UAE’s Etihad Credit Insurance reports over 15% jump in insured turnover to AED 16.2bn in 2024

Etihad Credit Insurance (ECI), the UAE federal export credit company, reported a 15.7 per cent increase in its insured turnover to AED 16.2 billion in 2024.

The company also registered a gross exposure of AED 11 billion last year, marking a 14.58 per cent increase over 2023.

The growth was supported by a diverse portfolio, with over 60 per cent of beneficiaries comprising small and medium-sized enterprises (SMEs), ECI said.

ECI also revealed securing AA- international rating by Fitch for the sixth consecutive year, reflecting on the company’s ability to mitigate potential risks and reiterate its strong presence in global markets.

The company said the 2004 performance figures underscore its deepened contribution to supporting and safeguarding UAE-based exporters and investors through strategic credit solutions in over 100 countries and 17 strategic sectors.

In 2024, the UAE’s non-oil foreign trade surged to AED 3 trillion, marking a 14.6 per cent increase over the previous year.

Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said the company has significantly contributed to advancing the UAE’s vision of building a resilient, innovative, and knowledge-based economy by fostering the expansion of UAE-based companies, enabling broader market access, and reinforcing key economic partnerships through targeted collaborations and tailored credit insurance solutions.

“By helping UAE businesses compete more effectively on the global stage, ECI plays a vital role in accelerating non-oil export growth and strengthening the country’s standing as a leading, diversified economic powerhouse,” he said.

Al Marisaid ECI has extended credit guarantees to cover several major infrastructure and energy deals in African markets, including Angola and Senegal, in line with the UAE’s strategic efforts to foster sustainable global partnerships and drive inclusive economic development.

Raja Al Mazrouei, CEO of ECI, said a key milestone for the company in 2024 was the launch of Xport Xponential, a comprehensive programme designed to support UAE-based companies.

“This new strategic initiative aligns with our commitment to increasing ECI’s contribution to the non-oil GDP by 7-fold by 2031,” he said.