Disclaimer: While ECI has made every effort to ensure the accuracy of this report, neither ECI nor any contributor can accept any legal responsibility for the consequences that may arise from any opinions or advice provided herein. This publication is not a substitute for professional advice, and readers should seek appropriate counsel when necessary.
Message from the Chairman
Message from the CEO
List of Abbreviations
AML
ARC
BU
CEO CEPA
CRM
EC
ECA
ECI
ESG
ESRA
EXIM Bank
Anti-Money Laundering
Audit and Risk Committee
Berne Union
Chief Executive Officer
Comprehensive Economic Partnership Agreement
Customer Relationship Management
Executive Committee
Export Credit Agency
Etihad Credit Insurance
Environmental, Social, and Governance
Environmental and Social Risk Assessment
Export Import Bank
Foreign Direct Investment
Gulf Cooperation Council
Governance, Risk and Compliance
Global Value Chain
International Financial Reporting Standards
International Monetary Fund
International Trade Centre
Key Performance Indicator
Know Your Customer
Letter of Credit
Management Committee
Medium- and Long-Term (Credit Insurance)
Ministry of Industry and Advanced Technology
Memorandum of Understanding
Non-Performing Loan
Net-Zero Export Credit Agencies Alliance
Organisation for Economic Co-operation and Development
Political Risk Insurance
Risk-Weighted Assets
Sustainable Development Goals
Small and Medium Enterprises
Short-Term (Credit Insurance)
Technical Committee
United Arab Emirates
United Nations Conference on Trade and Development
United Nations Environment Programme
United Nations Environment Programme Finance Initiative
United Nations Framework Convention on Climate Change
World Trade Organisation
List of Definitions
Export Credit Agency (ECA)
A financial institution or government agency that provides export financing solutions, including guarantees, insurance, and direct loans, to domestic exporters to mitigate risks associated with international trade.
Short-Term (ST) Export Credit Insurance
Insurance coverage provided for repayment terms of one year or less, typically used for consumer goods or raw materials. It protects against commercial and political risks of non-payment.
Medium- and Long-Term (MLT) Export Credit Insurance
Coverage for export transactions with repayment terms over one year, often used for capital goods, infrastructure, or turnkey projects. Includes risk assessment over the credit duration.
Political Risk Insurance (PRI)
Protection against non-commercial risks such as expropriation, political violence, transfer restrictions, or contract frustration due to sovereign actions.
Commercial Risk
Risks arising from the buyer’s inability or unwillingness to pay due to insolvency, protracted default, or bankruptcy.
Reinsurance
A risk management strategy where an ECA transfers portions of its risk portfolio to other insurers or reinsurers to enhance capacity and financial stability.
Buyer Credit
A financing arrangement where a financial institution extends a loan to a foreign buyer to purchase goods/services from an exporter, and the ECA provides a guarantee or insurance to the lender.
Supplier Credit
Credit extended by the exporter to the buyer, typically insured by the ECA, allowing deferred payment terms.
Letter of Credit (LC) Insurance
Insurance provided to cover LC-confirming banks against non-payment risks associated with political or commercial events.
Sovereign Risk
Risk of default by a foreign government on its obligations, often assessed separately due to its non-commercial nature.
Country Risk
The overall risk of investing or exporting to a specific country, accounting for political, economic, and legal environments.
Claims Ratio
The ratio of claims paid to premiums earned, used as a key performance indicator for underwriting effectiveness.
Recoveries
Amounts recovered from buyers or other sources after claims have been paid. Includes reinsurance recoveries and direct collections.
Risk-Weighted Exposure
An adjusted measure of exposure based on the risk profile of the transaction, often used for solvency and risk capital calculations.
Insured Turnover
Total value of exports or domestic sales that are insured under credit insurance policies during a specific period.
Maximum Liability
The upper limit of an ECA’s financial obligation for a policy or across its portfolio, defining the cap on risk exposure.
Exposure
at Risk (EAR)
The total outstanding insured value (or liability) under active policies at any given point, reflecting the ECA’s live risk profile.
Premium Income
Revenues earned by the ECA from underwriting policies, excluding other operational income.
Technical Provisions
Accounting provisions made to cover expected claims, unearned premiums, and other liabilities under insurance contracts.
Solvency Margin
A measure of the financial buffer or capital adequacy required to ensure the ECA can meet long-term obligations under stress scenarios.
Structured Trade Finance
A form of financing for complex or high-value trade transactions, often involving multiple parties, risk mitigants, and long-term repayment plans.
Export-Related Investment Insurance
Coverage provided for equity investments, loans, or joint ventures abroad by domestic companies, protecting against political and transfer risks.
Local Content
The portion of the exported product or service that originates from the domestic market, often used to determine eligibility for ECA support.
Environmental and Social Risk Assessment (ESRA)
A due diligence process to evaluate potential environmental and social impacts of supported projects, in line with international standards (e.g., OECD Common Approaches).
Sustainable Financing
Loans, guarantees, or insurance issued in support of projects contributing to sustainability goals, including renewable energy, green infrastructure, and social development.
Message from the Chairman
H.E. Abdulla Bin Touq Al Marri Minister of Economy Chairman of Etihad Credit Insurance (ECI) Board of Directors
The United Arab Emirates (UAE) has emerged as a global hub for trade and business and a successful model for sustainable development. Guided by the unwavering support and directives of our wise leadership, we have made remarkable strides in building a strong, resilient, innovation-based economy. At the heart of this transformation is economic diversification, with non-oil industries, exports, re-exports, and non-oil foreign trade playing a central role in shaping our future.
