Page 81 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

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Etihad Credit Insurance achieves AED 1.4 billion in credit coverage in Abu Dhabi over first eight months of 2024
Monday, September 16, 2024 7:19 PM4 minutes Reading

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ABU DHABI,16th September, 2024 (WAM) – Etihad Credit Insurance (ECI), the UAE Federal export credit company, recorded a remarkable eight percent annual increase in
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&
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, respectiv
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 incr
insurance document issuance. Additionally, the financial services sector topped the list of industries benefiting from ECI's nationwide coverage, accounting for 21.36 percent,
logistics, reinsurance, information and communications technology (ICT), chemicals, and food and beverages industries, constituting 14.63 percent, 10.65 percent, 10.01 per
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 diver
and adaptable economic model, under the visionary and forward-thinking guidance of the leadership. The UAE also maintains robust trade cooperation with its strategic partn
particularly those that have entered into a Comprehensive Economic Partnership Agreement (CEPA). Such a strategic approach drives trade flow, promoting non-oil trade as
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
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.”
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 grow
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 indus
and empowerment by promoting local products and embracing digital transformation as well as innovations of the Fourth Industrial Revolution. The MoIAT will continue to col
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

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