Page 84 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

9/17/24, 10:28 AM Etihad Credit Insurance achieves Dhs 1.4 billion in credit coverage in Abu Dhabi over first eight months of 2024 - GulfToday
In this year alone, the company has attained total credit coverage worth Dhs 10.6 billion in the
UAE, expanding at a growth rate of 10 percent annually, with a 16 percent increase in
insurance document issuance. Additionally, the financial services sector topped the list of
industries benefiting from ECI’s nationwide coverage, accounting for 21.36 percent, followed
by logistics, reinsurance, information and communications technology (ICT), chemicals, and
food and beverages industries, constituting 14.63 percent, 10.65 percent, 10.01 percent, 7.78
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 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.

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 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 Dhs 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 Dhs 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 Dhs 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

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