Etihad Credit Insurance (ECI), the UAE’s federal export credit company, highlighted the substantial role of exports in driving sustainable development and boosting economic diversity and sustainability. The company reiterated its role in empowering export, re-export and non-oil foreign trade of UAE-based companies, further strengthening the competitiveness of locally manufactured goods and facilitating their entry to international markets.
In the first half of 2024, the UAE’s non-oil GDP grew by 4.4 percent annually to AED660 billion. The non-oil sector contributed 75 percent of the country’s total GDP, while ECI’s total credit coverage reached AED11 billion.
ECI supported local exporters across 17 sectors in 110 markets and maintained its ‘AA-’ Fitch rating for the seventh consecutive year, reflecting growing confidence in its financial solutions and its expanding role in export and foreign trade.
Innovative credit solutions drive export growth
This came as part of its participation as a strategic sponsor at the 25th edition of the GTR MENA. During the event, ECI showcased its advanced credit services at a dedicated pavilion and launched various initiatives that seek to support the country’s manufacturers and exporters. The company also highlighted its innovative credit solutions designed to boost the global and regional competitiveness of local companies.
Raja Al Mazrouei, CEO of ECI, participated in a session titled ‘Leadership, Innovation, and Sustainability: Empowering Economic Growth.’ The session focused on the crucial contribution of small and medium-sized enterprises (SMEs) to global trade, highlighting their role in fostering innovation, generating employment, enhancing trade dynamics and promoting economic diversification.
Al Mazrouei underscored the key role of non-oil trade in the UAE’s economy, with the sector contributing approximately 75 percent of the overall GDP. She explained that the UAE’s collaborations and partnerships, which include comprehensive economic partnership agreements, have played a crucial role in facilitating seamless market access for SME products.
She also highlighted the critical role of innovative credit solutions, trade easing initiatives enhancing exports, streamlining of logistics region and the joint efforts between the public and private sectors in strengthening non-oil exports, re-exports and foreign trade for UAE-based companies.
Greater collaboration essential to develop capabilities
GTR MENA also underscored the need for greater communication and collaboration among organizations and industry stakeholders to develop capabilities and enhance trade, imports and exports at both local and global levels. The key focus was on strategic planning to follow a progressive approach that efficiently addresses challenges and shapes a dynamic future.
During the sessions, experts stressed that collaborations among key players of the international trade ecosystem, including financial organizations, exporters and importers, are essential for achieving sustainable growth. They also highlighted the significance of establishing channels for exchanging expertise and knowledge to enable businesses, particularly SMEs, to overcome barriers to accessing global markets.
