Page 101 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

foreign trade of both goods and services. As a result, in 2023, the Abu Dhabi foreign trade sector
achieved an exemplary valuation of AED 3.5 trillion."
He highlighted that the rapid growth can be attributed to several factors, such as strategic
initiatives aimed at bolstering non-oil sectors, with a focus on driving industrial growth. "Such
initiatives align with goals outlined in the strategy of the Ministry of Industry and Advanced
Technology (MoIAT) and its vision to empower Emirati industries, enhancing their
competitiveness and ability to export, while establishing an integrated industrial system.
Furthermore, the 'Make it in the Emirates' initiative plays a crucial role in driving industrial
growth and empowerment by promoting local products and embracing digital transformation as
well as innovations of the Fourth Industrial Revolution. The MoIAT will continue to collaborate
with partners in both public and private sectors to empower the domestic industrial sector and
enhance its contribution to the nation's Gross Domestic Product (GDP). We are also committed to
achieving self-sufficiency in manufacturing, driving sustainable knowledge-based economic
growth, and enhancing the competitiveness of Emirati products in global markets," Al Suwaidi
added.
In the first half of 2024, the UAE's non-oil foreign trade continued to grow, achieving a record
valuation of AED 1.4 trillion, with non-oil exports growing by 25 percent. These exports constitute
18.4 percent of the total foreign trade and the overall national foreign trade expanded at an annual
growth rate of 11.2 percent, surpassing the global average growth rate of 1.5 percent. Moreover, the
total valuation of re-export operations also reached AED 345.1 billion in the first half of 2024.
Raja Al Mazrouei, the CEO of ECI, underscored the vital role of public-private partnerships in
driving the growth of foreign trade, exports, and re-exports from Abu Dhabi. The remarkable
growth is also driven by strategic initiatives of the UAE to bolster the national economy's
sustainability and diversification, in line with the leadership's vision.
Al Mazrouei added, "At Etihad Credit Insurance, we are led by the ambitious vision to achieve a
seven-fold increase in our non-oil GDP contribution by 2031. We also aim to promote further
expansion of our credit coverage facility which currently caters to 17 different sectors, across 110
countries, having expanded 21 times over the last five years. However, our primary focus will be on
driving non-oil exports and foreign trade, while elevating the reach and competitiveness of
products manufactured by UAE-based companies. We hope to continue empowering local
companies by offering credit solutions, financing options, and risk management services, which
will enable them to expand into global markets."
The growth of non-oil exports from Abu Dhabi signifies the Emirate's growing stature as a leading
incubator for businesses, offering an environment conducive to the growth of diverse commercial
ventures and business activities. Moreover, Abu Dhabi's eminence as an ideal destination for
foreign investments in the industrial and production sectors, reflects the Emirate's pioneering
position in the global trade landscape and its position as an international hub for transforming
talent and innovative ideas into successful enterprises. This remarkable development is a result of
strategic initiatives implemented by the Emirate to boost investment inflows, deliver world-class
infrastructure, and establish supportive regulatory frameworks to facilitate the expansion of
companies and the growth of exports and international trade. Strategic alliances between public
and private sectors have also laid a robust foundation to ensure sustained growth of non-oil
foreign trade both within the Emirate and the broader national economy.
The 'Xport Xponential' strategic program, introduced by the ECI, aims to support UAE-based
companies that undertake export, by offering an array of cutting-edge financial and credit
solutions. It also facilitates access to an extensive network of partners, and local and international
importers, along with an expansive database encompassing over 300 million global enterprises.

https://www.bignewsnetwork.com/news/274598750/etihad-credit-insurance-achieves-aed-14-
billion-in-credit-coverage-in-abu-dhabi-over-first-eight-months-of-2024