Page 14 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

Press Release

reinsurance, information and communications technology (ICT), chemicals, and food and

beverages industries, constituting 14.63 per cent, 10.65 per cent, 10.01 per cent, 7.78 per cent,

and 7.45 per cent, respectively.

His Excellency 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.

H.E. 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 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.”

H.E. 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