ANNUAL REPORT 2025
FEDERAL COMPANY
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Copyright © 2026 Etihad Credit Insurance. All rights reserved. No part of this publication may be reproduced, stored, or transmitted in any form or by any means without prior written permission from Etihad Credit Insurance. The views expressed in this publication are those of the contributors and do not necessarily reflect the official policy or position of ECI. 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.
Backing UAE Exports with Confidence Driving Stability in a Changing Trade Landscape Etihad Credit Insurance Annual Report 2025
Table of Contents Message from the Chairman
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Message from the CEO
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ECI Strategic Overview
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Governance & Leadership
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What ECI Does
19
Milestones
25
Beyond Numbers: ECI’s Impact in 2025
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The ECI Advantage: Helping UAE Exporters Thrive
35
Xport Xponential Program
39
Smarter Trade Support Through AI-Driven Innovation
43
Advancing Sustainable Trade for a Resilient Future
45
Enabling Trade in a Fragmented Global Economy
47
Redefining Trade Finance in a Changing World
49
Advancing Resilience Through Economic and Technology Diplomacy
52
Dubai's economic momentum: resilience, diversification, and the road ahead
55
Building Bridges, Driving Growth: The UAE Private Sector in a Transforming World
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The UAE: A Centre of Gravity in a Fast-Changing World
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Africa and the UAE: A Partnership Built for the New Global Order
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Reshaping How Climate Finance Flows
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List of Abbreviations AML
Anti-Money Laundering
ARC
Audit and Risk Committee
BU
Berne Union
CEO
Chief Executive Officer
CEPA
Comprehensive Economic Partnership Agreement
CRM
Customer Relationship Management
EC
Executive Committee
ECA
Export Credit Agency
ECI
Etihad Credit Insurance
ESG
Environmental, Social, and Governance
ESRA
Environmental and Social Risk Assessment
EXIM Bank
Export Import Bank
FDI
Foreign Direct Investment
GCC
Gulf Cooperation Council
GRC
Governance, Risk and Compliance
GVC
Global Value Chain
IFRS
International Financial Reporting Standards
IMF
International Monetary Fund
ITC
International Trade Centre
KPI
Key Performance Indicator
KYC
Know Your Customer
LC
Letter of Credit
MANCO
Management Committee
MLT
Medium- and Long-Term (Credit Insurance)
MoIAT
Ministry of Industry and Advanced Technology
MoU
Memorandum of Understanding
NPL
Non-Performing Loan
NZECA
Net-Zero Export Credit Agencies Alliance
OECD
Organisation for Economic Co-operation and Development
PRI
Political Risk Insurance
RWA
Risk-Weighted Assets
SDGs
Sustainable Development Goals
SMEs
Small and Medium Enterprises
ST
Short-Term (Credit Insurance)
TECHCO
Technical Committee
UAE
United Arab Emirates
UNCTAD
United Nations Conference on Trade and Development
UNEP
United Nations Environment Programme
UNEP-FI
United Nations Environment Programme Finance Initiative
UNFCCC
United Nations Framework Convention on Climate Change
WTO
World Trade Organisation
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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.
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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.
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Message from the Chairman
H.E. Dr. Thani bin Ahmed Al Zeyoudi Minister of Foreign Trade Chairman of ECI Board of Directors
The United Arab Emirates (UAE) continues to chart a confident path toward a resilient, innovation-driven, and future-ready economy, guided by the vision and unwavering support of its leadership. This progress is not incidental – it is the result of a deliberate strategy rooted in economic diversification, global connectivity, and forward-looking policymaking. Today, non-oil sectors contribute more than 75 percent to national GDP, a clear reflection of the increasing strength of our exports, re-exports, and non-oil foreign trade, and their importance to our economic growth, diversification and resilience. In 2025, the UAE’s non-oil foreign trade reached a historic milestone, exceeding AED 3.8 trillion for the first time and reflecting a year-on-year growth of approximately 27 percent. This performance was driven by a surge in non-oil exports, which reached AED 813.8 billion to reinforce the UAE’s position as a leading global trade hub. Notably, the UAE entered the world’s top 10 merchandise exporters for the first time in 2025, ranking ninth globally as well as 13th in services exports, and 25th in digital trade. These achievements are a testament to the success of the UAE’s long-term economic strategy under the “We the UAE 2031” vision, with key national targets being reached many years ahead of schedule. The UAE’s approach is built on championing open trade and strengthening global connectivity. The country continues to expand its global footprint through a dynamic network of trade corridors and strategic partnerships, including Comprehensive Economic Partnership Agreements (CEPAs) with key markets.
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Within this environment, ECI plays a critical role in translating this national approach into tangible outcomes – enabling exporters to confidently access new markets, mitigate risk, and sustain growth despite evolving global uncertainties. Its tailored credit solutions and strategic collaborations have empowered exporters to navigate complex global environments with confidence, while leveraging the market-access benefits of our CEPA program. This is evident in ECI’s strong performance in 2025, with non-oil insured turnover reaching AED 14.7 billion and a total gross exposure of AED 10.5 billion, effectively covering nearly 2 percent of the total UAE non-oil export values. Our outreach extended to 30 sectors across 110+ countries, covering non-oil trade and investment. Moreover, ECI participated in 64 local, regional, and international engagements, further reinforcing our role as a trusted trade enabler and an active contributor to national economic growth. Our continued performance is further underlined by ECI’s AA- rating for the seventh consecutive year, underscoring the strength of our financial solutions and the confidence we continue to build in global markets. Looking ahead, ECI remains firmly aligned with the UAE’s strategic priorities. By continuing to empower exporters, strengthening global partnerships, and unlocking opportunities across priority sectors, ECI will play an integral role in shaping a more diversified, competitive, and interconnected economy. Together with our partners across government and industry, at home and abroad, we will continue to support the UAE’s evolution as a leading global trade hub and a model for sustainable economic development in an increasingly complex world.