In 2024, the UAE ranked 11th globally in goods exports, 13th in services exports, and 21st in digital trade. In 2024, the United Arab Emirates' non-oil exports reached AED 561.2 billion, marking a 27.6 percent increase from the previous year, underscoring the nation's growing competitiveness and strategic position in global trade. These efforts align with the ‘We the UAE 2031’ vision, which aims to achieve AED 800 billion in non-oil UAE exports.
Etihad Credit Insurance (ECI) has significantly contributed to advancing this national vision by fostering the global expansion of domestic enterprises and enabling vital economic partnerships through Comprehensive Economic Partnership Agreements (CEPAs). Our innovative credit solutions and strategic collaborations have enhanced the competitiveness of UAE-based enterprises in global markets.
This is reflected in ECI’s strong performance in 2024, with a total gross exposure reaching AED 11 billion, and a remarkable 2.9 percent contribution to the UAE’s total non-oil exports. Our outreach extended to 17 sectors across 100+ countries, covering non-oil trade and investment. Moreover, ECI signed 28 new international partnerships, further cementing our role as a trusted trade enabler, and active contributor to national economic growth.
Furthermore, ECI’s commitment to clean and green energy initiatives signify its role as a driving force for sustainability. In 2024, ECI provided targeted trade and investment insurance solutions to clean and green energy projects, reinforcing our contribution to the UN 2030 Agenda for Sustainable Development in support of the UAE’s net-zero commitments. Our continued excellence is further underlined by ECI’s AA- rating for the 6th consecutive year, which is also a testament to the strength of our financial solutions and the confidence we inspire in global markets.
As we look ahead, ECI will continue to foster innovation, de-risk international trade, and empower high-potential sectors. Together with our partners in government and private sectors, both locally and internationally, we will continue to pave the way for a more connected, diversified, and sustainable national economy.
Message from the CEO
H.E. Raja Al Mazrouei CEO, Etihad Credit Insurance (ECI)
As the UAE accelerates its journey towards economic resilience and long-term sustainability, Etihad Credit Insurance (ECI) stands at the forefront of this national transformation. Through cutting-edge credit solutions, seamless access to financing, and high-impact strategic partnerships, we empower UAE exporters, particularly SMEs, to unlock new opportunities and scale globally with confidence in an increasingly competitive world.
The year 2024 marked a continuation of our transformation journey- one driven by operational excellence, digital innovation, and strategic collaboration across regional and global markets. More importantly, it was a year that underscored ECI’s role in advancing the UAE’s non-oil exports and trade diversification agenda. Among our flagship initiatives was the launch of ‘Xport Xponential,’ a comprehensive program designed to support UAE-based companies that undertake export by offering an array of cutting-edge matchmaking services and financial and credit solutions.
In 2024, ECI supported AED 16 billion in non-oil trade and investment. We extended our support across 17 sectors and enabled exporters to access new markets in 100+ countries, reflecting our strong global reach. This growth was supported by a diverse portfolio, with 60 percrnt of beneficiaries comprising small and medium-sized enterprises (SMEs).
Additionally, we worked closely with our partners - from leading banks to international ECAs - to unlock AED 174 million in trade finance through working capital guarantees, SME lending programs and provided credit cover of AED 1 billion to financial institutions in 2024. Through our proactive claims and recoveries efforts, we also supported clients with management of late payments worth AED 206 million, of which 77 percent were successfully recovered.
As we look towards the future, we remain committed to creating a conducive environment through our innovative credit solutions that foster sustainable growth, enhance global competitiveness, and empower UAE businesses to navigate complex trade landscapes with greater confidence and resilience.
I would like to thank our Board of Directors, stakeholders and ecosystem partners, and every member of ECI, for their unwavering dedication and hard work, which has significantly fuelled our achievements.
Etihad Credit Insurance (ECI) is systematically important to the UAE as the country’s exclusive export credit company. It was established to reinforce the nation’s economic diversification strategy and promote non-oil export growth by protecting UAE businesses (particularly small and medium-sized enterprises (SMEs)) and investments abroad against commercial and political risks. ECI also helps reduce the cost of trade finance, facilitate access to working capital and project financing, and improve access to trade-finance solutions and global markets.
As a trusted partner to exporters, investors, banks, government entities, and global institutions, ECI opens new channels for growth and builds cross-border trade relationships through strategic alliances with international export credit agencies, multilaterals, and reinsurers.
ECI’s strategic relevance is reflected in its robust portfolio growth, with gross exposure reaching AED 11 billion at the end of 2024 (compared to AED 9.6 billion at end-2023). Its support spans key sectors including manufacturing, food security, energy, logistics, and construction contributing significantly to the resilience and sustainability of the UAE’s non-oil economy.
ECI is committed to driving impact - not only in terms of trade volumes, but also by supporting green projects, advancing digital innovation, and aligning with national priorities such as UAE Vision 2031, the Net Zero 2050 agenda, and the objectives of the Comprehensive Economic Partnership Agreements (CEPA).
By bridging financing gaps, enhancing investor confidence, and fostering long-term partnerships, ECI supports the UAE’s transformation into a global hub for trade, investment, and sustainable development.
Enabling Confidence in Global Trade
Since its establishment in 2018, Etihad Credit Insurance (ECI) has emerged as a cornerstone of the UAE’s economic diversification strategy. As the nation’s federal export credit agency, ECI was founded to enhance the competitiveness of the UAE’s non-oil exports by offering protection against commercial and political risks, unlocking access to global markets, and facilitating trade and investment flows.
Backed by the UAE federal government and five emirate-level shareholders, ECI operates with a clear mandate: to Protect, Partner, and Pioneer in support of the UAE’s non-oil trade agenda.
VISION
Enabling sustainable and secure non-oil trade for the UAE’s economy, propelling it towards a resilient and diversified future.
