Page 545 - MOE ENGLISH PR - MAY 2024

5/27/24, 5:04 PM UAE Seeks To Boost Non-Oil Exports To Dh800b By 2031: Al Marri
solutions and strategic collaborations have enhanced the competitiveness of UAE businesses
worldwide. This will help diversify the UAE's economic landscape and propel its non-oil

exports forward.”

ECI, the federal export credit company of the UAE, recorded a gross exposure of Dh9.6 billion
by the end of 2023, a 21-fold jump compared to 2019, according to Raja Al Mazrouei, chief

executive officer of ECI.

The minister noted 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,” Al
Marri said.

In its annual report, ECI highlighted its role in fostering the expansion of the UAE's non-oil

exports, covering 3.1 per cent out of Dh 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.

Al Mazrouei said ECI is committed to providing innovative credit solutions, facilitating easy

access to finance, offering expert market insights, and nurturing strategic collaborations in line
with its 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,” said Al Mazrouei.

“As we continue to adapt and grow, expanding ECI's services to strengthen national exports is
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,” Al Mazrouei said.

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