Etihad Credit Insurance has achieved a gross exposure of Dh9.6 billion in 5 years

Etihad Credit Insurance has achieved a gross exposure of Dh9.6 billion in 5 years

The UAE's Federal export credit company, Etihad Credit Insurance (ECI), has unveiled its growth trajectory in its latest annual report for the year 2023. With a gross exposure of Dh9.6 billion by the end of 2023, ECI has experienced a staggering 21-fold increase compared to 2019.

Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of 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 Dh800 billion and raise the volume of non-oil foreign trade to Dh4 trillion by the next decade."

Bin Touq added: "ECI's support has been financial as well as strategic, contributing to the 2030 Agenda for Sustainable Development through support for non-oil trade while also ensuring compliance with international standards."

ECI facilitated the expansion of the UAE's non-oil exports, which covered 3.1 per cent of Dh441 billion in 2023, compared to 1.9 per cent in the previous year.

This growth was supported by a diverse portfolio. Over two-thirds of beneficiaries were small and medium-sized enterprises (SMEs), while large corporations represented another 20.9 per cent.

Raja Al