London, United Kingdom: Etihad Credit Insurance (ECI), the UAE's Federal export credit company, has successfully concluded its week-long UK roadshow in London to bolster economic and trade relations between the United Arab Emirates and the United Kingdom. The initiative focused on exploring avenues to support exports and commercial activities, as well as fostering economic and investment collaborations in the green economy sector ahead of the COP28 summit, scheduled to commence in the UAE on November 30.
The ECI delegation, led by H.E. Raja al Mazrouei, CEO of ECI, had productive engagements with more than 16 British and international entities, underlining the UAE's position as a significant trade partner, focusing on enhancing collaborative ties and supporting sustainable export avenues, Through these dialogues, ECI showcased its innovative export credit insurance solutions, highlighting its drive to advance its strategic integration and demonstrating its role as a pivotal player in reinforcing the global export landscape.
Reiterating the success of the Roadshow, H.E. Raja Al Mazrouei, CEO of ECI, stated: "The successful conclusion of our UK Roadshow underscores the evolving strength and significance of UAE-UK trade relations. Through our discussions and engagements, we have expanded our collaborative avenues and reaffirmed our commitment to fostering green economies and reinforcing our bilateral trade ties. Our commitment to supporting the UAE's economic diversification and contribution to the "We the UAE 2031" and Project 300 billion is underlined through global partnerships that will fortify our resilience and provide robust support to UAE exporters, granting them confidence and a gateway to expansive global opportunities. As we navigate the future, our prime focus remains on innovation, deepening partnerships, and cultivating an environment of sustainable growth and shared success."
During the roadshow, Etihad Credit Insurance (ECI) engaged in strategic discussions with UK Export Finance (UKEF), underscoring a mutual commitment to bolster sustainable development and climate action ahead of COP28. The emphasis of the talks was on amplifying green financing, particularly for projects reinforcing climate resilience and renewable energy, drawing inspiration from the UAE's Africa Green Investment Initiative announced during the Africa Climate Summit.
Tim Reid, CEO of UKEF, commented: "International collaboration with strong trading partners like the UAE is hugely vital to our global efforts to reach net zero. The UK is at the forefront of renewable energy innovation, and I'm excited to explore joint opportunities – like the Africa Green Investment Initiative – which could not only support British firms but benefit millions of people in communities across Africa."
Central to the roadshow's agenda, the ECI delegation engaged with multiple leading reinsurance entities worldwide. These engagements, anchored by creating and securing capacity to support UAE exporters and investors, serve as a foundational platform to support ECI in its endeavours to contribute to the UAE's economic diversification and non-oil trade and support a robust shield for UAE businesses and exporters navigating uncertain markets and empowering UAE exporters with greater confidence and enriched global opportunities.
In August, Fitch reinforced its confidence in Etihad Credit Insurance (ECI) by reaffirming its 'AA-' ratings with a stable outlook for the fifth consecutive year. This endorsement echoes ECI's substantial contribution to the UAE's non-oil trade landscape. In 2022 the nation witnessed a record surge in non-oil trade, reaching over AED 2.2 trillion by year-end. ECI's strategic endeavours were instrumental to this achievement, encompassing an insured non-oil turnover of AED 14.4 billion and underwritten exposure amounting to AED 8.8 billion. These pivotal actions spanned a diverse spectrum of 17 sectors and extended to 109 countries, further cementing international ties and collaborative partnerships.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by the 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 sector development in line with UAE Vision 2031 agenda. The UAE Federal Export Credit Company is tasked to accelerate and sustain national economic diversification by supporting the export and re-export of UAE goods, works, services, and 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. In 2023, for the fifth consecutive year, ECI was awarded an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with a Stable Outlook, as per Fitch Ratings.