Cabinet approves reformation of Board of Directors of Etihad Credit Insurance

DUBAI, The UAE Cabinet Resolution No. 9/8 for the year 2020 approved the reformation of the Board of Directors of Etihad Credit Insurance, the UAE’s Federal Export Credit Company, chaired by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, as per the Article of Association of the Company, which requires the re-appointment of the Directors, after a period of three years.

The members of the Board of Directors include Sultan bin Saeed Al Mansouri, Minister of Economy, who was renewed in his role of Deputy Chairman; 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; Saed Mohamed Alawadi, Executive Director of Dubai Export Development Corporation, representing the Emirate of Dubai and who was re-confirmed in the Board.

Moreover, 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 was re-confirmed in the Board; Marwan Ahmed Al Ali, Director-General of Ajman Department of Finance, representing the Emirate of Ajman was re-confirmed in the Board; Yousef Abdullah Alawadi, Deputy Director of Fujairah Natural Resources Corporation, representing the Emirate of Fujairah was re-confirmed in the Board; Abeer Ali Abdooli, Director of the Financial Policies Coordination Department, who recently joined the Baord; Saif Ali Mohamed Al Shehhi, Independent Member; Abdulla Mohamed Al Yousef, also Independent Member and were both re-confirmed in the Board; and Ali Abdulhaq Al Balooshi, recently joining the Board as Youth representative.

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 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, ECI 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, ECI 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, ECI 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, ECI 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.

 

Source: Emirates News Agency

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