Page 107 - ETIHAD CREDIT INSURANCE PR REPORT - 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

• 1w • 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

https://www.msn.com/en-ae/news/other/eci-records-21-fold-growth-in-gross-exposure-by-end-
2023-to-reach-aed96-billion-in-5-years/ar-
BB1mQRfn#:~:text=With%20a%20gross%20exposure%20of%20AED9.6%20billion%20by,presence
%20of%20other%20senior%20officials%20from%20the%20company.