June 2020
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Cabinet approves the reformation of the Board of Directors of Etihad Credit Insurance

Cabinet approves the reformation of the Board
  • Etihad Credit Insurance (ECI) plays a pivotal role in helping UAE export and re-export businesses recover from the impacts of COVID-19

The UAE Cabinet Resolution No. 9/8 for the year 2020 approved the reformation of the Board of Directors of Etihad Credit Insurance, the UAE’s Federal Export Credit Company — chaired by His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance of the UAE — as per the Article of Association of the Company, which requires the re-appointment of the Directors, after a period of three years.

The members of the Board of Directors include His Excellency Eng. Sultan Bin Saeed Al Mansoori, Minister of Economy of the UAE renewed in his role of Deputy Chairman; His Excellency Rashid Abdul Karim Al Balooshi, Undersecretary of Abu Dhabi Department of Economic Development (ADDED) — representing the Emirate of Abu Dhabi, who recently joined the Board; His Excellency Saed Mohamed Alawadi, Executive Director of Dubai Export Development Corporation — representing the Emirate of Dubai and re-confirmed in the Board; His Excellency Dr Abdurahman Al Shayeb Al Naqbi, Director General of the Department of Economic Development of Ras Al Khaimah — representing the Emirate of Ras Al Khaimah and re-confirmed in the Board; His Excellency Marwan Ahmed Al Ali, Director General of Ajman Department of Finance — representing the Emirate of Ajman and re-confirmed in the Board; His Excellency Yousef Abdullah Alawadi, Deputy Director of Fujairah Natural Resources Corporation — representing the Emirate of Fujairah and re-confirmed in the Board; Mrs. Abeer Ali Abdooli, Director of the Financial Policies Coordination Department, who recently joined the Baord; Mr. Saif Ali Mohamed Al Shehhi, Independent Member; Mr. Abdulla Mohamed Al Yousef, Independent Member both re-confirmed in the Board; and Mr. Ali Abdulhaq Al Balooshi, recently joining the Board and representing the Youth.

This resolution comes within the UAE’s strategy to support the economy during this exceptional period — wherein the country has harnessed all its capabilities and resources to fight the coronavirus disease (COVID-19) and recover from its impacts, as well as give the national economy a strong push following the pandemic’s unprecedented challenges — and re-confirms the records and world-class performance achieved by the Federal company since its establishment.

Due to coronavirus impacts and buyers struggling to pay bills, ECI protects against the risk of bankruptcies and insolvencies to exceptionally high levels worldwide, which could cause serious issues for liquidity and working capital across UAE exporters business supply chains.

In addition, ECI plays a pivotal role in supporting local businesses and boosting their competitiveness in global markets through its wide range of export trade credit solutions introduced in the business marketplace, including but not limited to on-line solutions named SME Protect, thereby contributing to the strategic vision of the UAE.

The resolution of the reformation of ECI’s board of directors aims to enhance the role of the boards of directors to achieve the vision and strategic objectives of the federal government.

To support exporters and businesses affected by the COVID-19 coronavirus pandemic, ECI has rolled out measures to assist companies facing payment and supply chain disruptions with export credit insurance and additional export credit funding, in line with the strategy developed by the UAE Ministry of Economy.

To bolster trade relations, ECI has partnered with export credit agencies from various countries, including China, UK, Jordan, Oman, Italy, Egypt and South Africa. These partnerships provide a platform to identify new business opportunities and accessibility to a range of export credit, guarantees and investment insurance solutions.

The company is also offering exporters advice on finding alternative suppliers if supply chains are disrupted due to coronavirus restrictions. The UAE’s federal export company has a global network of more than 360 million businesses worldwide and can assist in advising on available options and connect UAE exporters to alternative suppliers to sustain their trade operations in the international markets.

About Etihad Credit Insurance

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.

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