ECI’s gross exposure hits AED 9.6bn in 2023

ECI’s gross exposure hits AED 9.6bn in 2023

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