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Message from the CEO
H.E. Raja Al Mazrouei CEO, Etihad Credit Insurance (ECI)
As we reflect on 2025, it is evident that the global economic landscape continues to be shaped by complexity, evolving trade dynamics, and shifting geopolitical realities. Yet, amidst this uncertainty, the UAE has once again demonstrated exceptional resilience, adaptability, and forward-looking ambition, guided by the vision of its wise leadership. At Etihad Credit Insurance (ECI), we are proud to play a pivotal role in supporting this national vision by safeguarding national exports, enabling business confidence, and reinforcing the country’s position as a trusted global trade partner. In 2025, our strategic focus remained firmly aligned with the “We the UAE 2031“ vision, reinforcing ECI's role as the UAE's federal export credit company and a key enabler of the nation's non-oil export growth. We continued to introduce innovative solutions that strengthen commercial risk management, expand access to export financing, and support businesses in navigating global markets with confidence. By leveraging digital innovation, strategic partnerships, and tailored credit solutions, we empowered UAE exporters and manufacturers, particularly SMEs, to seize new opportunities, diversify into high-potential markets, and compete successfully on the global stage.
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The year marked a significant milestone in our ongoing transformation journey. Driven by operational excellence, digital innovation, and strengthened collaboration across regional and international markets, ECI supported AED 14.7 billion in non-oil trade and investment, spanning 30 economic sectors and facilitating access to more than 110 international markets. During the year, the Company maintained over 11,700 active credit limits, reflecting the breadth of its support for UAE exporters across diverse industries and markets. This strong performance reflects the resilience and diversification of our portfolio, with SMEs accounting for a significant share of beneficiaries. Throughout the year, ECI further strengthened its role in supporting UAE exporters by enhancing risk protection, expanding access to finance, and delivering innovative trade credit insurance solutions that enable businesses to compete with confidence in global markets. Total gross written premiums (GWP) reached AED 90.3 million in 2025, reflecting sustained demand for ECI's solutions and the continued trust placed in the Company by exporters, financial institutions, and strategic partners. As we look towards the future, we remain focused on driving impact. We will continue to deepen market penetration, accelerate our digital transformation agenda, and play a central role in advancing the UAE’s ambition to become a global leader in sustainable and diversified trade. I would like to thank our Board of Directors, stakeholders, ecosystem partners, and every member of ECI, for their unwavering dedication and hard work, which has significantly fuelled our achievements.
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ABOUT US Etihad Credit Insurance
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Etihad Credit Insurance (ECI) is strategically important to the UAE as the country’s official export credit company. It was established to support 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, facilitates access to working capital and project financing, and enhances access to trade finance solutions across 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 expanding portfolio, with exposure reaching AED 10.5 billion in 2025, supporting trade and investment flows across more than 110 destinations and 30 economic sectors. Its support spans key industries including logistics, financial services, manufacturing, and energy, contributing to the resilience and diversification of the UAE’s non-oil economy.
ECI is committed to driving impact not only in 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 continues to support the UAE’s position as a global hub for trade, investment, and sustainable economic development.
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ECI Strategic Overview Etihad Credit Insurance
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MISSION Enabling every UAE business to trade across the globe with confidence, by providing solid trade credit solutions, easy access to finance, and expert market insights.
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VISION Enabling sustainable and secure non-oil trade for the UAE’s economy, propelling it towards a resilient and diversified future.
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Governance & Leadership Etihad Credit Insurance
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Etihad Credit Insurance (ECI) is overseen by a Board of Directors chaired by H.E. Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade. The Board provides strategic oversight, ensuring that ECI's policies and operations remain aligned with the UAE's economic agenda and includes representation from the UAE's key federal and emirate-level institutions. Under the leadership of H.E. Raja Al Mazrouei, Chief Executive Officer, ECI has continued to strengthen its governance framework, enhance risk management practices, and drive institutional innovation. Governance Update Following the reporting period, a new Board of Directors was appointed in June 2026. As this appointment took place after the period covered by this Annual Report, the Board members presented in this section reflect the governance structure in place during the 2025 reporting period.
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Board of Directors
H.E. DR. Thani Bin Ahmed Al Zeyoudi Minister of Foreign Trade Chairman of ECI Board of Directors
H.E. Sheikh Sultan Bin Mohemmed Bin Rashid Al Nuaimi
H.E. Sheikh Omar Bin Saqr Al Qasimi
Director General, Department of Ports & Customs, Ajman
CEO, The Investment & Development Office, RAK
H.E. Maryam Matroushi Deputy Director, Department of Finance, Fujairah
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H.E. Omar Ahmed Al Suwaidi Undersecretary, Ministry of Industry & Advance Technology
Mr. Mohammad Al Kamali
Chief Trade & Industry Officer at ADIO
Mr. Mohamed Sharaf COO, Investment Attraction at Dubai Economic Development Corporation (DEDC), Dubai DET
Mr. Sameh Abdulla Al Qubaisi
Mr. Amer Abdul Rahim Kazem
Group Head Global Markets, First Abu Dhabi Bank
Group Chief Audit Officer, Emirates NBD
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ECI 2025 Management Team
H.E. Raja Al Mazrouei Chief Executive Officer, Etihad Credit Insurance
Mohammed Jamal Tahlak
Director of Underwriting and Reinsurance
Director of IT & Innovation
Yasmin Bahgat
Mohammad Sulaiman
Hamad Abdalla Al Omran Head of Strategy & PMO
Head of Export Finance & Acting Director of TCI
Abdelrahman Al Qasem Head of Finance
Etihad Credit Insurance
Ali Saleh Al Ali
Haitham Al Khazaleh
Director of Corporate Support
Head of GRC
Ruba Al Ayed
Head of MarCom & Sales
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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
Facilitating financing
and investments against non-payment risks.
by partnering with banks and trade platforms.
Enhancing business
Promoting diversification
confidence through strategic market intelligence.
across sectors, geographies, and business sizes.
As of end-2025, ECI has supported AED 14.7 billion in non-oil trade and investment flows, covering more than 110 countries and 30 strategic sectors.
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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.
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Partner Ecosystem ECI has cultivated a comprehensive and trusted partner ecosystem that includes:
UAE Ministries The Ministry of Foreign Trade, Ministry of Economy & Tourism, 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), ECI maintains a strong global network of export credit agencies, including partnerships with leading international institutions.
International Associations Including the Berne Union, Aman Union, and the Net-Zero Export Credit Agencies Alliance (NZECA), and BRICS, reinforcing global alignment and sustainable trade practices.
Reinsurers Rated ‘A’ or above, expanding ECI’s capacity to underwrite risks of up to AED 500 million per transaction.
