Page 73 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:00 PM ECI records 21-fold growth in gross exposure by end-2023 to reach AED9.6 billion in 5 years | Emirates News Agency

ECI records 21-fold growth in gross exposure by end-2023 to reach AED9.6 billion in 5 years
Wednesday, May 22, 2024 5:11 PM5 minutes Reading

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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. This underscores ECI’s significant contribution to the UAE’s progress towards its 2031 foreign trade
targets.
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 percent increase in policies issued compared to 2022.”

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