- At the forum, ECI highlights how its range of flexible financing solutions can help UAE manufacturers to benefit from advanced digital production technologies as part of the country’s Fourth Industrial Revolution (4IR) strategy
- ECI provides trade and project financing collaterals to enable UAE companies to engage in new product innovations in the spirit of the Make it in the Emirates initiative, generating more jobs and income across the country
- The repayment guarantees provided by ECI to commercial banks—which can be extended up to 15 years—empower them to lend to companies to acquire advanced digital production (ADP) technologies that are driving the 4IR
Abu Dhabi, UAE: Etihad Credit Insurance (ECI), the UAE Federal export credit company, is participating in the first ‘Make it in the Emirates Forum’ which is currently running at ADNOC Business Centre, Abu Dhabi, highlighting how its range of flexible trade finance solutions can help UAE manufacturers to benefit from advanced digital production technologies as part of the country’s Fourth Industrial Revolution (4IR) strategy.
Under the theme of ‘Invest, Partner, Grow’, the forum is organized by the UAE Ministry of Industry and Advanced Technology (MoIAT) in association with the Abu Dhabi Department of Economic Development (ADDED). Over 20 key stakeholders are scheduled to speak on various aspects of industrial growth strategies at the event, which has gathered more than 1,300 delegates from investment firms, financial institutions, and companies belonging to the country’s federal, public, and private sectors.
ECI provides trade and project financing collaterals to enable UAE companies to engage in new product innovations in the spirit of the Make it in the Emirates initiative, generating more jobs and income across the country.
The repayment guarantees provided by ECI to commercial banks—which can be extended up to 15 years—empower them to lend to companies to acquire advanced digital production (ADP) technologies that are driving the 4IR.
ECI can also assist UAE industrialists in obtaining funding for new technologies that can increase production efficiency, resulting in sustained industrial competitiveness and expansion of the manufacturing sector. These cutting-edge technologies not only improve their efficiency but also help them reduce their carbon emissions and energy consumption in each phase of their production, which can improve environmental sustainability — an important goal of ECI in line with the UAE’s sustainability agenda.
Commenting on the significance of the forum, HE Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors, said: “As the UAE strives to push forward its economic diversification agenda, we are encouraging investments in manufacturing, advanced technologies, and renewable energy. We are focused on driving innovation and empowering small businesses and start-ups by improving access to finance and encouraging public-private collaboration. Our industrial strategy ‘Make it in the Emirates’ embodies this forward-looking strategy and is geared to elevate our industrial sector as one of the most advanced in the entire world.”
Meanwhile, Massimo Falcioni, CEO of Etihad Credit Insurance, said: “The Make it in the Emirates is poised to turn the UAE into a manufacturing powerhouse by creating a sense of pride in locally made products. Tasked with more than doubling the size of its industrial base, it’s one of the most important initiatives of the UAE government to diversify its economy and enhance job creation. Etihad Credit Insurance is delighted to partner with MoIAT to strengthen the first campaign of its kind in the UAE to encourage local and international investors to manufacture and export products, facilitating a broad range of project finance and export credit solutions to the UAE companies and giving them the confidence to explore and thrive in new global markets.”
“The forum provides an important opportunity for ECI to engage with new and existing partners in the public and private sector and identify more eligible projects that will enhance the UAE’s industrial ecosystem,” Falcioni added.
ECI’s guarantees also help to bring increased investment opportunities and FDI inflows to the country, creating more investment opportunities in the manufacturing sector.
In addition to the trade security, protection, and access to funds, UAE companies can benefit from the reduced cost of finances due to ECI guarantees with AA- rating (very strong)—awarded by the globally acclaimed credit rating agency Fitch Ratings. It enhances the lending appetite of the banks towards local SMEs and exporters so that they can focus their energy on innovation and exporting activity, helping them move up the technological ladder in the 4th Industrial Revolution.
About Etihad Credit Insurance
Etihad Credit Insurance (ECI) 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 sectors development, in line with UAE Vision 2021 agenda and most recently with UAE Centennial 2071 Plan and Operation 300bn .
The UAE Federal export credit company is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the 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.
ECI has also been assigned for the third consecutive year this 2021 with an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with a Stable Outlook according to Fitch Ratings.
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