In 2025, ECI further strengthened its international footprint through expanded partnerships and strategic collaborations. ECI expanded its global network through new MoUs with key partners including SINOSURE (China), ABGF (Brazil), the Ministry of Finance of Chad, Al Maryah Community Bank, Reem Finance, Al Masraf, and the Abu Dhabi Investment Office (ADIO), alongside the renewal of its agreement with the Export Credit Bank of Türkiye, strengthening collaboration in joint underwriting, risk-sharing, and co-financing. Edited. These partnerships reflect ECI’s active role in enabling global trade flows, strengthening cross-border collaboration, and supporting high-impact projects aligned with the UAE’s economic and sustainability priorities. Etihad Credit Insurance
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UAE Ministries
Chambers of Commerce
Banks & Financial Institutions
Global ECAs
International Associations
Reinsurers
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Risk Mitigation In 2025, ECI reinforced its role as a strategic trade enabler by:
Renewing its strong reinsurance treaty, supported by ten leading international reinsurers rated ‘A’ and above, enhancing its risk capacity and allowing coverage of up to AED 500 million per risk, with 60% ceded under a quota-share arrangement. Maintaining disciplined underwriting and prudent reserving practices, in line with its developmental mandate, ensuring resilience and stability amid evolving market conditions.
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ESG Considerations ECI has an ESG Relevance Score of '4' for Governance Structure due to its sovereign ownership, reflecting the high governance ESG Relevance Scores of the UAE sovereign ratings.
“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
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Milestones Etihad Credit Insurance
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2018
2019
Issued its first SME policy; earned Fitch AA- rating.
2021
Became full member of Berne Union.
2023
Joined the Net-Zero Export Credit Agencies Alliance (NZECA).
ECI established as UAE’s federal company with strong capital backing.
2020
Fitch rating AA- reaffirmed, ECI Reinsurance Treaty signed.
2022
Supported landmark wind energy project in Uzbekistan.
2024
Maintains AA- Fitch rating for the 6th consecutive year.
2025
Maintains AA- Fitch rating for the 7th consecutive year. Supported AED 14.7B in trade and investment across 110+ destinations and 30 sectors.
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.
Advanced green finance and risk-sharing capabilities through global initiatives and alliances.
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Beyond Numbers: ECI’s Impact in 2025 Etihad Credit Insurance
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Driving National Growth Through Trade Facilitation The UAE’s non-oil foreign trade reached a historic milestone in 2025, exceeding AED 3.8 trillion for the first time, reflecting a growth of approximately 27 percent year-on-year. This performance was driven by a strong surge in non-oil exports, which reached AED 813.8 billion, reinforcing the UAE’s position as a leading global trade hub. This momentum reflects the success of the UAE’s long-term economic strategy under the “We the UAE 2031” vision, with key national targets being achieved ahead of schedule, further strengthening the country’s position as a globally competitive and trusted trade and investment hub. Building on this momentum, Etihad Credit Insurance (ECI) supported AED 14.7 billion in trade and investment flows in 2025, contributing to the continued expansion of UAE exports and strengthening the resilience of the country’s non-oil economy. This represents approximately 2 percent of the UAE’s total non-oil exports.
2025 by the Numbers: Gross Exposure
AED
10.5 billion
Non-oil Trade & Investments
AED
14.7 billion
Countries Covered
110+
Active Credit Limits
11,700+
Gross Written Premium
AED
2025 Collection Success Rate
68%
Information Network
600+ million Companies
90.3 million
“Export credit agencies play a crucial role in supporting and enabling international trade and foreign direct investment.” Professor Dr Andreas Klasen, Journal of World Trade, 2025
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CEPA-Driven Trade Impact The CEPA programme has proven transformative for UAE trade, emerging as a key driver of export growth and global market expansion. In 2025, non-oil exports to CEPA partner countries reached approximately AED 175.5 billion, accounting for over one-fifth of total exports, highlighting the growing impact of these agreements in strengthening trade flows and expanding global market access. The UAE has concluded CEPAs with key partners including India, Türkiye, Indonesia, Serbia, Jordan, Uzbekistan, and Vietnam, while negotiations continue with additional markets across Asia and Africa, further reinforcing the country’s position as a globally connected trade hub. ECI’s risk protection and financing facilitation continue to play a critical role in enabling exporters to capture these opportunities across diverse and high-growth markets.
Reaffirmation of financial strength: ECI maintained a strong Ratings for the 7th 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. The ratings of ECI are aligned with the Long-Term IDR of the UAE (AA-/Stable), reflecting Fitch's view of an extremely high probability of support from the UAE authorities if needed, given its systemic importance to the UAE and its specific government policy role in the diversification of the UAE's economy.
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Portfolio Analytics 2025 Insights from Etihad Credit Insurance's Exposure Composition and Sectoral Focus
Exposure by Tenure ECI’s portfolio in 2025 demonstrates a balanced approach across multiple lines of business, aligned with global ECA shifts toward medium- and long-term stability and strategic transformation financing. 66.3% of exposure is in Short-Term Credit Insurance (ST), supporting frequent trade cycles, especially in manufacturing, ICT, and agri-exports. 20.4% is in Medium and Long-Term (MLT) commitments, reflecting ECI’s increasing participation in infrastructure, energy, and capital-intensive ventures. 13.3% of the portfolio is in Political Risk Insurance (PRI), supporting clean energy, electrification, and infrastructure projects in frontier markets, including Africa.
ECI 2025 Exposure Split by Tenure
PRI 13.3%
MLT 20.4%
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ST 66.3%
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Short-Term Credit Insurance: Sector Highlights ECI’s Short-Term (ST) portfolio in 2025 continued to reflect strong exposure across trade-driven sectors that support the UAE’s non-oil export growth and broader economic diversification objectives. The portfolio remained largely driven by manufacturing, agriculture, transportation, and construction-related industries, aligned with evolving global trade flows and market demand. The leading ST sector exposures were:
Product Manufacturing – 21.6% Agriculture and Food – 16.0% Automobile and Transportation Manufacturing – 15.0% Construction and Engineering – 12.3% Non-Energy Commodities – 7.1%
These sectors mirror the UAE’s growth engines, benefiting from CEPA-related trade boosts and ECI’s collaboration with partner banks.
Top Short-Term Exposure Sectors 2025
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Medium & Long-Term (MLT): Sector Dynamics ECI’s Medium & Long-Term (MLT) portfolio in 2025 remained focused on strategic and capital-intensive sectors that contribute to infrastructure development, energy security, and long-term economic resilience. The portfolio reflects ECI’s continued support for transformational projects aligned with national and global sustainability priorities. The leading MLT sector exposures were:
Energy Transmission (Electrification Grids) – 43.2% Infrastructure – 40.0% Renewable Energy – 15.5% Manufacturing – 1.4%
This reflects ECI’s support for UAE industrial expansion and grid and electrification efforts in Africa and South Asia.
