The UAE aims to increase its non-oil exports to Dh800 billion and boost the value of non-oil foreign trade to Dh4.0 trillion by the next decade, announced Abdulla bin Touq Al Marri, Minister of Economy.
The UAE has achieved remarkable success both regionally and internationally, solidifying its position as the leading trade and investment hub in the region. Al Marri stated that the country will continue to diversify and expand its economy according to the 'We the UAE 2031' vision, with a focus on emerging industries and small and medium-sized enterprises (SMEs).
Al Marri, who is also the chairman of Etihad Credit Insurance Board of Directors, highlighted the significant contribution of ECI in advancing the national vision. ECI has played a crucial role in fostering domestic trade expansion and facilitating economic partnerships through comprehensive economic partnership agreements (Cepas). The company's credit solutions and strategic collaborations have enhanced the competitiveness of UAE businesses on a global scale, while also driving the diversification of non-oil exports.
According to Raja Al Mazrouei, CEO of ECI, the federal export credit company of the UAE, ECI recorded a gross exposure of Dh9.6 billion by the end of 2023, which is a 21-fold increase compared to 2019. Al Mazrouei also highlighted ECI's commitment to clean and green energy initiatives, emphasizing its role in driving sustainability.
In its annual report, ECI showcased its role in expanding the UAE's non-oil exports, which accounted for 3.1% of Dh441 billion in 2023, compared to 1.9% in the previous year. The report emphasized ECI's support for small and medium-sized enterprises (SMEs), with over two-thirds of beneficiaries being SMEs. Large corporations represented another 20.9% of beneficiaries, showcasing ECI's significant contribution to the UAE's progress towards its 2031 foreign trade targets.
Al Mazrouei reaffirmed ECI's commitment to providing innovative credit solutions, expert market insights, and strategic collaborations to foster secure and sustainable non-oil trade for the UAE's economy. The company has experienced a surge in demand for its services, with a notable increase in insured trade and investment transactions.
The report also highlighted ECI's global outreach efforts, supporting UAE exporters across 17 sectors in 110 countries, leading to a non-oil trade and investment of Dh14 billion in 2023. ECI has established partnerships with government export credit agencies worldwide, strengthening its position as a trusted partner for international trade.
ECI has played a key role in supporting the UAE's industrial sector, with a credit cover of Dh4.7 billion provided and a commitment of Dh1.4 billion in 2023 alone. The company's projects also contribute to economic development and improve living standards, including a credit insurance commitment of $500 million to support Africa's clean energy transition as part of the UAE's $4.5 billion Africa Green Investment initiative.
In terms of payment management, ECI supported clients in recovering Dh353 million out of a total of Dh415 million in late payments.
