Page 15 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

Press Release

to achieving self-sufficiency in manufacturing, driving sustainable knowledge-based economic

growth, and enhancing the competitiveness of Emirati products in global markets,” H.E. 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 per cent. These exports

constitute 18.4 per cent of the total foreign trade and the overall national foreign trade expanded

at an annual growth rate of 11.2 per cent, surpassing the global average growth rate of 1.5 per

cent. Moreover, the total valuation of re-export operations also reached AED 345.1 billion in the
first half of 2024.

H.E. 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.

H.E. 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