Page 82 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

9/17/24, 10:24 AM Home | Emirates News Agency
committed to achieving self-sufficiency in manufacturing, driving sustainable knowledge-based economic growth, and enhancing the competitiveness of Emirati products in gl
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 e
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 grow
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
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
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. Howev
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 hop
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 o
commercial ventures and business activities. Moreover, Abu Dhabi’s eminence as an ideal destination for foreign investments in the industrial and production sectors, reflects
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. Th
remarkable development is a result of strategic initiatives implemented by the Emirate to boost investment inflows, deliver world-class infrastructure, and establish supportive
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
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 a
solutions. It also facilitates access to an extensive network of partners, and local and international importers, along with an expansive database encompassing over 300 millio
enterprises.

Hazem Hussein / Tariq Al Fahaam

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