UAE - Mubasher: The gross exposure of Etihad Credit Insurance (ECI) reached AED 9.60 billion by the end of 2023, as the company experienced a 21-fold increase compared to 2019.

ECI boosted the expansion of the UAE’s non-oil exports, covering 3.10% out of AED 441 billion in 2023, compared to 1.90% in 2022, according to a press release.

This growth was backed by a diverse portfolio, with over two-thirds of beneficiaries comprising small and medium-sized enterprises (SMEs), while large corporations represented another 20.90%.

Abdulla bin Touq Al Marri, Chairman of the ECI Board of Directors, said: “With an emphasis on emerging industries and SMEs, we will continue to broaden and diversify our economy according to the ‘We the UAE 2031’ vision, which aims to increase the country's non-oil exports to AED 800 billion and raise the volume of non-oil foreign trade to AED 4 trillion by the next decade.”

Bin Touq added: “Etihad Credit Insurance has significantly contributed to advancing this national vision by fostering the expansion of domestic trade and enterprises and facilitating crucial economic relations through comprehensive economic partnership agreements (CEPAs).”

Raja Al Mazrouei, CEO of ECI, commented: “We have seen a significant increase in the demand for our services, with a remarkable surge in insured trade and investment transactions. Our dedication to protecting the interests of UAE exporters is evident in the numbers, with a 25% increase in policies issued compared to 2022.”

“This new strategic phase aims to double the growth rate of UAE exports through ECI and increase our contribution to the non-oil GDP by 7-fold by 2031,” Al Mazrouei highlighted.

ECI’s global efforts anchored the UAE exporters across 17 sectors in 110 countries, amounting to a non-oil trade and investment of AED 14 billion in 2023.

In line with its partnership with the Ministry of Industry and Advanced Technology (MoIAT), ECI granted a credit cover of AED 4.70 billion to the UAE’s industrial sector, with AED 1.40 billion committed in 2023 alone.

ECI’s projects aim to support economic development and improve the quality of living, including a credit insurance commitment of $500 million to foster Africa’s clean energy transition as part of the UAE’s $4.50 billion Africa Green Investment initiative.

The company also supported the clients with management of late payments worth AED 415 million, of which AED 353 million or 83% were successfully recovered.