Top MLT Exposure Sectors 2025
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ECI’s impact in 2025 extended well beyond the UAE’s borders, further globalizing the reach of UAE exporters. The non-oil exports insured by ECI spanned over 110+ countries across Asia, Africa, the Americas, Europe, and Oceania, providing UAE companies with a secure pathway to enter and grow in international markets. This broad international footprint demonstrates how ECI enables businesses to expand confidently across diverse regions while mitigating commercial and political risks. By protecting exporters against buyer default and geopolitical uncertainties, ECI continues to transform global opportunities into sustainable export growth for UAE businesses. ECI's global portfolio remained well diversified in 2025, supporting UAE exporters in key international markets where they are growing their business and serving customers, including Iraq, Saudi Arabia, India, Angola, Uzbekistan, Singapore, Oman, Egypt, Türkiye, Kuwait, Qatar, the United States, and the United Kingdom, among other markets, reflecting the breadth of ECI's global reach across strategic trade corridors and high-growth markets. Notably, several strategic transactions and infrastructure-related projects across Africa continued to benefit from ECI’s support, often in collaboration with international ECAs and financial institutions. Through its comprehensive risk coverage solutions across both emerging and developed markets, ECI continues to empower UAE exporters to expand globally while safeguarding them against insolvency, protracted defaults, and geopolitical risks. In doing so, ECI is helping more UAE-made products and services access international markets with confidence under the protection of export credit insurance.
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Market Reach and Exporter Impact ECI Global Exposure Map - Country Risk Classifications
UK
CH TR
UZ
US KW
IQ
DZ SA
EG
BH
QA
UAE OM
IN
SH
SO
GH
EC
AO PE
BR
ZA
110+ Countries with Exposure
Supporting UAE exporters to grow globally
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Low Risk
Medium Risk
High Risk
(Bubble size represents exposure size)
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The ECI Advantage: Helping UAE Exporters Succeed Globally Etihad Credit Insurance (ECI) plays a critical role in enabling UAE businesses to navigate global markets with confidence, supporting the nation’s non-oil trade ambitions and strengthening strategic sectors aligned with the UAE’s long-term economic vision. In 2025, ECI continued to enhance its support across multiple dimensions, expanding market access, enabling financing, and safeguarding UAE exporters in an increasingly complex and evolving global trade environment.
Championing Non-Oil Commodities and Critical Minerals ECI continues to play a key role in positioning the UAE as a global hub for non-oil commodities, particularly across metals, critical minerals, and emerging green value chains. Through collaboration with local and international banks, as well as global commodity players, ECI has enabled high-value transactions that support the UAE’s economic diversification and industrial strategy. These efforts contribute to strengthening the UAE’s position in future-focused sectors, including energy transition minerals, sustainable manufacturing, and green technologies. By maintaining a strong focus on priority sectors such as the circular economy, food and water security, healthcare, education, technology, biotech, mobility, electrification, and grid modernization, ECI continues to support the UAE’s green growth agenda and reinforce a resilient and sustainable economic foundation.
Scaling SME Support and Middle Market Growth Recognizing that SMEs are a key pillar of the UAE economy, ECI has continued to expand its efforts to unlock financing for small and medium-sized enterprises. Through initiatives such as the Middle Market Program, launched in collaboration with UAE banks, ECI addresses the specific needs of mid-sized businesses, particularly in high-impact sectors including agricultural commodities, fertilizers, technology, and renewable energy. By providing trade credit protection and facilitating access to working capital, ECI enables SMEs to participate more actively in global trade, supporting inclusive growth and innovation across the UAE.
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Expanding Global Footprint and Sectoral Impact In 2025, ECI’s reach extended to more than 110 countries, supporting a diverse range of sectors aligned with national priorities and Sustainable Development Goals (SDGs). From agriculture and food security to ICT and clean energy, ECI’s footprint reflects the UAE’s ambition to strengthen its position across global trade corridors while advancing ESG-aligned development. By enabling exporters to access high-potential markets across Africa, Asia, and the CEPA network — including India, Türkiye, Uzbekistan, and other key partners — ECI supports UAE businesses in expanding their global presence in a secure, sustainable, and strategic manner.
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Looking Ahead As ECI enters its next phase of growth, the Company remains focused on advancing the UAE's foreign trade agenda by accelerating non-oil exports, strengthening the competitiveness of national businesses, and expanding access to global markets. ECI will continue to develop innovative financing and insurance solutions, deepen collaboration with banks, export credit agencies, and strategic partners, and leverage the opportunities created by the UAE's Comprehensive Economic Partnership Agreements (CEPAs). Together, these priorities will further reinforce ECI's role as a strategic enabler of sustainable trade, investment, and economic diversification.
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Key Priorities Expand innovative financing and insurance solutions that strengthen the competitiveness of UAE exporters. Deepen collaboration with banks, export credit agencies, and strategic partners to broaden market access and financing opportunities. Leverage the opportunities created by the UAE's Comprehensive Economic Partnership Agreements (CEPAs) to accelerate non-oil exports and support business expansion. Continue empowering UAE businesses—particularly SMEs—to compete confidently in regional and global markets. By continuing to support UAE exporters, strengthen strategic partnerships, and expand access to global markets, ECI will remain a trusted strategic partner in advancing sustainable trade, investment, and economic diversification for the UAE.
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Xport Xponential Program Etihad Credit Insurance
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Xport Xponential: Accelerating SME Export Growth The successful completion of the Xport Xponential Program in 2025 marked a major milestone in ECI’s efforts to accelerate SME export growth and strengthen the UAE’s non-oil economy. Launched under the “Make it in the Emirates” initiative, the program was designed to equip high-potential UAE SMEs with the financial, strategic, and market-access capabilities needed to expand internationally. The initiative brought together a strong ecosystem of government entities, financial institutions, and strategic partners, creating an integrated export-enablement platform aligned with the UAE’s broader economic diversification agenda and the objectives of the “We the UAE 2031” vision. During the program, participating SMEs received tailored advisory support, market access opportunities, and export readiness guidance, with a strong focus on CEPA markets including India, Indonesia, Saudi Arabia, and Oman. A key outcome of the initiative was the successful facilitation of AED 174 million in working capital support for participating SMEs through four of ECI’s banking partners: First Abu Dhabi Bank (FAB), Commercial Bank of Dubai (CBD), Ajman Bank, and Al Maryah Community Bank (Mbank).
