Sharjah 24 – WAM: Etihad Credit Insurance (ECI), the UAE Federal export credit company, held its second board of directors meeting in 2022, chaired by Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of ECI.

The virtual meeting discussed key economic performance indicators until May this year, along with its achievements in promoting domestic, regional, and international trade in terms of strengthening the UAE's economic diversification, industrial, and non-oil export strategies.

Abdullah bin Touq Al Marri said that the initial indicators of the country’s non-oil foreign trade during the past months showed significant growth, specifically in non-oil exports, which increased by over 17 per cent during the first quarter of 2022. This positive performance is achieved against the backdrop of the current global economic challenges. The Ministry of Economy intends to further diversify the UAE's export markets during the next phase of its growth strategy, and Etihad Credit Insurance plays a crucial role in supporting this mission in cooperation with its various partners involved in the development and its promotion of national exports at the federal and local levels.

During the meeting, he applauded ECI's management and outstanding achievements in the first five months of 2022 with substantial contributions to the UAE's economy, active participation in government initiatives, and its strong resolve to support UAE businesses and boost their competitiveness in foreign markets.

At the meeting, the board had a strategic dialogue on ECI's strategy for 2022-2026, which aims to develop non-oil exports to the UAE and provide solutions to challenges related to trade credit insurance or project financing solutions with a focus on SMEs and improving their export opportunities. And by launching numerous initiatives and unlocking bespoke credit insurance and finance solutions, the strategy also targets to intensify its efforts to realise the nation's foreign trade and industrialisation ambitions.

The board also explored ways to further develop risk management, compliance, and internal audit organisation, in line with the sizable growth of the Federal company.