Page 92 - ETIHAD CREDIT INSURANCE PR REPORT - SEPTEMBER 2024

9/17/24, 10:30 AM Etihad Credit Insurance achieves $381mln in credit coverage in Abu Dhabi over first eight months of 2024
cent, 10.4 percent, 6.6 percent, and 2.6 percent, respectively. During 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 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.

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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 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 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

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