& Leadership
Board of Directors
UAE
UAE
H.E. SHEIKH SULTAN BIN MOHEMMED H.E. SHEIKH OMAR BIN
Deputy Director, Department of Finance, Fujairah
Chief Trade & Industry Officer at ADIO COO, Investment Attraction at Dubai Economic Development Corporation (DEDC), Dubai DET
Minister of Economy & Chairman of ECI Board of Directors
H.E. ABDULLA BIN TOUQ AL MARRI
Minister of State for Foreign Trade & Deputy Chairman of ECI Board of Directors
H.E. DR. THANI BIN AHMED AL ZEYOUDI
MR. AMER ABDUL RAHIM KAZEM
Group Head Global Markets, First Abu Dhabi Bank
Group Chief Audit Officer, Emirates NBD
MR. SAMEH ABDULLA AL QUBAISI
ECI Management Team
Director of Corporate Support
Head of GRC
Yasmin Bahgat
What ECI Does
ECI plays a catalytic role in advancing the UAE’s “We the UAE 2031” vision, particularly the targets of reaching AED 800 billion in non-oil exports and AED 4 trillion in non-oil foreign trade. ECI delivers this impact by:
Insuring exports and investments against non-payment risks.
Facilitating
financing by partnering with banks and trade platforms.
Enhancing business confidence through strategic market intelligence.
Promoting diversification across sectors, geographies, and business sizes.
As of end-2024, ECI had insured AED 16 billion in non-oil trade and investment across 100+ countries and 17 strategic sectors.
Products and Services
ECI provides a diverse suite of tailored solutions for exporters, re-exporters, investors, and financial institutions. These include:
Commercial Risk Insurance Solutions
Protects exporters, lenders, suppliers, and financial institutions against non-payment risks from buyers.
Whole Turnover Insurance
Covers an exporter’s entire eligible trade receivables on open credit terms against non-payment risks.
Single Risk Insurance
Insurance for a single transaction or multiple contracts with the same buyer.
Supply Chain Finance Insurance
Protects supply chain financiers and suppliers against buyer default.
Pre-Shipment Risk Insurance
Covers losses before delivery, such as order cancellation or buyer insolvency.
Non-Payment Insurance
Reduces a bank’s risk of loss from non-payment on loans to buyers.
Invoice Discounting / Factoring Insurance
Protects UAE businesses and banks against payment default on receivables.
Structured and Long-Term Finance Insurance
For complex, high-value, or long-term financing needs.
Buyer Credit Insurance
Protects UAE banks or financial institutions lending to overseas buyers of UAE goods or services.
Project Finance Insurance
Covers UAE banks or financial institutions against payment default on loans for large infrastructure or development projects.
Political Risk Insurance
Shields overseas investments from losses caused by political events such as expropriation, currency inconvertibility, or political violence.
Green Working Capital Insurance
Supports financing for working capital needs in green or sustainable trade activities.
Coverage spans short-term (up to 2 years) to long-term (up to 15 years), offered in both conventional and Islamic finance formats.
Partner Ecosystem
ECI has cultivated a comprehensive and trusted partner ecosystem that includes:
UAE Ministries
The Ministry of Economy, Ministry of Finance, Ministry of Foreign Affairs, and Ministry of Industry & Advanced Technology.
Chambers of Commerce
And Free Zones ,acting as outreach and distribution partners.
Banks & Financial Institutions
Enabling working capital solutions backed by ECI’s guarantees.
Global ECAs
Through more than 28 active Memorandums of Understanding (MoUs), including with US EXIM, Korea Eximbank, Sinosure, BPI France, and others.
International Associations
Like the Berne Union, Aman Union, and NZECA reinforcing global alignment and industry best practices.
Reinsurers
Rated ‘A’ or above, expanding ECI’s capacity to underwrite risks of up to AED 500 million per transaction.
In 2024, ECI has grown its international footprint, which includes:
Renewed and expanded MoUs and alliances with ECAs such as MIGA, Saudi EXIM, Oman Credit, SERV, EGAP, and Euler Hermes, enabling joint underwriting and co-financing for projects related to green energy, food security, and water treatment.
Signing a tripartite MoU with Sheraa (Sharjah Entrepreneurship Center) and MoIAT, further advancing support for UAE entrepreneurs and innovation-led trade.
These partnerships are a testament to ECI’s proactive engagement in building sustainable global trade corridors and enabling high-impact projects aligned with the UAE’s environmental and economic agendas.
“Export credit insurance plays a foundational role in catalysing economic development through trade... Our industry is vital for achieving the United Nations’ 2030 Sustainable Development Goals (SDGs), the Net Zero 2050 target, and for supporting investments that align with ESG principles.”
- Yuichiro Akita, President, Berne Union
Fitch AA- rating.
2020
Became full member of Berne Union.
2022
Joined the Net-Zero Export Credit Agencies Alliance (NZECA).
Supported landmark wind energy project in Uzbekistan.
2023
Maintains AA- Fitch rating for the 6th consecutive year. Signs strategical partnerships with 4 global ECAs and DFIs. Secured AED 174M in SME working capital cover through partner banks; expanded clean energy coverage in Africa; signed MoUs for green grid projects and SDG-aligned trade infrastructure.
Beyond Numbers:
Driving National Growth Through Trade Facilitation
In 2024, Etihad Credit Insurance (ECI) deepened its contribution to the UAE’s non-oil trade agenda by extending strategic credit support and protection to UAE-based exporters and investors. The UAE’s non-oil foreign trade reaching AED 3 trilliona 14.6 percent increase from the previous year. A key driver behind this record-breaking trade performance was the surge in non-oil exports, which soared to AED 561.2 billion in 2024, a 27.6 percent increase from 2023. ECI supported AED 16.2 billion in insured turnover in 2024 - translating to approximately 2.9 percent of UAE’s total non-oil exports, a tangible contribution to the country’s ambitious AED 800 billion export target under the "We the UAE 2031" vision.
