Page 527 - MOE ENGLISH PR - MAY 2024

ECI records 21-fold growth in gross

exposure by end-2023 to reach AED9.6

billion in 5 years

Story by Amjad Saleh / Tariq Al Fahaam

• 4d • 4 min read
DUBAI, 22nd May, 2024 (WAM) -- Etihad Credit Insurance (ECI), the UAE
Federal export credit company, has unveiled its remarkable growth trajectory in
its latest annual report for the year 2023. With a gross exposure of AED9.6 billion
by the end of 2023, ECI has experienced a staggering 21-fold increase
compared to 2019. This was announced during a media briefing led by Raja Al
Mazrouei, Chief Executive Officer of ECI, in the presence of other senior officials
from the company.
Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of
Directors, said, “Under the guidance of our wise leadership, the UAE has
achieved outstanding successes on regional and international levels, solidifying
its standing as the region's leading hub for trade and investment. With an
emphasis on emerging industries and SMEs, we will continue to broaden and
diversify our economy according to the ‘We the UAE 2031’ vision, which aims to
increase the country's non-oil exports to AED800 billion and raise the volume of
non-oil foreign trade to AED4 trillion by the next decade.”

Bin Touq added, “Etihad Credit Insurance has significantly contributed to
advancing this national vision by fostering the expansion of domestic trade and
enterprises and facilitating crucial economic relations through comprehensive
economic partnership agreements (CEPAs). The company’s innovative credit
solutions and strategic collaborations have enhanced the competitiveness of
UAE businesses worldwide. This not only diversifies the UAE’s economic
landscape, but also propels its non-oil exports forward.”

He 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,” Bin Touq added.

The report highlighted ECI’s notable role in fostering the expansion of the UAE’s
non-oil exports, covering 3.1 percent out of AED441 billion in 2023, compared to
1.9 percent 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 percent.

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2023-to-reach-aed96-billion-in-5-years/ar-BB1mQRfn