DUBAI, (Pakistan Point News - 10th Dec, 2019) H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and Chairman of the Etihad Credit Insurance, ECI, board of Directors, presided over the 4th meeting of the Board of Directors.
During the meeting, Sheikh Hamdan bin Rashid noted the ECI’s substantial contribution to the growth of UAE’s exports and foreign investments in the past 21 months of its start-up operations, aligned with the country’s non-oil diversification strategy.
The meeting was also attended by Sultan bin Saeed Al Mansouri, Minister of Economy and Deputy Chairman of the Board of Directors at the ECI.
"The ECI is on the right growth trajectory. The company has taken monumental strides by building unique partnerships and an eco-system of strategic relations with more than 30 entities in the commercial and financial sectors worldwide in record time. These alliances are valuable and crucial, especially in the light of the changing global economic conditions, since these institutions have the essential infrastructure and tools to secure a higher export volume of the country," Sheikh Hamdan said.
For his part, Al Mansouri said, "The UAE continues to be a beacon of inspiration by attaining several milestones in the field of trade, business and investments at the global level. Today, the nation has advanced, joining the ranks of global exporting countries. The ECI’s comprehensive range of financial and insurance solutions to companies operating in the UAE has played a vital role in emboldening them to access high potential markets across different regions of the world."
He applauded the ECI for receiving a very strong Insurer Financial Strength Rating and an Issuer Default Rating of AA- (very strong) with Stable Outlook from Fitch Ratings. He also credited the ECI’s success to its crucial and strategic partnerships with Federal and local government agencies, insurance and reinsurance companies, international Export Credit Agencies, major banks and financial institutions, as well as eminent global companies.
The Minister of Economy also brought to the forefront the role of SMEs in contributing to the country’s overall growth and development and highlighted the ECI’s contribution to the country’s Emiratisation drive.
During the meeting, the Board of Directors discussed the points included in the agenda, examined the audited financial statements of 2019 and the provisional 2019, commented on a detailed presentation on the company’s business activity review and the figures related to the export guarantees provided to non-oil exporters in the first 10 months of 2019. They also approved the ECI’s five-year strategic roadmap from 2019 to 2023.