2024 by the Numbers
“Export Credit Agencies (ECAs) today are drivers of change, helping to transform and transition their national economies, providing proactive and targeted support for exporters, buyers, and developers.” BU Year Book 2024
CEPA-Driven Trade Impact
The CEPA programme has proven transformative for UAE trade. In 2024, total exports to CEPA partner countries reached AED 135 billion, a 42.3 percent increase year-on-year -contributing 24 percent of total non-oil exports. ECI’s risk protection and financing facilitation played a critical role in enabling exporters to seize these emerging opportunities in markets such as India, Türkiye, and Uzbekistan.
Reaffirmation of financial strength:
ECI maintained a strong AA- credit rating from Fitch Ratings for the 6th consecutive year.
Fitch Ratings has affirmed Etihad Credit Insurance PJSC's (ECI) Insurer Financial Strength (IFS) Rating at 'AA-' (Very Strong) and its Long-Term Issuer Default Rating (IDR) at 'AA-'. The Outlooks are Stable.
Portfolio Analytics 2024
Insights from Etihad Credit Insurance's Exposure Composition and Sectoral Focus
Exposure by Tenure
ECI’s portfolio in 2024 demonstrates a balanced approach across multiple lines of business, aligned with global ECA shifts toward medium- and long-term stability and strategic transformation financing.
70% of exposure is in Short-Term Credit Insurance (ST), supporting frequent trade cycles, especially in manufacturing, ICT, and agri-exports.
17% is in Medium and Long-Term (MLT) commitments, reflecting ECI’s increasing participation in infrastructure, energy, and capital-intensive ventures.
13% of the portfolio is in Political Risk Insurance (PRI), supporting clean energy, electrification, and infrastructure projects in frontier markets, including Africa.
ECI 2024 Exposure Split by Tenure
Short-Term Credit Insurance: Sector Highlights
ECI’s ST portfolio reveals a sharp focus on trade-enabling sectors that underpin the UAE’s export strategy and CEPA engagement. Top-performing ST sectors include: Agriculture and Food – 23.1% ICT (Information and Communications Technology) – 21.0%
Manufacturing – 19.8%
Commodities – 14.1%
These sectors mirror the UAE’s growth engines, benefiting from CEPA-related trade boosts and ECI’s collaboration with partner banks.
Top
Medium & Long-Term (MLT): Sector Dynamics
MLT growth is driven by larger, more strategic and longer-tenor transactions in line with global trends. Notable sector exposures:
This reflects ECI’s support for UAE industrial expansion and grid and electrification efforts in Africa and South Asia.
Top MLT Exposure Sectors 2024
Market Reach and Exporter Impact
ECI Global Exposure Map - Country Risk Classifications
The risk classification ranges from 0 to 7, where:
0 indicates high-income OECD Country that has not been reviewed or classified. “-” (dash)represents a country that is currently not reviewed or classified. 1 to 7 reflect increasing levels of risk, from low(1) to very high(7).
These classifications are assigned by participants of the OECD Arrangement on Officially Supported Export Credits, taking into account both sovereign and country-level credit risks.
ECI’s impact in 2024 extended well beyond the UAE’s borders, truly globalizing the reach of UAE exporters. The non-oil exports insured by ECI spanned over 100+ countries across Asia, Africa, the Middle East, Europe, and the Americas, giving UAE companies a secure pathway to enter and thrive in new markets. This broad international footprint highlights how ECI enables businesses to venture into diverse regions with confidence. By indemnifying against foreign buyer default and political upheavals, ECI’s cover effectively turns far-flung markets into viable opportunities for UAE exporters, thus catalyzing export growth outside the domestic comfort zone.
Within the Gulf and wider MENA region, Saudi Arabia stood out as the top export market covered by ECI’s policies – accounting for 7.0 percent of ECI’s total exposure. Significant exposure was also underwritten for exports to Egypt, Oman, Qatar, and Bahrain, reflecting strong intra-regional trade links. Beyond the Middle East, ECI insured substantial transactions into major Asian economies such as India and Singapore, while also supporting UAE trade with Europe (including the UK and EU markets) and the Americas.
Notably, several strategic deals in Africa were facilitated with ECI’s backing – for example, infrastructure and energy projects in markets like Angola and Senegal benefited from ECI’s credit guarantees (often in partnership with other ECAs). By providing risk coverage in both emerging and developed markets worldwide, ECI has been instrumental in allowing UAE exporters to expand globally while safeguarding them against buyer insolvency, protracted defaults, and geopolitical risks. In sum, ECI’s global reach in 2024 meant more UAE-made products and services entered new countries, secure in the protection of export credit insurance.
The ECI Advantage:
Helping UAE Exporters Thrive
Etihad Credit Insurance (ECI) plays an indispensable role in empowering UAE businesses to confidently navigate global markets, fueling the nation's non-oil trade ambitions and advancing strategic sectors critical to the UAE’s future prosperity. In 2024, ECI deepened its support across multiple dimensions - expanding market access, enabling financing, and safeguarding UAE exporters in an increasingly complex global landscape.
Championing Non-Oil Commoditie and Critical Minerals
ECI remains steadfast in its commitment to positioning the UAE as a global hub for non-oil commodities, particularly in the metals, critical minerals, and green value chains. Through successful collaborations with local and international banks, and by working closely with global commodity players, ECI has enabled high-value transactions that support the UAE's economic diversification and industrial strategy. These initiatives directly contribute to securing the UAE’s leadership in future-facing sectors like energy transition minerals, sustainable manufacturing, and green technologies. By reinforcing its focus on critical sectors—including circular economy, food and water security, healthcare, education, technology, biotech, mobility, electrification, and grid modernization—ECI is actively supporting the UAE's green growth agenda and fortifying the foundations of a resilient, sustainable economy.