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Program Impact 19 strategic partners 11 participating SMEs AED 174 million financing unlocked AED 31.3 billion export opportunity pipeline Focus markets: India
Indonesia
Saudi Arabia
Oman
Leadership Perspectives & Ecosystem Collaboration The success of Xport Xponential reflects the strength of public-private collaboration in enabling UAE exporters to scale globally. Participating financial institutions and ecosystem partners highlighted the importance of integrated financing solutions and export support mechanisms in unlocking SME growth and strengthening the UAE’s non-oil economy.
Leadership Perspective “ECI’s ‘Xport Xponential’ programme aligns with the UAE’s strategic vision to diversify its revenue sources away from oil. It offers integrated financial and insurance solutions, particularly to SMEs, enabling them to scale internationally, while mitigating major export-related risks.” H.E. Raja Al Mazrouei, CEO, Etihad Credit Insurance (ECI)
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Partner Perspectives “We continue to demonstrate our commitment today by empowering the nation’s vibrant SME sector and creating tangible impact that supports the economic diversification and global competitiveness of the UAE.” Dr. Bernd van Linder, Chief Executive Officer – Commercial Bank of Dubai (CBD)
“The AED 174 million in funding collectively raised through this initiative is a powerful testament to the strength of public-private sector collaboration.” Mustafa Al Khalfawi Chief Executive Officer – Ajman Bank
“By empowering SMEs with access to working capital and innovative trade finance solutions, we are unlocking new opportunities for global growth.” Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth and Privileged Client Banking Group – First Abu Dhabi Bank (FAB)
“This initiative not only aligns with the UAE’s vision to diversify its economy and boost non-oil exports but also opens new opportunities for local businesses in vital sectors to thrive internationally.” Mohammed Wassim Khayata Chief Executive Officer – Al Maryah Community Bank (Mbank)
Building on the success of Phase One, ECI will continue expanding strategic partnerships and developing innovative financing and risk mitigation solutions to support UAE exporters and reinforce the country’s position as a leading global trade and investment hub.
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Smarter Trade Support Through AI-Driven Innovation Etihad Credit Insurance
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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 2025, ECI enhanced its technology infrastructure to deliver faster, more accurate, and insight-driven credit decisions. With access to a global database of over 600 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.
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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.
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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 expanding support for sustainable sectors, advancing green finance initiatives, and promoting responsible trade and investment, ECI continues to play an important role in supporting sustainable economic growth in the UAE and international markets.
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Enabling Trade in a Fragmented Global Economy Global trade is no longer operating under the same assumptions it did a decade ago. Etihad Credit Insurance
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What we are seeing today is a more fragmented system, shaped by geopolitical tensions, shifting alliances, and a more cautious approach to risk. This is not a temporary disruption. It is a structural shift in how trade and trade finance operate. The impact on businesses is already clear. Payment cycles are getting longer. Default risk is increasing. Access to financing is becoming more constrained. At the same time, volatility and supply chain disruptions are putting pressure on profitability and limiting growth. For financial institutions, the response has been equally significant. Risk appetite is becoming more selective, and capital is being deployed more carefully. Trade finance is no longer driven by credit risk alone. Every transaction is now assessed through a wider lens that includes geopolitical exposure, regulatory complexity, and supply chain resilience In this environment, the role of export credit agencies has become more critical.
At Etihad Credit Insurance (ECI), our response has been focused and deliberate. We have maintained competitive pricing to ensure continued access for businesses. We have enhanced coverage limits and introduced greater flexibility in our policies. At the same time, we have increased our risk capacity through calibrated capital allocation to support growth where it is needed. But the real shift is not just in how risk is mitigated. It is in how it is structured. In a fragmented system, the challenge is to keep trade moving. This requires closer collaboration between insurers, banks, and exporters, as well as more sophisticated risk-sharing mechanisms. Through our partnerships with local and international financial institutions, ECI is helping to unlock financing and enable trade flows, particularly in higher-risk and emerging markets. The objective is clear. Not just to protect individual transactions, but to ensure continuity across trade flows. Because in today’s environment, the ability to structure and share risk effectively is what determines whether trade continues or slows down.
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Redefining Trade Finance in a Changing World Trade finance is undergoing a fundamental shift.
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For many years, the focus was largely on credit risk. If the counterparty was sound, the transaction moved forward. That model is no longer sufficient. Today, trade finance decisions are shaped by a much broader set of considerations. Geopolitical exposure, regulatory and sanctions frameworks, and supply chain resilience are now central to how risk is assessed. This is making the market more selective, and in many cases, more constrained. We are seeing the consequences of this shift across the market. Capital is becoming more expensive. Access to financing is tightening, particularly for small and medium-sized enterprises. Payment delays are increasing, and trade flows are becoming more complex to manage. In this environment, the role of institutions like Etihad Credit Insurance (ECI) is evolving. Our focus is not only on mitigating risk, but on structuring it in a way that enables trade to continue. This includes supporting transactions across non-aligned and emerging corridors, facilitating partnerships between banks and exporters, and enabling risk-sharing frameworks that unlock financing.
Recent collaborations between ECI and other external stakeholders, such as International ECA’s and financial institutions highlight how this model is becoming essential. Risk is no longer carried by a single institution. It is distributed, structured, and managed across multiple stakeholders. At the same time, the role of trade finance itself is shifting. It is no longer about enabling a single transaction. It is about ensuring that trade systems remain functional under stress. This includes supporting businesses in adapting to changing conditions, accessing alternative markets, and maintaining continuity across supply chains. In a more fragmented global environment, neutrality is no longer a passive position. It is an active capability. It requires discipline, strong compliance, and the ability to operate across multiple systems while maintaining trust. This is where institutions that can enable connection will lead. And this is where we see ECI’s role continuing to expand, as a partner that not only protects trade, but helps sustain it.
