Page 93 - 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
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
AED 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 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 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 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 of diverse commercial

ventures and business activities. Moreover, Abu Dhabi’s eminence as an ideal destination for foreign
investments in the industrial and production sectors, reflects the 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. This remarkable development is a result of strategic initiatives
implemented by the Emirate to boost investment inflows, deliver world-class infrastructure, and
establish supportive regulatory 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
robust 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 and credit solutions. It also facilitates
access to an extensive network of partners, and local and international importers, along with an

expansive database encompassing over 300 million global enterprises.

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