Page 82 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:02 PM UAE’s Etihad Credit Insurance sees 21-fold growth in gross exposure over 5 years, reaching $2.6 billion
Supporting SMEs and large corporations
The report also highlighted ECI’s notable role in fostering the expansion of the UAE’s non-oil exports. In 2023,
ECI’s credit covers amounted to 3.1 percent of the UAE’s AED441 billion ($120 billion) in non-oil exports,
compared to 1.9 percent in the previous year. This growth was supported by a diverse portfolio, with over two-
thirds of the beneficiaries being 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.
Fostering sustainable and secure non-oil trade
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 have supported UAE exporters across 17 sectors in 110
countries, resulting in a non-oil trade and investment of AED14 billion ($3.8 billion) in 2023. This success was
facilitated by approximately 21 agreements signed with government export credit agencies worldwide, solidifying
ECI’s position as a trusted partner for international trade.
Supporting clients beyond credit insurance
Furthermore, the report highlighted ECI’s commitment to supporting clients beyond credit insurance. The
company effectively handled overdue payments, leading to the collection of AED82 million. ECI has also made
significant contributions to facilitating access to financing for UAE exporters, providing over AED1.8 billion
worth of credit cover to financial institutions over the past five years. Additionally, Etihad Credit Insurance
secured an AA- international rating by Fitch for the fifth consecutive year, reflecting the company’s ability to
mitigate potential risks and its strong presence in global markets.

Part of the media briefing. (Supplied)

Expanding global outreach and partnerships
The report noted that Etihad Credit Insurance has provided a credit cover of AED4.7 billion to the UAE’s
industrial sector, a key contributor to non-oil exports, with AED1.4 billion committed in 2023 alone. This aligns
with ECI’s partnership with the Ministry of Industry and Advanced Technology (MoIAT) to enable manufacturers’
exports.
Commitment to sustainability and economic development
The report also highlighted ECI’s projects aimed at supporting economic development and improving the quality
of living. This includes a credit insurance commitment of $500 million to boost Africa’s clean energy transition as
part of the UAE’s $4.5 billion Africa Green Investment initiative, announced during the Africa Climate Summit
held in September 2023. Additionally, the report underscored ECI’s strong track record of managing claims and
recoveries, with AED353 million or 83 percent of the AED415 million in late payments successfully recovered.
Leveraging CEPAs
Furthermore, the report outlined ECI’s plans to leverage the UAE’s CEPAs to further enhance trade and
strengthen commercial relations. These efforts will be supported by ECI’s expanding information database, which
grants access to over 300 million corporates globally, empowering UAE-based exporters with valuable insights
and intelligence.

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