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Partner Contributions & Industry Insights Etihad Credit Insurance
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Advancing Resilience Through Economic and Technology Diplomacy H.E. Omran Anwar Al Sayed Mohd Al Hashmi Assistant Minister of Advanced Science and Technology
In recent years, the global economy has undergone profound transformations driven by geopolitical developments, evolving trade dynamics, technological advancement, climate-related challenges, and shifting supply chain structures. Despite these uncertainties, the United Arab Emirates has continued to demonstrate remarkable resilience and adaptability, reinforcing its position as a leading global hub for trade, investment, innovation, and sustainable economic growth. Guided by the wise leadership and forward-looking vision of the UAE, the Ministry of Foreign Affairs remains committed to advancing the country’s economic and technology diplomacy agenda and strengthening the UAE’s strategic partnerships across the world. The Ministry continues to play a pivotal role in supporting national economic priorities by fostering international cooperation, facilitating economic dialogue, and enhancing the UAE’s engagement with governments, international organizations, financial institutions, and the private sector. The UAE’s success in navigating a complex global environment reflects the strength of its diversified economic model, its openness to international cooperation, and its proactive approach toward building resilient and future-oriented partnerships. The country has continued to expand its global economic footprint through strategic agreements, investment partnerships, and initiatives that support sustainable development and long-term prosperity.
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In this context, economic diplomacy has become an increasingly important pillar of international relations. Through its diplomatic missions and extensive international engagement, the Ministry of Foreign Affairs works to identify opportunities for cooperation in key sectors, support UAE businesses abroad, facilitate investment flows, and contribute to strengthening global confidence in the UAE economy. The Ministry also supports efforts aimed at enhancing market access, promoting sustainable trade practices, and reinforcing the UAE’s role as a trusted and reliable economic partner. At a time when global supply chains and trade systems continue to face significant pressures, international cooperation and institutional coordination remain essential to ensuring economic stability and sustainable growth. The UAE firmly believes that constructive partnerships, openness, and dialogue are fundamental to addressing global economic challenges and unlocking new opportunities for development and innovation. The Ministry also recognizes the important role played by national institutions in strengthening the UAE’s economic competitiveness and supporting the country’s non-oil diversification objectives. In particular, Etihad Credit Insurance continues to play a valuable role in supporting UAE exports and enhancing the confidence of businesses seeking to expand into regional and international markets. By enabling exporters and investors to navigate global markets with greater confidence, such institutions contribute to strengthening the UAE’s position within the global trade ecosystem and advancing the country’s long-term economic ambitions. Furthermore, the UAE remains strongly committed to sustainability and inclusive economic growth as central pillars of its development strategy. The country continues to champion initiatives that support innovation, renewable energy, food security, digital transformation, and climate action, while fostering an enabling environment for investment and entrepreneurship. These efforts not only contribute to national prosperity but also reinforce the UAE’s contribution to regional and global economic resilience. The UAE has elevated technology diplomacy into a defining instrument of its foreign economic policy. Through strategic international partnerships spanning artificial intelligence, digital infrastructure, cybersecurity, and the space economy including a dedicated Space Economic Zone an integrated program that supports space startups and SMEs to contribute to the national space economy through partnerships with various partners in the country, the UAE is expanding its non-oil economic footprint and cementing its reputation as an indispensable partner in the industries that will define the next decade of global trade. To ensure these partnerships are conducted with the highest standards of integrity, the Ministry of Foreign Affairs has developed a comprehensive export control toolkit to ensure that UAE entities operate in full compliance with international commitments, reinforcing the UAE's credibility as a trusted partner across trade and critical and advance emerging technology.
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As the world continues to adapt to rapid economic and geopolitical changes, the UAE will remain focused on building bridges of cooperation, promoting stability, and strengthening partnerships that support shared growth and prosperity. The Ministry of Foreign Affairs will continue working closely with local and international stakeholders to advance economic cooperation, support sustainable development goals, and contribute to shaping a resilient and inclusive global economic future.
The UAE’s approach to economic diplomacy reflects its broader vision of partnership, openness, and constructive engagement with the international community. Through continued collaboration and innovation, the country is well positioned to navigate future challenges and seize emerging opportunities in an increasingly interconnected world.
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Dubai's economic momentum: resilience, diversification, and the road ahead Mohamad Sharaf Chief Operating Officer – Investment Attraction, Dubai Economic Development Corporation (DEDC) In a world navigating geopolitical realignment, trade fragmentation, and the rapid reconfiguration of global supply chains, the question facing every serious investor is no longer simply where to grow, but where to grow safely. Dubai's answer, delivered not in words but in results, has been consistent: a diversified, future-designed economy that endures, adapts, and continues to perform. For investors and entrepreneurs, this reflects stability and openness that have made Dubai one of the world’s most trusted hubs for growth. Throughout 2025, Dubai's economy delivered consistent, broad-based growth that cut across sectors and reinforced the structural resilience developed through long-term policy and economic planning. GDP expanded by 5.4% in the full year of 2025, reaching AED937 billion, driven by the depth and diversity of our economic base. Trade, real estate, financial services, transport, and technology all contributed meaningfully, confirming that Dubai's growth is built on genuinely diversified foundations. That diversification reflects deliberate, sustained policy under the Dubai Economic Agenda, D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with the ambition of doubling Dubai's economy in the decade up to 2033, and further consolidating its position as a leading global city for business and leisure. Critically, the D33 Agenda was crafted to ensure that the city retains its competitive advantage under any global conditions, through agile governance, strategic sector development, and the kind of institutional responsiveness that investors find rare elsewhere.
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The investment results reinforce this story. In the first half of 2025, Dubai attracted AED40.4 billion (US$11 billion) in estimated FDI capital, a 62% increase compared to the same period in 2024. Total announced FDI projects surged to 1,090, while Greenfield FDI projects reached 643, the highest number ever recorded by any city globally in a half-year period since Financial Times Ltd.'s fDi Markets began tracking data in 2003. Dubai retained first place globally for Greenfield FDI for the eighth consecutive half-year and advanced to second position globally for total FDI capital. These rankings signal the sustained confidence that global business leaders and investors place in Dubai's ecosystem, regulatory environment, and long-term potential. Tourism performance further demonstrates the breadth of this story. In 2025, Dubai marked its third consecutive record-breaking year for international visitation, welcoming 19.59 million international overnight visitors, a 5% year-on-year increase, reaffirming the emirate's position as a leading destination for business, culture, and leisure. Visitor growth of this scale feeds directly into our diversification trajectory, generating employment, stimulating trade, and deepening the city's global connections. At the Dubai Economic Development Corporation, the economic development arm of the Dubai Department of Economy and Tourism, our investment attraction mandate is built on exactly that confidence. We engage systematically with companies across strategic growth sectors such as advanced manufacturing, financial services, technology, professional services, and creative industries, to highlight Dubai as a platform for regional and global scale. This work is increasingly structured through formal partnerships, allowing us to build an ecosystem where the world's most ambitious companies naturally choose Dubai as their home and their launchpad.
