Page 93 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

ECI’s gross exposure hits AED 9.6bn in 2023

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23 May 2024 02:20 PM
UAE - Mubasher: The gross exposure of Etihad Credit Insurance (ECI) reached AED 9.60
billion by the end of 2023, as the company experienced a 21-fold increase compared to
2019.
ECI boosted the expansion of the UAE’s non-oil exports, covering 3.10% out of AED 441
billion in 2023, compared to 1.90% in 2022, according to a press release.
This growth was backed by a diverse portfolio, with over two-thirds of beneficiaries
comprising small and medium-sized enterprises (SMEs), while large corporations
represented another 20.90%.
Abdulla bin Touq Al Marri, Chairman of the ECI Board of Directors, said: “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 AED 800 billion and raise the volume of non-oil foreign trade to AED 4
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).”
Raja Al Mazrouei, CEO of ECI, commented: “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% increase in policies issued compared to 2022.”
“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 highlighted.

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