The United Arab Emirates' federal export credit agency, Etihad Credit Insurance (ECI), reported a significant surge in its business activities in 2023. According to a recent press release, ECI's gross exposure reached a staggering 9. 6 billion dirhams (AED) by the end of last year, reflecting a 21-fold increase compared to 2019. This remarkable growth trajectory highlights ECI's increasing role in supporting and promoting UAE's non-oil exports.
This significant expansion is attributed to ECI's strategic focus on providing credit insurance solutions to a wider range of businesses, with a particular emphasis on emerging industries and small and medium-sized enterprises (SMEs). This focus aligns with the UAE's "We the UAE 2031" vision, which aims to diversify the country's economy by boosting non-oil exports to 800 billion dirhams and non-oil foreign trade to 4 trillion dirhams by the next decade.
ECI's credit insurance products protect UAE businesses from the financial risks associated with non-payment by foreign buyers. This financial protection empowers Emirati exporters to confidently expand their operations into new markets and secure lucrative international deals. By mitigating these credit risks, ECI fosters a more secure and conducive environment for UAE businesses to thrive in the global marketplace.
Furthermore, ECI actively partners with various government entities and financial institutions to streamline export processes and offer exporters a comprehensive support network. This collaborative approach plays a vital role in enhancing the competitiveness of UAE businesses on the international stage.
Looking ahead, ECI remains committed to its mission of facilitating the growth of UAE's non-oil exports. By providing innovative insurance solutions and fostering strategic partnerships, ECI is well-positioned to play a key role in achieving the UAE's ambitious economic diversification goals. The credit agency's impressive growth in recent years serves as a testament to its effectiveness in supporting Emirati businesses and driving the nation's economic transformation.