in serving to the United Arab Emirates obtain report non-oil overseas commerce development of AED1.053 trillion within the first half of 2022.

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