Etihad Credit Insurance obtained 1.4 billion dirhams in credit coverage

According to Amac News: In the announcement of Etihad Credit Insurance, it is stated that the credit coverage of this company in the first eight months of 2024 has reached a total of 1.4 billion dirhams.
According to the announcement, the financial services industry continues to lead the provision of ECI credit support in Abu Dhabi, accounting for 50.6% of total coverage.
The announcement states that after that, F&B, metals, paper production, packaging and electronics and cable industries accounted for 14%, 10.5%, 10.4%, 6.6% and 2.6% respectively. During this period, ECI has also seen a 24% growth in the issuance of insurance documents within the emirate.
, the company has achieved a total credit coverage of 10.6 billion dirhams in the UAE, which is expanding at an annual growth rate of 10%, with a 16% increase in the issuance of insurance documents.
The financial services sector tops the list of industries benefiting from ECI nationwide coverage with 21.36 percent, followed by logistics, reinsurance, information and communication technology (ICT), chemicals, and food and beverage industries with 14.63 percent and 10.65 percent. have
Omar Al Suwaidi, Deputy Minister of Industry and Advanced Technology and member of the ECI Board of Directors, emphasized the UAE's commitment to fostering a diverse, flexible and adaptable economic model under the visionary and forward-looking leadership.
The UAE also maintains strong trade relations with its strategic partners.
He emphasized that the rapid growth can be attributed to several factors, including strategic initiatives aimed at strengthening non-oil sectors with a focus on industrial growth.
These initiatives are aligned with the goals outlined in the Ministry of Industry and Advanced Technology (MOIAT) strategy and vision to empower Emirati industries, increase their competitiveness and ability to export, while creating an integrated industrial system.
The Ministry of Foreign Affairs will continue to work with partners in the public and private sectors to empower the domestic industrial sector and increase its contribution to the Gross Domestic Product (GDP).
In the first half of 2024, the UAE's non-oil foreign trade continued to grow, reaching 1.4 trillion dirhams, with non-oil exports growing by 25 percent.
These exports account for 18.4 percent of total foreign trade, and total national foreign trade has grown at an annual growth rate of 11.2 percent, outpacing the global average growth rate of 1.5 percent. In addition, the total value of re-export operations has also reached 345.1 billion dirhams in the first half of 2024.