UAE’s Federal Export Credit Company, Etihad Credit Insurance will have a mandated restructured board of directors after the UAE Cabinet’s Resolution No. 9/8 for the year 2020 was approved for the reformation of the Board of Directors of Etihad Credit Insurance.
The Cabinet was chaired by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance decided to make the changes mandated 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 (renewed at 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 (Recent addition to the Board)
- Saed Mohamed Alawadi, Executive Director of Dubai Export Development Corporation, representing the Emirate of Dubai (reconfirmed on the board)
- 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 (reconfirmed on the board)
- Marwan Ahmed Al Ali, Director-General of Ajman Department of Finance, representing the Emirate of Ajman (reconfirmed on the board)
- Yousef Abdullah Alawadi, Deputy Director of Fujairah Natural Resources Corporation, representing the Emirate of Fujairah (reconfirmed on the board)
- Abeer Ali Abdooli, Director of the Financial Policies Coordination Department (recent addition to the Board)
- Saif Ali Mohamed Al Shehhi (Independent Member – reconfirmed on the board)
- Abdulla Mohamed Al Yousef (Independent Member – reconfirmed on the board) and
- Ali Abdulhaq Al Balooshi (Recent addition to the Board as Youth representative)
This decision comes in line with the UAE’s strategy to strengthen the economy during this exceptional period, wherein the country has utilized all its capabilities and resources to fight the coronavirus disease and heal from its impacts, as well as give the national economy a strong drive 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 grappling to pay bills, ECI shields against the risk of bankruptcies and insolvencies to abnormally high levels worldwide, which could create serious concerns for liquidity and working capital across UAE exporters business supply chains.
Moreover, ECI plays a central role in promoting local businesses and boosting their competitiveness in global markets through its wide range of export trade credit solutions offered in the business marketplace, including but not limited to on-line solutions named SME Protect, thereby adding to the strategic vision of the UAE.
The resolution of the reformation of ECI’s board of directors intends to improve the role of the boards of directors to deliver the vision and strategic objectives of the federal government.
To support exporters and businesses harmed by the COVID-19 pandemic, ECI has launched out measures to support companies facing payment and supply chain disorders with export credit insurance and additional export credit funding, in line with the strategy developed by the UAE Ministry of Economy.
To reinforce trade relations, ECI has associated with export credit agencies from various countries, including China, UK, Jordan, Oman, Italy, Egypt and South Africa. These partnerships present a platform to recognize new business possibilities and accessibility to a range of export credit, guarantees and investment insurance solutions.
The company is also extending exporters’ advice on obtaining alternative suppliers if supply chains are interrupted due to coronavirus restrictions. The UAE’s federal export company has a global network of more than 360 million businesses worldwide and can aid in guiding on available options and connect UAE exporters to alternative suppliers to maintain their trade operations in the international markets.