The UAE aims to boost its non-oil exports to Dh800 billion and increase the value of non-oil foreign trade to Dh4.0 trillion by the next decade, according to Abdulla bin Touq Al Marri, Minister of Economy. The country has made significant strides in becoming a leading hub for trade and investment on regional and international levels. Al Marri emphasized the importance of emerging industries and SMEs in expanding and diversifying the economy in line with the ‘We the UAE 2031’ vision.
As chairman of Etihad Credit Insurance Board of Directors, Al Marri highlighted ECI’s role in advancing the national vision by supporting domestic trade and enterprises through comprehensive economic partnership agreements (Cepas). ECI’s innovative credit solutions and strategic collaborations have enhanced the competitiveness of UAE businesses globally, contributing to the diversification of the economy and boosting non-oil exports.
ECI, the federal export credit company of the UAE, saw significant growth with a gross exposure of Dh9.6 billion by the end of 2023, a 21-fold increase compared to 2019. The company’s commitments to clean and green energy initiatives align with its role in driving sustainability. ECI’s support for non-oil trade contributes to the 2030 Agenda for Sustainable Development while ensuring compliance with international standards.
In its annual report, ECI highlighted its contribution to the expansion of the UAE’s non-oil exports, covering 3.1 per cent of Dh 441 billion in 2023, compared to 1.9 per cent in the previous year. The growth was supported by a diverse portfolio, with over two-thirds of beneficiaries being SMEs. Al Marri stated that ECI’s commitment to providing credit solutions, facilitating access to finance, and nurturing collaborations is integral to fostering sustainable and secure non-oil trade for the UAE’s economy.
Al Mazrouei emphasized ECI’s goal of strengthening national exports by doubling the growth rate of UAE exports through ECI and increasing its contribution to the non-oil GDP by 7-fold by 2031. The company’s global outreach efforts supported UAE exporters across various sectors in 110 countries, amounting to a non-oil trade and investment of Dh14 billion in 2023. ECI’s partnerships with government export credit agencies worldwide solidify its position as a trusted partner for international trade.
ECI’s commitment to the industrial sector, a key contributor to non-oil exports in the UAE, includes a credit cover of Dh 4.7 billion, with Dh1.4 billion committed in 2023 alone. The company’s projects aim to support economic development and improve quality of living, including a credit insurance commitment of $500 million to boost Africa’s clean energy transition as part of the UAE’s $4.5 billion Africa Green Investment initiative. Additionally, ECI supported clients with management of late payments, successfully recovering a significant portion of the amounts owed.
