Page 90 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

9/17/24, 10:28 AM Etihad Credit Insurance sees $381.2 million in credit coverage in Abu Dhabi in first eight months of 2024
exemplary valuation of AED3.5 trillion.” Said Omar Al Suwaidi, Undersecretary of the Ministry of
Industry and Advanced Technology and the ECI’s board member.
Al Suwaidi highlighted that the rapid growth can be attributed to several factors, such as strategic
initiatives aimed at boosting 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,” he added.
Boost for non-oil foreign trade
In the first half of 2024, the UAE’s non-oil foreign trade continued to grow, achieving a record
valuation of AED1.4 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.
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 boost the national economy’s sustainability and
diversification, in line with the leadership’s vision.
“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,” Al Mazrouei added.
For more updates on banking and finance, click here.

https://economymiddleeast.com/news/etihad-credit-insurance-sees-381-2-million-in-credit-coverage-in-abu-dhabi-in-first-eight-months-of-2024/ 2/2