Dubai, UAE—Etihad Credit Insurance (ECI) has issued AED6.3 billion ($1.71 billion) in trade guarantees in the first nine months of 2022.
ECI’s third meeting this year, chaired by Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors, was told that the guarantees were equivalent to AED16.6 billion non-oil trade total guaranteed exposure to businesses located in the UAE that have exported to 111 countries.
The meeting was told that with government’s support, ECI has by far issued 7,936 revolving credit guarantees. These state-backed guarantees helped to protect and create 50,000 jobs by supporting companies, 72 percent of which were SMEs.
The meeting focused on the review of a series of ECI’s comprehensive programmes and initiatives, which are aligned with the National Agenda of bolstering the UAE’s non-oil foreign trade and increasing national exports by 50 percent over the next few years as part of the ‘Projects of the 50’.
Al Marri said, “We continue our efforts to expand and diversify our economy by improving the competitiveness of the business environment with a special focus on emerging industries and SMEs and enabling them to launch from the UAE and prepare them to expand and compete in the global markets.”
“Etihad Credit Insurance plays a major role in supporting this national vision ensuring the growth of domestic trade and businesses, as well as meeting the requirements of sustainable economic development by contributing substantially to various government initiatives such as ‘Make in the Emirates’ and ‘Operation 300 billion projects,” he added.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors, said, “With the forward-looking vision of the wise leadership, Etihad Credit Insurance has been one of the major catalysts in reaching a historical performance in the UAE non-oil foreign trade. The Federal export credit company is pivotal in our trade expansion strategy by supporting the growth of local businesses, as a great stimulus in job creation and contributing to the doubling of the country’s economy by 2030.”