Page 100 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

Etihad Credit Insurance achieves AED

1.4 billion in credit coverage in Abu

Dhabi over first eight months of 2024

WAM
17th September 2024, 01:19 GMT+10

ABU DHABI,16th September, 2024 (WAM) - Etihad Credit Insurance (ECI), the UAE Federal export
credit company, recorded a remarkable eight percent annual increase in its credit coverage within
the Emirate of Abu Dhabi, reaching a total of AED 1.4 billion in the first eight months of 2024.
The financial services industry continues to lead in securing ECI's credit support in Abu Dhabi,
accounting for 50.6 percent of the total coverage. This was followed by the F&B sector, metals,
paper manufacturing, packaging, and electronics and cables industries, accounting for 14 percent,
10.5 per cent, 10.4 percent, 6.6 percent, and 2.6 percent, respectively. During this period, ECI also
witnessed a 24 percent rise in the issuance of insurance documents within the emirate.
In this year alone, the company has attained total credit coverage worth AED 10.6 billion in the
UAE, expanding at a growth rate of 10 percent annually, with a 16 percent increase in insurance
document issuance. Additionally, the financial services sector topped the list of industries
benefiting from ECI's nationwide coverage, accounting for 21.36 percent, followed by logistics,
reinsurance, information and communications technology (ICT), chemicals, and food and
beverages industries, constituting 14.63 percent, 10.65 percent, 10.01 percent, 7.78 percent, and 7.45
percent, respectively.
Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology and the
ECI's Board member, underscored the UAE's commitment to fostering a diverse, resilient and
adaptable economic model, under the visionary and forward-thinking guidance of the leadership.
The UAE also maintains robust trade cooperation with its strategic partners, particularly those that
have entered into a Comprehensive Economic Partnership Agreement (CEPA). Such a strategic
approach drives trade flow, promoting non-oil trade as a key facilitator of economic growth.
He said: "Despite the challenges in some global markets, the foreign trade of the Emirate of Abu
Dhabi has succeeded in continuing the growth, leveraging the momentum in the country's non-oil

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billion-in-credit-coverage-in-abu-dhabi-over-first-eight-months-of-2024