Looking ahead, our priorities are clear. We are focused on accelerating Dubai's growth in artificial intelligence and the knowledge economy, deepening trade partnerships through the UAE's expanding network of Comprehensive Economic Partnership Agreements (CEPAs), and maintaining the open, enabling business environment that investors consistently cite as Dubai's defining competitive advantage. As we build purposefully towards the ambitions of the Dubai Economic Agenda, D33, we are confident that the cities leading the next decade will not be those that avoided disruption, but those designed for it. Dubai is one of them.
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Building Bridges, Driving Growth: The UAE Private Sector in a Transforming World H.E. Ali Mohamed Al Marzooqi Director General, Abu Dhabi Chamber of Commerce and Industry
The global economy is entering a new era, one defined by shifting alliances, evolving trade corridors, accelerating technologies, and rising competition for investment, talent, and influence. In moments like these, uncertainty often slows markets. But in Abu Dhabi, it is driving momentum. Across the emirate, the private sector is not retreating from change; it is advancing through it with confidence, ambition, and a growing global outlook. At Abu Dhabi Chamber, we witness this transformation every day through the strength and dynamism of our more than 174,000 member companies. Their ambitions are increasingly international, their outlook increasingly innovative, and their confidence firmly rooted in the UAE’s long-term economic vision. That confidence is supported by tangible results. In 2025, Abu Dhabi’s non-oil foreign trade exceeded AED 415 billion — a 36% increase, while non-oil exports surged by 63 percent to reach AED 175.4 billion, according to Abu Dhabi Customs. These are not temporary gains driven by market cycles. They reflect a deeper structural shift in the economy, one that is positioning Abu Dhabi as a globally connected hub for trade, investment, industry, and innovation. This transformation is being powered by a model built on partnership. Abu Dhabi’s economic success has always been rooted in strong alignment between government entities, national institutions, and the private sector. Today, that collaboration is becoming even more critical as businesses navigate increasingly complex global markets.
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Abu Dhabi Chamber’s 2025–2028 Roadmap was designed with this reality in mind. Developed by the private sector, for the private sector, the roadmap is focused on three strategic priorities: expanding market access, strengthening advocacy for business priorities, and enhancing the ease of doing business across the emirate. Through international trade missions, strategic partnerships, sector-focused initiatives, and direct engagement with businesses, the Chamber continues to create practical pathways for companies to grow beyond borders and compete globally with confidence. Yet ambition alone does not create export success. Companies need the right ecosystem around them, one that enables them to manage risk, unlock financing, access trusted networks, and enter new markets with confidence. This is where strategic partnerships become transformative. Abu Dhabi Chamber’s collaboration with Etihad Credit Insurance reflects a shared vision to strengthen the global competitiveness of national businesses and empower exporters with the tools needed to scale internationally. Together with the wider financial ecosystem, these partnerships are helping transform export potential into real market expansion — enabling businesses to move faster, operate smarter, and grow with greater confidence across international trade corridors. What distinguishes Abu Dhabi today is not only the scale of its ambition, but the strength of the ecosystem supporting it. Businesses operate within an environment defined by stability, advanced infrastructure, forward-looking regulation, and institutional cohesion. This creates something increasingly valuable in today’s global economy: certainty. As the world continues to evolve, Abu Dhabi is not waiting to see where global trade will move next. It is actively shaping the conversations, partnerships, and opportunities that will define the future economy.
The next chapter of Abu Dhabi’s private sector story will not simply be about growth. It will be about global influence, competitiveness, and long-term impact. And it is a chapter we are building together.
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The UAE: A Centre of Gravity in a Fast-Changing World Rola Abu Manneh Chief Executive Officer, UAE, Middle East and Pakistan - Standard Chartered
In a period defined by global volatility, economic fragmentation and shifting trade dynamics, the UAE enters this phase of global transformation from a position of genuine structural advantage. As trade patterns shift, supply chains reconfigure and businesses seek more resilient international platforms, the UAE’s combination of institutional depth, regulatory clarity and corridor centrality continues to strengthen its standing as one of the world’s most open and connected commercial environments. Businesses, investors and financial institutions are not simply maintaining their presence here, they are actively building through it. That confidence extends into the banking sector. Strong capitalisation, disciplined liquidity management and a robust regulatory framework have sustained momentum through periods of global and regional volatility, and the sector is well positioned to support the increasing complexity of cross-border financing. As businesses scale their international activity, the institutional strength of the UAE’s financial system provides the foundation on which clients can structure, execute and grow across multiple jurisdictions. Trade finance is the mechanism through which much of this growth moves. It supports the movement of goods, strengthens supply chain resilience and enables businesses to manage working capital requirements, payment risk and market access simultaneously. As international trade flows grow more interconnected, the ability to deliver financing, liquidity and risk management solutions across the full commercial cycle is becoming a defining capability for banks operating in major growth corridors; and an increasingly important enabler of long-term commercial momentum for the clients they serve.
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The UAE is particularly well positioned to support this activity. Companies across sectors are diversifying trade relationships, deepening international partnerships and strengthening operational resilience, generating new financing and connectivity requirements in the process. The UAE sits at the centre of the corridors where this activity is most dynamic, linking the Middle East to Asia, Africa, Europe and the United States. Sustained investment in infrastructure, logistics, digital capabilities and financial market development continues to deepen its function as a platform for international commerce at scale.
Looking ahead, success will increasingly depend on the ability to connect capital to opportunity, enable businesses to move goods and manage risk across borders, and support the kind of growth that requires not just market access but genuine institutional depth. The UAE’s position at the intersection of the world’s most important growth corridors, combined with a forward-looking economic framework and a financial sector built for cross-border complexity, makes it one of the world’s most compelling platforms for international business. That is a structural advantage and one that will only compound as global trade and investment flows continue to evolve.
