Page 87 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

9/17/24, 10:28 AM Abu Dhabi: Etihad Credit Insurance achieves Dh1.4 billion in credit coverage over first eight months of 2024 - Aletihad News Center

In this year alone, the company has attained total credit coverage worth Dh10.6 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 Dh3.5 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 Dh1.4 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 Dh345.1 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

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