Etihad Credit Insurance (ECI), the UAE Federal export credit company, announced on Wednesday that its gross exposure by the end of 2023 is Dh9.6 billion, which is a remarkable 21-fold increase compared to 2019.
Abdulla Bin Touq Al Marri, minister of economy and chairman of ECI, expressed the commitment to broaden and diversify the UAE economy in line with the 'We the UAE 2031' vision. This vision aims to increase non-oil exports to Dh800 billion and non-oil foreign trade volume to Dh4 trillion by the next decade.
ECI has played a crucial role in advancing this national vision by supporting the growth of domestic trade and enterprises through comprehensive economic partnership agreements (CEPAs). Its innovative credit solutions and strategic collaborations have enhanced the competitiveness of UAE businesses worldwide, thereby diversifying the UAE's economic landscape and boosting non-oil exports.
Raja Al Mazrouei, CEO of ECI, highlighted the company's dedication to providing innovative credit solutions, facilitating access to finance, and nurturing strategic collaborations. ECI aims to foster sustainable and secure non-oil trade for the UAE's economy, empowering businesses to participate confidently in global trade.
ECI's 2023 business plans have positioned the company as a reliable partner for UAE enterprises. The demand for its services has significantly increased, resulting in a notable surge in insured trade and investment transactions. The number of policies issued has seen a 25% increase compared to 2022.
According to the annual report, ECI has supported UAE exporters across 17 sectors in 110 countries, resulting in a non-oil trade and investment of Dh14 billion in 2023. The company has solidified its position as a trusted partner in international trade through approximately 21 agreements signed with government export credit agencies worldwide.
The report also emphasized ECI's commitment to supporting clients beyond credit insurance. The company's effective handling of overdue payments has led to the collection of Dh82 million. Furthermore, ECI has provided over Dh1.8 billion worth of credit coverage to financial institutions over the past five years, facilitating access to financing for UAE exporters.
ECI's strong presence in global markets is reflected in its AA- international rating by Fitch for the fifth consecutive year. This rating affirms the company's ability to mitigate potential risks.
In addition, ECI has provided a credit cover of Dh4.7 billion to UAE's industrial sector, a significant contributor to non-oil exports. In 2023 alone, Dh1.4 billion has been committed, supporting the achievement of manufacturers' exports in partnership with the Ministry of Industry and Advanced Technology (MoIAT).
