Etihad Credit Insurance’s support to UAE’s exporters and SMEs saw a three-digit growth in 2021, with non-oil trade secured reaching Dh11.4 billion, up 128 per cent compared to Dh5 billion in 2020, it said on Sunday.
ECI’s revolving credit limits also went up to 6,620 in 2021, up 229 per cent from the 2,013 facilities it issued a year earlier, while the value of exposure it has underwritten has increased by 266 per cent to reach Dh5.6 billion from Dh1.53 billion during the same period, it added.
Gross written premium growth stood at 510 per cent from Dh17.9 million to Dh109.5 million in 2021.
“ECI has achieved record-high milestones in its efforts to accelerate national economic diversification, and boost UAE’s trade, exports, and investments globally. Despite the pandemic’s significant impact on the global economy, ECI has remained committed to its mission of enhancing the growth and competitiveness of UAE businesses by increasing its trade finance support,” Abdulla Bin Touq Al Marri, UAE Minister of Economy, said while chairing a board meeting.
The company protected and facilitated UAE’s non-oil exports to 92 countries (compared to 75 in 2020) covering 18 sectors (compared to 15 in 2020). Among the top destination countries for UAE’s exports and re-exports are Saudi Arabia, Iraq, India, Oman, Kuwait, Jordan, Egypt, South Africa, the UK, Hong Kong, and France.
The Board also approved the confirmation of Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade as the Deputy Chairman of the Board, as well as the formation of the Executive Committee chaired by Eng. Saed Mohammed Al Awadi, CEO of Dubai Industries and Exports, and the formation of the Audit and Risk Committee chaired by Sameh Al Qubaisi, General Manager of Economic Affairs, Department of Economic Development, Abu Dhabi.
“ECI’s success is largely due to its focused implementation of its 10-year roadmap. By securing UAE businesses’ liquidity, protecting their payments, and providing access to international markets, ECI has strongly contributed to the acceleration of the UAE’s recovery during the pandemic,” Dr Zeyoudi said.
The top industries that benefited from ECI are chemicals (23 per cent), steel (21 per cent), construction and building material (17 per cent), cables (15 per cent) food (7 per cent), packaging (4 per cent), electronics (4 per cent), healthcare (3 per cent), and printing (2 per cent).