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Africa and the UAE: A Partnership Built for the New Global Order Chantelé Carrington Chief Executive Officer – Invest Africa
The global trading system is being rewritten. Tariff barriers are rising, multilateral frameworks are under strain, and capital is searching for anchors of stability in an increasingly fragmented world. Against that backdrop, the relationship between Africa and the United Arab Emirates stands out — not as a product of geopolitical necessity, but as a genuinely strategic partnership for mutually beneficial and sustainable development. The numbers make the case plainly. Non-oil trade between the UAE and African countries surpassed $89 billion in the first nine months of 2025 alone, up nearly 13% year-on-year. Between 2019 and 2023, Emirati companies announced $110 billion in new African projects, with more than $70 billion directed toward renewable energy. Through DP World, the UAE manages six ports across the continent. The Comprehensive Economic Partnership Agreements (CEPAs) signed with Mauritius, Kenya, Angola, and several others across 2024 and 2025 lock in preferential terms across services, investment protection, and business mobility — and signal intent well beyond transactional deal-making. What makes this relationship structurally compelling is the degree of complementarity. The UAE needs what Africa has in abundance — critical minerals to feed the energy transition, agricultural commodities to underpin food security, and growth markets to diversify beyond hydrocarbons. Africa, for its part, needs capital, logistics expertise, and access to global trade networks that the UAE, uniquely positioned between East and West, can provide.
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Africa holds nearly 30% of the world's known critical mineral reserves — cobalt, copper, lithium, manganese, graphite — resources now written into the industrial strategies of every major economy. The continent is also home to six of the ten fastest-growing economies in 2026, and the IMF projects Sub-Saharan Africa will outpace Asia in economic growth this year for the first time. These are not peripheral statistics. They point to a continent whose strategic weight is rising precisely as the old frameworks of global trade are being renegotiated. Invest Africa's work sits at the centre of this moment. Through flagship events including The Africa Debate — bringing together heads of state, ministers, and senior business leaders in London and the Gulf — we convene the conversations that matter most to investors navigating the continent's opportunities. The clearest message from those conversations is this: the most sophisticated investors in Africa are no longer asking whether to engage, but how to structure partnerships that generate durable returns while contributing to industrial transformation. The UAE-Africa partnership is increasingly shaping that conversation. UAE investors, from sovereign wealth funds to private conglomerates, are moving up the value chain — from infrastructure and logistics into processing, manufacturing, and energy. This is exactly the kind of partnership Africa's governments are seeking: not capital extraction, but capital that builds productive capacity. The African Continental Free Trade Area (AfCFTA), covering a unified market of 1.4 billion people, provides the architecture to scale these partnerships across borders. As intra-African trade deepens and regional value chains take shape — whether along the Lobito Corridor linking Zambia and the Democratic Republic of Congo to Angola's Atlantic coast, or through energy integration across North and West Africa — the logic for UAE engagement strengthens further. A more integrated Africa is a more investable Africa The global uncertainty that defines this moment is, paradoxically, an accelerant for the Africa-UAE relationship. As Western aid flows contract and traditional financing models fragment, the appetite for South-South partnerships is rising across African governments and business communities alike. The UAE offers something rare: a partner with the capital depth of a major economy, the trade facilitation infrastructure of a global hub, and the political flexibility to engage across the continent.
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The task for 2026 and beyond is to ensure this partnership matures — from bilateral trade flows and infrastructure deals into integrated industrial relationships that build lasting capacity in African economies. That means local processing. It means technology transfer. It means financing structures, including trade credit, that de-risk entry for private capital at scale. Institutions like Etihad Credit Insurance play a critical role in that architecture. Trade credit insurance does not merely protect transactions — it expands the frontier of what is possible, enabling businesses to engage with new markets that would otherwise appear too uncertain. As the UAE deepens its commercial footprint across Africa, that capability will be indispensable.
The partnership between Africa and the UAE is no longer a story about potential. It is a story about scale, sophistication, and strategic alignment — one that is reshaping trade corridors, capital flows, and economic relationships across two of the world's most dynamic regions.
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Reshaping How Climate Finance Flows Khalid Tebe Director of Climate Policies, Regulations, and Market Mechanisms, GCFC
Developing economies will need over USD 1.3 trillion in annual climate-related investment by 2035, with a parallel tripling of capital directed at adaptation. The figure points to one of the largest sustained capital deployment opportunities of the next decade. It also points to a financial system that will look meaningfully different from the one in place today. The Global Climate Finance Centre, a COP28 Legacy headquartered in Abu Dhabi, was established to help mobilise this capital, working with regulators, financial institutions, sovereign investors, and corporates with a particular focus on emerging markets and developing economies. The climate finance debate has long centred on a single question: how many trillions does the world need, and from where. A second question now deserves equal attention. How does that capital actually reach a project? Capital exists in the system. Banks, asset managers, pension funds, and sovereign investors hold trillions in assets aligned, or alignable, with climate goals. The harder challenge sits in the price and structure of that capital. For example, financing the same clean-energy project costs two to three times more in an emerging market than in an advanced economy. In utility-scale solar, financing alone can account for half of the levelised cost of electricity. The same pattern repeats across infrastructure, industry, and adaptation.
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This reframing carries practical consequences for the financial architecture taking shape today. The geography of climate capital looks different from the donor-recipient framing of earlier decades. Emerging markets and developing economies now mobilise roughly 80% of the climate finance flowing within their borders themselves. International capital has greatest impact when it complements and accelerates these domestic flows. First-generation country investment platforms have shown both the promise of coordinated finance and the limits of pledge-based models when local risk infrastructure remains thin. The opportunity now lies in building structures that align how international and domestic capital meet on the ground. Three priorities are likely to shape the next phase. The first is the continued scaling of risk-sharing instruments, including guarantees, blended-finance vehicles, foreign-exchange hedging facilities, and export credit, which can change the terms on which climate capital reaches emerging markets. The second is the broadening of adaptation finance, where rising physical-risk exposure is opening commercial space for the insurance and credit sectors to advance resilience-linked products, parametric and sovereign cover, and structures that help close the protection gap in climate-vulnerable economies. The third is the design of next-generation country investment platforms anchored in domestic capital, with international finance layered to absorb specific, well-identified risks. The UAE ecosystem includes institutions actively engaged across these strands, among them Etihad Credit Insurance, the only export credit agency from the region within the Net-Zero Export Credit Agencies Alliance.
The next decade will measure climate finance by the pace and quality of deployment as much as the scale of announcement. GCFC will continue to bring together the institutions, evidence, and policy work that can support faster, smarter capital flows, alongside our partners across the UAE ecosystem and the wider international community.
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eci_gov eci_gov Etihad Credit Insurance (ECI) Etihad Credit Insurance +971 4 245 4444 info@eci.gov.ae www.eci.gov.ae
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