Scaling SME Support and Middle Market Growth
Recognizing that SMEs are the backbone of the UAE economy, ECI has expanded its efforts to unlock financing for small and medium enterprises. Through initiatives like the Middle Market Program launched UAE banks, ECI targets the unique needs of mid-sized businesses—particularly in high-impact sectors such as agriculture commodities, fertilizers, technology, and renewable energy.
By providing trade credit protection and facilitating easier access to working capital, ECI empowers SMEs to participate confidently in global trade, while promoting inclusive growth and innovation across the UAE.
Expanding Global Footprint and Sectoral Impact
In 2024, ECI’s reach extended to 100+ countries, supporting a diverse array of sectors aligned with national priorities and Sustainable Development Goals (SDGs). From agriculture and food security to ICT and clean energy, ECI's footprint mirrors the UAE’s ambitions to lead in global trade corridors while championing ESG-aligned development.
By helping exporters venture into high-opportunity markets across Africa, Asia, and the CEPA network — including India, Türkiye, Uzbekistan, and beyond — ECI is ensuring that UAE businesses not only expand their global footprint but do so securely, sustainably, and strategically.
Looking Ahead
In alignment with global ECA trends highlighted by the Berne Union[1], ECI is strategically shifting focus toward multi-lateral transactions (MLTs) and transformational project finance that support sustainable development, critical minerals, and green infrastructure.
Scale its support for large-scale infrastructure and grid modernization projects, working with other ECAs, DFIs, and ministries.
Continue expanding the share of green and SDG-aligned projects in its portfolio.
Drive cross-border collaboration on critical trade corridors under CEPA and UAE-Africa cooperation.
Deepen the integration of AI-driven risk modeling and real-time analytics in its underwriting decisions.
By continuing to protect UAE exporters, partner with institutions, and pioneer new solutions, ECI will remain a critical pillar in shaping a secure, competitive, and diversified economy for the UAE.
[1] Export Credit & Investment Insurance Industry Report 2023, Berne Union
Xport Xponential
Empowering UAE-based Exporters on Global Stage
In today’s highly competitive economy, the ability of businesses, particularly small- and medium-sized enterprises (SMEs), to access international markets is vital for enhancing economic resilience and long-term sustainability. However, navigating global trade often involves significant risks, including payment defaults, regulatory uncertainties, and unfamiliar business environments. This is where export credit agencies (ECAs) play a transformative role.
ECAs act as strategic enablers of international trade by offering credit insurance, financial guarantees, and risk mitigation tools that empower exporters to venture into new markets. As the UAE’s federal export credit company, Etihad Credit Insurance (ECI) is contributing to this through its pioneering program, ‘Xport Xponential,’ which aims to empower UAE-based export companies – especially SMEs – to expand their footprint in foreign markets.
Strategic Platform for Export Growth
Launched as part of the UAE’s broader economic diversification strategy, Xport Xponential is a high-impact initiative designed to unlock new growth opportunities for non-oil exporters and re-exporters. At its core, the program serves as a comprehensive trade facilitation platform offering participants access to a range of benefits. This includes innovative trade credit and financial solutions developed in collaboration with leading financial institutions, as well as tailored strategic consultancy and risk advisory services.
The initiative also offers companies access to a global database of over 400 million companies, enabling participants to identify and connect with potential buyers, partners, and importers worldwide. Additionally, participants receive special access to markets under the UAE’s Comprehensive Economic Partnership Agreements (CEPAs), including reduced tariffs and streamlined customs procedures.
Aligned with National Economic Objectives
The ‘Xport Xponential’ initiative directly supports the targets of the ‘We the UAE 2031’ national strategy, which envisions boosting non-oil exports to AED 800 billion, and expanding non-oil foreign trade volume to AED 4 trillion. The initiative also aligns with national efforts to shift towards an economic model driven by innovation, sustainability, and private sector participation, particularly within non-oil industries.
Support for SMEs
SMEs often face greater challenges when entering new markets due to limited resources, restricted access to finance, and unfamiliarity with international trade protocols. Xport Xponential addresses these challenges head-on by creating a supportive ecosystem that enables SMEs to access the financial, strategic, and informational resources necessary for growth beyond borders.
In the first year, the program received 42 submissions from a diverse mix of companies across the UAE. Among those submissions, 10 high-potential SMEs were selected to join the initiative. These include COSMOS GREEN FZE , DAYAL BUILDING MATERIAL TRADERS, UNION CHEMICALS FACTORY LLC, INTERNATIONAL ASEPTIC PAPERBOARD
MANUFACTURING LLC (IPACK), SUPREME TRADING COMPANYSOLE PROPRIETORSHIP LLC, INTERNATIONAL FOOD INDUSTRIES LLC, CENTRAL HOLDING GROUP LLC, DURABELLA FURNITURE INDUSTRIES LLC, TOPIC INTERNATIONAL TRADING FZE, and TRITON FOODS LLC. Each was strategically matched with prospective importers across four major global markets – India, Indonesia, Saudi Arabia, and Oman – as part of a tailored market engagement strategy.
The selected companies engaged in 10 comprehensive workshops designed to provide invaluable insights into regulatory landscapes, market entry strategies, and financing options, equipping them with the requisite tools to succeed globally. In total, the program facilitated over 5,520 matchmaking results and direct contacts between the selected SMEs and prospective business partners in the four target markets.
