Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, hosted a media roundtable to unveil its strong performance in 2024, underscoring its expanding role in strengthening the UAE’s global trade position. The agency reported a 15.7% increase in insured turnover, reaching AED 16.2 billion, and a 14.58% rise in gross exposure, which now stands at AED 11 billion. This growth was largely driven by ECI’s diversified portfolio, with over 60% of its beneficiaries comprising small and medium-sized enterprises (SMEs), a sector central to the UAE’s economic strategy.
These milestones highlight ECI’s growing role in safeguarding UAE-based exporters and investors through comprehensive trade credit solutions. The agency currently supports businesses across more than 100 countries and 17 strategic sectors.
This announcement comes in the wake of a broader national achievement: the UAE’s non-oil foreign trade reached AED 3 trillion in 2024, marking a 14.6% year-on-year increase. This performance is a clear indicator of the nation’s accelerating efforts in economic diversification and export-led growth.
In an exclusive interview with Finance World Magazine, Raja Al Mazrouei, CEO of ECI, elaborated on the agency’s strategic direction and sectoral outlook.
Q: You had a remarkable year last year. How do you plan to maintain that momentum going forward?
A: Our priority is to continue identifying new growth opportunities for UAE exporters. Our core mission remains the same – to increase the volume and reach of UAE exports globally. We’re doing this by expanding our ecosystem, engaging in global trade dialogues, and raising awareness about our risk mitigation tools and products. When companies are shielded from trade-related risks, they can focus on scaling their operations with confidence. Leveraging data and strategic insights, we help businesses navigate market exposure and unlock new opportunities.
Q: Which sectors do you believe will lead the charge in UAE exports and global trade shortly?
A: Renewable energy, digital transformation, and healthcare are at the forefront. These sectors present significant growth potential, driven by both regional innovation and international demand. While ECI supports all industries, we’re placing particular strategic focus on these areas due to their transformative impact and global relevance.
Q: From your perspective, what policy changes or shifts have been the most impactful recently?
A: Rather than sweeping policy changes, we’ve seen a meaningful increase in trade opportunities, particularly through SIPA (Strategic Investment Promotion Agreements), which are opening doors to new markets. Moreover, our partnerships with financial institutions are pivotal. SMEs, often seen as high-risk by banks, benefit from our insurance solutions that make financing more accessible and secure.
Q: And on the flip side, which sectors do you currently see as the most vulnerable or high-risk?
A: The construction sector stands out as one of the more volatile industries at present. Its cyclical nature and sensitivity to macroeconomic conditions make it particularly vulnerable. While some markets are investing heavily in infrastructure, others are delaying projects, resulting in fluctuating risk levels for exporters operating in this space. With strong financials, strategic foresight, and a renewed focus on empowering exporters, ECI continues to play a pivotal role in shaping the UAE’s global trade future — building resilience, fostering innovation, and facilitating sustainable economic growth.
