Page 507 - MOE ENGLISH PR - MAY 2024

5/27/24, 4:19 PM Etihad Credit Insurance records 21-fold growth in gross exposure by end of 2023 to reach AED 9.6bln in 5 years
not only diversifies the UAE’s economic landscape, but also propels its non-oil exports
forward.”

His Excellency stated that ECI’s recent commitments to clean and green energy initiatives

further signify its role as a driving force towards sustainability. “ECI's support has been
financial as well as strategic, contributing to the 2030 Agenda for Sustainable

Development through support for non-oil trade, while also ensuring compliance with

international standards,” H.E. Bin Touq added.

The report highlighted ECI’s notable role in fostering the expansion of the UAE’s non-oil

exports, covering 3.1 per cent out of AED 441 billion in 2023, compared to 1.9 per cent in
the previous year. This growth was supported by a diverse portfolio, with over two-thirds of

beneficiaries comprising small and medium-sized enterprises (SMEs), while large

corporations represented another 20.9 per cent. This underscores ECI’s significant
contribution to the UAE’s progress towards its 2031 foreign trade targets.

H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, said: “We are committed to
providing innovative credit solutions, facilitating easy access to finance, offering expert

market insights, and nurturing strategic collaborations in line with our vision and mission to

foster sustainable and secure non-oil trade for the UAE’s economy. We empower UAE
businesses to confidently participate in global trade, driving towards a robust and well

diversified economy. Leveraging our innovative approach and meticulously crafted 2023

business plans, ECI has emerged as a beacon of stability for UAE enterprises. We have
seen a significant increase in the demand for our services, with a remarkable surge in

insured trade and investment transactions. Our dedication to protecting the interests of
UAE exporters is evident in the numbers, with a 25 per cent increase in policies issued

compared to 2022.”

Al Mazrouei added; “As we continue to adapt and grow, expanding ECI’s services to
strengthen national exports stands as our primary objective, marking a significant leap

forward in our capabilities and outreach. This new strategic phase aims to double the
growth rate of UAE exports through ECI and increase our contribution to the non-oil GDP

by 7-fold by 2031.”

The report stated that ECI’s global outreach efforts resulted in the support of UAE
exporters across 17 sectors in 110 countries, amounting to a non-oil trade and investment

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