Department of Economic Development, Ras Al Khaimah Economic Zone (RAKEZ), and Department of Industry and Economy - Fujairah.
Banking and financial partners, which include Emirates Development Bank (EDB), Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank, Dubai Commercial Bank, Ajman Bank, the National Bank of Ras Al Khaimah, the National Bank of Fujairah (NBF), International Development Bank (IDB), Wio Bank PJSC, Al Maryah Community Bank, and Reem Finance.
These strategic partnerships have proven critical in enhancing access to capital and delivering essential guidance and operational support for SMEs. Notably, partnerships with government entities and banks have increased by 27 percent since the program's inception. With this network, the initiative has created a robust export-enablement ecosystem that connects government, finance, and business stakeholders in a unified mission.
Milestones and Impact
To date, the combined turnover generated by the selected SMEs has reached AED 2.1 billion. Whereas the market potential in the next four years for all 10 sectors of those selected companies across the 4 markets is AED 31.3 billion. Those markets are Indonesia, India, KSA and Oman.
Unlocking SME Financing
Recognising that access to finance is a key enabler of export success, Xport Xponential has deepened its collaboration with 11 leading financial institutions. To date, four banks have extended concrete lending support to the SMEs in the UAE, with a total working capital of AED 174 million; those banks are:
First Abu Dhabi Bank (FAB)
Al Maryah Community Bank
Ajman Bank
Commercial Bank of Dubai (CBD)
By unlocking capital at this scale, the program empowers SMEs to scale operations, enter new markets, and compete on the global stage. This financing backbone reinforces the initiative’s core objective – to ensure UAE SMEs have consistent, reliable support and access to growth-oriented funding.
Global Outreach and Future Expansion
As part of its ongoing engagement, ECI has called on UAE-based manufacturers, exporters, and re-exporters to capitalise on its ‘Xport Xponential’ initiative for global expansion. In line with this, ECI hosted a workshop in January 2025 for the selected companies to offer them essential insights and tools to support their export journey and growth.
With the value of export and re-export activities between the UAE and CEPA countries already exceeding AED 390.5 billion, the initiative builds upon existing trade momentum to help companies unlock untapped potential in these markets. The 10 selected companies collectively span 10 different economic sectors, showcasing the program’s wide-reaching relevance across the UAE's diversified industries.
Xport Xponential: Passport to Global Success
In an increasingly complex and competitive global trade environment, initiatives such as Xport Xponential are not only timely but imperative. By providing UAE-based exporters – particularly small and medium-sized enterprises – with comprehensive financial solutions, strategic advisory support, and access to expansive international networks, Etihad Credit Insurance is reinforcing its pivotal role in advancing the nation’s economic diversification agenda.
As the UAE progresses toward achieving the objectives outlined in the ‘We the UAE 2031’ vision, Xport Xponential serves as a strategic platform for fostering sustainable growth, enhancing export competitiveness, and positioning the country as a leading player in global markets.
Smarter Trade Protection Through AI-Driven Innovation
Etihad Credit Insurance (ECI) is at the forefront of a digital transformation reshaping the global trade landscape. As international markets grow more complex and interconnected, accurate risk evaluation and real-time responsiveness have become essential. ECI is meeting this challenge head-on by embedding advanced technologies—including artificial intelligence (AI), machine learning, and data analytics—across its risk assessment and underwriting processes.
In 2024, ECI enhanced its technology infrastructure to deliver faster, more accurate, and insight-driven credit decisions. With access to a global database of over 400 million buyers, ECI applies intelligent models to assess creditworthiness, monitor market dynamics, and anticipate potential payment defaults. By combining structured financial data with real-time geopolitical and macroeconomic indicators, ECI ensures a more agile, proactive approach to protecting UAE exports.
This commitment to innovation translates directly into value for exporters and financial institutions across the UAE, whereby Risk assessments are conducted more quickly and with enhanced precision and transparency, allowing exporters to make informed decisions. Additionally, they gain access to dynamic insurance options that are tailored to current market conditions, providing flexibility in their coverage. Whereas Predictive analytics play a crucial role in mitigating exposure to volatility and the risks of buyer non-payment, further safeguarding their investments. As a result, businesses can scale their operations with greater confidence, supported by actionable data that informs their strategies and enhances their resilience in the market.
Looking ahead, ECI continues to explore emerging technologies — including blockchain and automation — to further enhance the security and transparency of cross-border trade. These efforts are part of ECI’s broader digital strategy to empower UAE exporters with the tools they need to grow sustainably and compete globally.
Through continuous investment in technology and innovation, ECI is redefining trade credit insurance — delivering not only protection, but also strategic intelligence that helps UAE businesses navigate global markets with clarity, agility, and resilience.
Advancing Sustainable Trade for a Resilient Future
At Etihad Credit Insurance (ECI), sustainability is not an initiative—it is a guiding principle embedded across our strategy, operations, and partnerships. As a national enabler of economic growth, ECI remains committed to supporting the UAE’s vision for a diversified, resilient, and environmentally responsible economy.
In 2024, ECI reaffirmed its alignment with the United Nations Sustainable Development Goals (SDGs) by underwriting and supporting projects that advance clean energy, food security, critical infrastructure, and water sustainability. These efforts reflect our growing role in shaping a trade and export ecosystem that delivers long-term economic value while addressing urgent global challenges such as climate change and social equity.
As part of our climate action journey, ECI joined, as an affiliate member, the Net-Zero Export Credit Agencies Alliance (NZECA) — a global coalition launched at COP28 that brings together leading export credit agencies committed to aligning their operations with net-zero emissions by 2050. Through NZECA, ECI is helping accelerate the global shift toward low-carbon economies by enabling the development and export of green technologies and climate-resilient solutions.
