ECI helps preserve 50,000 jobs in 9M 2022 by backing SMEs

PHOTO

Etihad Credit Insurance (ECI) has helped protect and create 50,000 jobs by backing SMEs (small and medium enterprises) which account for 72% of the business supported by the Federal agency during the first nine months (9M) of 2022.

Moreover, ECI facilitated more than AED6.3 billion ($1.72 billion) in value, equivalent to AED16.6 billion non-oil trade total guaranteed exposure to businesses located in the UAE that have exported to 111 countries. With the complete support and guidance of the government, ECI has by far issued 7,936 revolving credit guarantees.

This was revealed at the third meeting of ECI in 2022, chaired by Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of the Board of Directors of ECI.

Review of initiatives

The meeting focused on the review of a series of ECI’s comprehensive programmes and initiatives, which are aligned with the National Agenda of bolstering the UAE’s non-oil foreign trade and increasing national exports by 50 per cent over the next few years, as part of the ‘Projects of the 50’.

Al Marri commended ECI’s relentless commitment to protecting foreign investments of local businesses and its efforts to enhance UAE exports, ensuring their access to new international markets, which cements the unique position of UAE in the international trade map.

He said: “With the support and directives of our wise leadership, the UAE has achieved significant milestones at the regional and global levels, establishing its position as a leading hub of trade and investment in the region. We continue our efforts to expand and diversify our economy by improving the competitiveness of the business environment with a special focus on emerging industries and SMEs and enabling them to launch from the UAE and prepare them to expand and compete in the global markets.

Domestic trade

“ECI plays a major role in supporting this national vision ensuring the growth of domestic trade and businesses, as well as meeting the requirements of sustainable economic development by contributing substantially to various government initiatives such as ‘Make in the Emirates’ and ‘Operation 300 billion projects.’”

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors, said: “ECI has been one of the major catalysts in boosting UAE non-oil foreign trade. The Federal export credit company is pivotal in our trade expansion strategy by supporting the growth of local businesses, as a great stimulus in job creation and contributing to the doubling of the country’s economy by 2030.”

Omar Ahmed Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, said: “The recent surge in UAE’s non-oil trade is a testament to ECI’s proactive approach toward economic diversification and sustainable development. By facilitating local businesses easy access to an innovative range of export insurance and financing solutions, ECI helps businesses of any size and scale to grow overseas. This would immensely help in enhancing the value and demand for Made in UAE products in the global markets.”

The attendees

The Board of Directors meeting was also attended by Sameh Al Qubaisi, Director General of Economic Affairs at Abu Dhabi Department of Economic Development; Eng Saed Mohammed Al Awadi, Chief Executive Officer of Dubai Industries and Exports; Marwan Ahmed Al Ali, Director General of Ajman’s Department of Finance; Sheikh Omar bin Saqr Al Qasimi, Executive Director of the Investment and Development Office Ras Al Khaimah; Ahmed Salem Al Yamahi, Deputy Director of Fujairah’s Department of Finance; Omar Mohamed Al-Humaidi, Director of Anti-Injurious Practices Department at Ministry Of Economy; Amer Abdul Rahim Kazem, Head of Internal Audit at Emirates NBD; Raja Mohammed Al Mazrouei, Executive Vice President at Fintech Hive; and Massimo Falcioni, CEO of ECI.