Etihad Credit Insurance elects a new board

Etihad Credit Insurance, the UAE’s federal export credit agency, has elected a new board of directors headed by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance of the UAE.

Etihad Credit Insurance (ECI)’s board also include H.E. Eng. Sultan Bin Saeed Al Mansoori, Minister of Economy of the UAE renewed in his role of Deputy Chairman;

H.E. Rashid Abdul Karim Al Balooshi, Undersecretary of Abu Dhabi Department of Economic Development (ADDED) — representing the Emirate of Abu Dhabi, who recently joined the Board;

H.E. Saed Mohamed Alawadi, Executive Director of Dubai Export Development Corporation — representing the Emirate of Dubai and re-confirmed in the Board;

H.E. Dr. Abdurahman Al Shayeb Al Naqbi, Director General of the Department of Economic Development of Ras Al Khaimah — representing the Emirate of Ras Al Khaimah and re-confirmed in the Board;

H.E. Marwan Ahmed Al Ali, Director General of Ajman Department of Finance — representing the Emirate of Ajman and re-confirmed in the Board;

H.E. Yousef Abdullah Alawadi, Deputy Director of Fujairah Natural Resources Corporation — representing the Emirate of Fujairah and re-confirmed in the Board;

Mrs. Abeer Ali Abdooli, Director of the Financial Policies Coordination Department, who recently joined the Baord;

Mr. Saif Ali Mohamed Al Shehhi, Independent Member and Mr. Abdulla Mohamed Al Yousef, Independent Member, both re-confirmed in the Board; and

Mr. Ali Abdulhaq Al Balooshi, recently joining the Board and representing the Youth.

This resolution comes within the UAE’s strategy to support the economy during this exceptional period — wherein the country has harnessed all its capabilities and resources to fight the coronavirus disease (COVID-19) and recover from its impacts, as well as give the national economy a strong push following the pandemic’s unprecedented challenges — and re-confirms the records and world-class performance achieved by the Federal company since its establishment.

Due to coronavirus impacts and buyers struggling to pay bills, Etihad Credit Insurance protects against the risk of bankruptcies and insolvencies to exceptionally high levels worldwide, which could cause serious issues for liquidity and working capital across UAE exporters business supply chains.

In addition, Etihad Credit Insurance (profile) plays a pivotal role in supporting local businesses and boosting their competitiveness in global markets through its wide range of export trade credit solutions introduced in the business marketplace, including but not limited to on-line solutions named SME Protect, thereby contributing to the strategic vision of the UAE.

The resolution of the reformation of ECI’s board of directors aims to enhance the role of the boards of directors to achieve the vision and strategic objectives of the federal government.

To support exporters and businesses affected by the COVID-19 pandemic, Etihad Credit Insurance has rolled out measures to assist companies facing payment and supply chain disruptions with export credit insurance and additional export credit funding, in line with the strategy developed by the UAE Ministry of Economy.

To bolster trade relations, Etihad Credit Insurance has partnered with export credit agencies from various countries, including China, UK, Jordan, Oman, Italy, Egypt and South Africa. These partnerships provide a platform to identify new business opportunities and accessibility to a range of export credit, guarantees and investment insurance solutions.

The company is also offering exporters advice on finding alternative suppliers if supply chains are disrupted due to coronavirus restrictions. The UAE’s federal export company has a global network of more than 360 million businesses worldwide and can assist in advising on available options and connect UAE exporters to alternative suppliers to sustain their trade operations in the international markets.