Beyond global alliances, ECI works hand-in-hand with exporters, financial institutions, and government stakeholders to promote sustainable trade practices through tailored credit insurance, investment protection, and ESG-aligned financing solutions. These instruments empower UAE businesses to expand into new and emerging markets while managing risks responsibly and ethically.
By integrating environmental and social priorities into its risk framework and expanding support for sustainable sectors, ECI continues to play a transformative role in fostering inclusive, green growth—both at home and across international markets.
Risk Management in a Volatile World
Robert Besseling CEO, PANGEA-RISK
Despite market volatility, the UAE remains at the nexus of intra-regional trade and investment
Since the start of 2025, we have witnessed exceptional market volatility, trade disruption, and geopolitical uncertainty, which have had a profound impact across the Middle East and more specifically on the main export markets for the United Arab Emirates (UAE). At Pangea-Risk, we have been focussed on advising our clients, including Etihad Credit Insurance (ECI), on managing and mitigating risks to trade, supply chains, and export flows by forecasting country risk and assessing the commercial impact of political change. For this annual report, we highlight several key observations that will be relevant to ECI’s stakeholders and partners.
Firstly, the new United States (US) tariff policy, while outwardly aimed at states with large bilateral trade surpluses such as China and Germany, has swept across the Middle East and North Africa (MENA) region with indiscriminate reach. The baseline 10 percent tariff now applies to Saudi Arabia, the UAE, and Türkiye – countries that have long positioned themselves as strategic economic partners to the US. Oil-exporting Gulf states face risks from external demand shocks, as reduced global consumption places pressure on fiscal and export revenues. For the UAE, the immediate exposure is tempered by the composition of their exports. Energy products, which dominate bilateral trade with the US, remain exempt. However, niche sectors such as aluminium, petrochemicals, and downstream manufactured goods will come under pressure.
US tariffs on the MENA region
Many MENA countries are strengthening ties with alternative blocs, including BRICS and the Asian Infrastructure Investment Bank, as Saudi Arabia, the UAE, and Egypt seek to reduce exposure to Western-dominated trade systems. In response to US protectionism, broader realignment is underway through expanded South-South commerce, renewed negotiations with European and African partners, and efforts to deepen intra-regional trade integration.
At Pangea-Risk, we believe that the future opportunity for the Gulf region lies in Africa, and conversely, the future of Africa depends on the Gulf. Economic relations between the Gulf Cooperation Council (GCC) and Africa continue to expand, driven by shared objectives of economic diversification, investment growth, and sustainable development. The GCC member states – particularly the UAE – have already established themselves as major trading partners in Africa and are actively seeking to increase their presence across the continent. Trade efforts are concentrated in Africa’s resource sectors, including oil and gas, mining, and agriculture, alongside infrastructure development, logistics services, renewable energy, and digital industries.
Future trade flows will increasingly be influenced by geopolitical realignments, including the growing role of Gulf states in African economic partnerships and their inclusion in the BRICS bloc alongside Egypt and Ethiopia. This evolving dynamic is set to reinforce South-South trade relationships and reduce reliance on Western markets. The ongoing expansion of Gulf logistics infrastructure, including port developments and shipping investments in Africa, will further consolidate the GCC’s position as a primary trade partner for the continent. These shifts indicate a maturing trade relationship, where commodity exchanges are no longer solely defined by raw materials and energy but increasingly by diversified, high-value goods and services.
plus membership & partnerships by 2024
BRIC founding countries in 2009
South Africa joined BRICS in 2010
4 new countries joined BRICS in 2024
Saudi Arabia is considering membership
13 new countries invited to become Partner
Countries officially applied to join BRICS by 2024
Countries considering to joining BRICS
Countries declined invitation to join BRICS in 2024
BRICS initiatives include the New Development Bank, BRICS Contingent Reserve Arrangement, BRICS pay, BRICS Joint Statistical Publication, and BRICS basket reserve currency.
BRICS members encompass 30% of the world’s land surface and 45% of the global population.
At Pangea-Risk, a proud UAE established company, we advise clients on identifying trade and investment opportunities in Emerging and Frontier Markets, while advising on country risk mitigation strategies to manage risk and maximise opportunity in Africa, Asia, and the Middle East.
BRICS
The Road Ahead: What’s Next for ECAs
Professor Dr Andreas Klasen
Oxford
Research Hub Director, lill Institute for Public Value
The international trade and investment landscape is undergoing significant transformations. New trade wars with rising discriminatory trade and industrial policies (Figure 1), geopolitical tensions and fragmented economic governance are collectively redefining the traditional paradigms of international trade and foreign direct investment (FDI). Notwithstanding these substantial challenges, the United Arab Emirates (UAE) has demonstrated resilience by identifying and capitalising on emergent growth opportunities, propelled by the shifting economic centres of gravity, the evolution of supply chains, digital innovation and sustainability-driven transformations.
Source: Global Trade Alert, 2025.
Discriminatory Liberalising
In 2024, the UAE’s non-oil trade in goods reached a record high of 3 trillion dirhams, marking an increase of 14.6 percent from the previous year. This development is indicative of the country’s strategic focus on trade as a catalyst for future economic competitiveness. It is imperative to recognise the pivotal role of accessible finance and de-risking instruments in enabling internationally oriented businesses to capitalise on these opportunities. Approximately 80 percent of global trade is supported by some form of financing or trade credit insurance. However, recent findings by the Asian Development Bank have highlighted significant gaps in provision, estimated at $2.5 trillion in 2022, or 10 percent of global merchandise trade. This poses a substantial threat to sustained economic expansion and export-driven job creation in the UAE and globally.
