ABU DHABI, (Pakistan Point News - 30th Sep, 2018) H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of Etihad Credit Insurance, ECI, board of Directors, lauded ECI's efforts during the first seven months of its operations, signifying a strong start to the vital role it plays in supporting the country's exports activity and the development of local industries.
During the recently concluded Board of Directors meeting of ECI, the national export credit agency of the UAE Federal government, Sheikh Hamdan also cited the integral part that ECI plays in the implementation of the UAE's strategy to diversify its economy and promote the growth of non-oil sectors.
The meeting, which was chaired by His Highness, was also attended by Sultan bin Saeed Al Mansouri, Minister of Economy and Deputy Chairman of the Board of Directors at ECI.
Sheikh Hamdan said the development of exports and local industries enables UAE businesses to consolidate their presence across existing markets while also facilitating their entry into new markets. "This was identified as amongst the important priorities of the country’s development plans and a vital aspect towards economic growth and sustainable development, in line with UAE Vision 2021."
He also shared that ECI provides conventional and Sharia-compliant export credit solutions that support UAE exporters by equipping them with effective and essential tools needed to secure their exports, manage commercial and political risks, enhance their capabilities and competitiveness, as well as expand the geographical scope of their businesses in the region and the global markets. This, thereby, strengthens the companies’ contributions to the country’s GDP.
"The exports of a country serve as key drivers towards economic development, therefore, the government, in collaboration with chambers of commerce, financial institutions, and banks, should strive together in enhancing the export activities in order to achieve success in the long run. The presence of a national organisation, which holds a pivotal role in the global trade credit insurance industry such as ECI, is highly beneficial in advancing export growth as UAE businesses require protection against risks particularly in the light of changing global economic conditions affecting export processes and performance," Sheikh Hamdan said.
His Highness also highlighted that the on-going activities of ECI are part of the efforts and plans of the UAE government in providing the appropriate environment and in initiating the necessary conditions for industries and exporters to enhance their competitiveness as well empower their businesses by providing various credit insurance tools. In addition, ECI will provide UAE businesses with a comprehensive database and information on foreign companies and markets, enabling them to manage commercial and political risks, maintain a strong balance sheet, and increase their profits.
Sultan Al Mansouri said, "The UAE has established itself as an increasingly important international hub for trade, business and investment. The creation of ECI and the commencement of its activities represents a significant leap, strengthening the UAE’s position as a leading global business hub and a champion of sustainable development and the promotion of Halal industry worldwide."
"With 467,000 companies active in the export and re-export sector in the UAE, the services offered by ECI will bring the much-needed boost through the provision of export credit solutions for UAE local businesses, including SMEs which is significant key to drive economic growth, enabling them to expand their presence regionally and globally," the Minister added.
During recent months, ECI launched comprehensive campaigns to introduce its activities and services. Series of meetings and workshops are being held in partnership with the chambers of commerce of various emirates in order to know more about the challenges and risks that its members face. ECI's unique credit insurance solutions provide the UAE's exporters with services that match their requirements, enabling them to enhance their competitiveness and build successful commercial partnerships in various foreign markets.
During the meeting, the Board of Directors discussed the points included in the set agenda including a presentation provided by ECI CEO, Massimo Falcioni, on ECI's administrative and operational matters as well as presenting and discussing ECI’s business plan for the years 2018 to 2022.
Members of the Board of Directors who were present during the meeting included Khalifa Salem Al Mansoori, Under-Secretary, Department of Economic Development - Abu Dhabi; Saed Al Awadhi, Chief Executive Officer, Dubai Export and Development Corporation, and Chairman of the Executive Committee, Etihad Credit Insurance; Marwan Ahmed Al Ali, Director-General, Ajman Department of Finance; Dr. Abdulrahman Mohammed Ali Al Shayeb, Director General, Department of Economic Development - Ras al-Khaimah; Yousef Abdullah Al Awadi, Deputy Director, Finance Department - Fujairah; Madya Salem Al-Room, Director, Accounting Policies and Standards, Ministry of Finance; Saif Mohammad Al Shehhi; and Abdullah Mohammad Al Yousuf.
