DUBAI - Etihad Credit Insurance (ECI), the UAE Federal export credit company, received the ‘Best Export Credit Agency’ award at the Global Trade Review (GTR) Leaders in Trade 2022 Awards.
The Leaders in Trade awards selected ECI for its successful, fast-growing strategy to support the development of the country’s non-oil exports, trade, and project financing in energy, healthcare, and infrastructure sectors, which helped to bolster the competitiveness of the UAE’s small and large businesses in local and international markets.
The award ceremony was held in London in the presence of major international export credit agencies, banks, and financial lenders to celebrate the achievements of the world’s leading trade finance service providers, highlighting excellence in trade, commodity, supply chain and export finance markets.
Massimo Falcioni, CEO of ECI, together with Saed Al Awadi, CEO of Dubai Industries and Exports, Chairman of the Executive Committee and Board Member at ECI, received the award on behalf of the company, which was shortlisted from among hundreds of submissions across the globe in various categories.
The award committee commended ECI for its significant contribution to accelerating UAE’s economic diversification policies and non-oil trade with an array of trade credit insurance and project finance solutions as well as for its research-based comprehensive market intelligence services. They are vital in strengthening the 'Make it in Emirates' expansion internationally by supporting the UAE manufacturers to identify new international markets, safeguarding SMEs, and protecting their cash flows from their buyer's insolvencies.
According to an annual company report, ECI protected and facilitated the UAE's non-oil exports to 92 countries in 2021 only, compared to 75 in 2020. It also covered 18 well-diversified business activities, up from 15 in 2020, which include key growth sectors such as Steel, Chemicals, Building materials, Cable manufacturing, Food & Beverage, Automotive, Energy, and Packaging.
Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, commented, "ECI has made it easier for businesses to have access to additional funding, protecting their receivables from non-payments, thereby enhancing the resilience of their business against unforeseen events that may negatively impact their company's stability. It also continued to protect businesses' cash flows and eased SMEs' access to trade finance, accelerating economic recovery during the pandemic period and beyond."