Etihad Credit Insurance Reports AED 16.2 Billion Insured Turnover in 2024, Marking 15.7% Growth Across 100+ Countries

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Etihad Credit Insurance Reports AED 16.2 Billion Insured Turnover in 2024, Marking 15.7% Growth Across 100+ Countries

Etihad Credit Insurance (ECI), the UAE’s federal export credit company, announced strong growth in its 2024 Annual Report, achieving AED 16.2 billion in insured turnover. This figure represents a 15.7% year-on-year increase and accounts for 2.85% of the UAE’s total non-oil exports. The announcement came during a media briefing led by H.E. Raja Al Mazrouei, CEO of ECI, alongside senior company officials.

ECI’s insured trade spanned over 100 countries and 17 strategic sectors, reinforcing its commitment to supporting UAE-based exporters and investors with tailored credit insurance solutions. The company also reported an increase in gross exposure to AED 11 billion—14.58% higher than in 2023—reflecting its growing portfolio and risk management capacity.

H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of the ECI Board of Directors, emphasized the company’s strategic alignment with the UAE’s broader economic diversification goals under the “We the UAE 2031” vision. He highlighted that ECI's initiatives are instrumental in boosting non-oil exports, which now contribute 74.6% to the UAE's GDP.

“Etihad Credit Insurance plays a pivotal role in enabling local companies to compete globally, foster partnerships, and secure new markets,” said H.E. Bin Touq. He also revealed that ECI has extended credit guarantees to major infrastructure and energy projects in African markets, including Angola and Senegal, as part of the UAE’s global sustainable development strategy.

In 2024, ECI launched the Xport Xponential program to support the global expansion of UAE-based companies, particularly SMEs. This initiative is expected to significantly contribute to the UAE’s non-oil GDP growth target by 2031.

The company maintained a strong international standing, receiving an AA- credit rating from Fitch for the sixth consecutive year. Its portfolio composition showed 70% in short-term credit insurance, particularly in manufacturing, ICT, and agriculture exports, while 17% was allocated to medium and long-term commitments in infrastructure and energy sectors. The remaining 13% comprised political risk insurance.

Geographically, Saudi Arabia remained ECI’s top export market within the Gulf and MENA regions, accounting for 7% of its total exposure. ECI also supported trade with Egypt, Oman, Qatar, Bahrain, India, Singapore, the UK, the EU, and the US. The company signed 28 agreements with global export credit agencies including US EXIM, Korea Eximbank, Sinosure, and BPI France, reinforcing its role in facilitating international trade cooperation.

Additionally, ECI recovered AED 158 million from overdue payments in 2024, pushing total collections since inception to AED 528 million with an 87% recovery success rate. Backed by a reinsurance treaty supported by nine top-rated reinsurers, ECI offers coverage up to AED 500 million per risk.

As part of the UAE’s Africa Green Investment Initiative (AGII), ECI is collaborating with partners like Masdar and AMEA Power to deploy $4.5 billion in African renewable energy projects by 2030, supporting climate finance and sustainable development across emerging economies.

With a strategic focus on innovation, sustainability, and market expansion, ECI is set to play an even greater role in strengthening the UAE’s economic resilience and global trade leadership in the coming years.