Figure 1: New Trade and Industrial Policies per Year Worldwide
Export credit agencies (ECAs), such as Etihad Credit Insurance (ECI), play a vital role in filling these financing and insurance gaps. ECAs have increasingly emerged as key policy tools, actively managing risks arising from global economic disruptions and capitalising on emerging market opportunities. Together with private insurers, public trade and investment credit insurers support $3.0 trillion cross-border trade and investment globally (Figures 2). ECI reinforced its strategic alignment with the UAE’s ambitious vision “We the UAE 2031” last year, with an explicit focus on promoting sustainable, resilient and diversified economic growth through its new Strategy 2.0 framework. This emphasises targeted support for strategic sectors critical to the country’s economic diversification efforts, positioning ECI as a key driver of the UAE’s future economic resilience.
Source: Berne Union, 2020-2025.
Globally, improved coordination between government agencies responsible for export, development and climate finance has become paramount. ECI is proactively responding to this trend by adopting a comprehensive “whole-of-government” approach to working effectively with government ministries, financial institutions and other key stakeholders. This approach not only fosters an integrated trade and investment ecosystem but also cements ECI’s position as a cornerstone institution supporting the collective economic ambitions of a “Team UAE”.
Figure 2: New Public and Private Cross-border Trade and Investment Support
Looking ahead, ECAs must increasingly prioritise business-driven approaches, expanding their role beyond traditional financing instruments to proactive market development and origination activities. Many agencies such as UK Export Finance have transitioned from passive risk mitigators to active “trade creators”, leveraging strategic product innovations such as critical raw material import guarantees and climate-oriented financial instruments to stimulate trade and investment growth. ECI’s ambitions to further expand competitive buyer credit insurance, project finance offerings, and targeted investment and CAPEX guarantees exemplifies this shift, directly supporting UAE companies in accessing new markets and driving the green transition.
As industrial policy regains prominence, ECI needs to broaden its engagement in levelling the global playing field. This includes deepening support for critical sectors such as manufacturing, telecommunications and renewable energy, while diversifying geographic exposure beyond the Middle East to regions such as Africa, Asia and Europe. By strategically expanding their reach and refining their product portfolios, ECAs can make a significant contribution to job creation, economic resilience and sustainable diversification. Ultimately, ECI’s evolving role as a catalyst for the UAE’s non-oil economic diversification and industrial transformation reflects global trends in export finance. Through proactive strategies and extensive stakeholder engagement, ECI is well-positioned to deliver on the UAE’s vision, support economic growth and reinforce its pivotal role in shaping the future of international trade and investment.
About the Author
Professor Andreas Klasen is the Director of the lill Institute for Public Value, leading the Institute’s Oxford Research Hub. He is also an Honorary Research Associate at the University of Oxford. His impact-driven research focuses on international finance, economic competitiveness and public policy. Additionally, Professor Klasen advises governments, public financial institutions and international organisations on strategy, analytics and organisational development.
The UAE and GCC: Pioneering Trade Tech for Future Growth
Dr Yasar Jarrar Managing Parter, Gov Campus (IAG) and Professor, Hult International Business School
In an era marked by volatility in global trade, the United Arab Emirates and the broader GCC are emerging as resilient and forward-thinking actors, not just navigating change but actively shaping the next chapter of global commerce. As traditional trade models come under pressure from geopolitical tensions, shifting supply chains, and digital disruption, the Gulf region is demonstrating that strategic vision, investment in technology, and regional cooperation can turn uncertainty into opportunity.
The UAE, in particular, has achieved a remarkable milestone — reaching a record AED 3.5 trillion (approximately $953 billion) in non-oil foreign trade in 2023. This performance not only highlights the country’s success in diversifying beyond hydrocarbons but also reinforces its strategic role as a global trade and logistics hub. Non-oil exports surged by 16%, and re-exports by 12 percent, illustrating the strength of its integrated infrastructure, advanced customs systems, and international trade partnerships.
Across the GCC, similar trends are unfolding. Saudi Arabia’s non-oil exports hit $74 billion last year, while Qatar and Oman continue to grow their logistics and manufacturing sectors. Together, the region is positioning itself at the crossroads of Asia, Africa, and Europe—reviving and redefining the ancient Silk Road in a digital, high-speed age.
Central to this transformation is the rapid acceleration of digital trade. The UAE’s digital services exports reached $47.91 billion in 2023, with strong growth expected to continue at a CAGR of 12.3 percent through 2028. These gains are supported by a new generation of trade agreements — such as the UAE’s Comprehensive Economic Partnership Agreements (CEPAs) — that go beyond tariff reductions to include provisions for digital commerce, cross-border data flows, and intellectual property protections.
But it is in TradeTech — the fusion of technology and trade — where the UAE and GCC are setting new global benchmarks. Artificial intelligence is now powering predictive logistics, blockchain is securing cross-border transactions, and digital platforms are reshaping trade finance. From smart ports in Jebel Ali to paperless customs systems in Bahrain, the region is proving that technology can drive down costs, speed up transactions, and build more resilient supply chains.
While global trade remains susceptible to fragmentation, the outlook for the UAE is bright. Its geographic location, world-class infrastructure, and diplomatic agility uniquely position it as a connector between East and West — a role that is increasingly critical in a fragmented global economy. As companies and governments seek alternative trade routes and digitally enabled supply chains, the UAE offers not just a gateway, but a launchpad for future growth.
Amidst the shifting dynamics of globalization, the UAE and its Gulf neighbors are not merely reacting to the future — they are building it. Through bold investments, strategic openness, and a commitment to innovation, they are laying the foundations for a new era of smart, inclusive, and tech-enabled global trade. The rest of the world would do well to take note.
