ECI Annual Report 2023 - EN

ANNUAL REPORT

2023

+971 4 245 4444

Copyright © 2023 Etihad Credit Insurance (ECI). All rights reserved. No part of this publication may be reproduced in whole or part without prior permission from 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.

Letter from the Chairman

Message from the CEO

Executive Summary

Overview

• Milestones

• Key Success Factors: Ecosystem and Products

• Benefits of our Export Credit Insurance Solutions

• SME Diversification Strategy

• Risk Management

• Sustainability

Supporting UAE’s Booming Non-Oil Trade in 2023

Reflecting on 5-years of Impact

Board, Management, Organisation & Governance

Future of Trade: Strategic Overview and Priorities

Select Bibliography

List of Abbreviations

ARC Audit and Risk Committee

CEO Chief Executive Officer

CEPA Comprehensive Economic Partnership Agreement

COP28 Common usage for the 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC

EC Executive Committee

ECI Etihad Credit Insurance

ECA Export Credit Agency

EXIM Bank Export Import Bank

FDI Foreign Direct Investment

GCC Gulf Cooperation Council

GRC Governance, Risk and Compliance

GVC Global Value Chain

IMF International Monetary Fund

MANCO Management Committee

MoIAT Ministry of Industry and Advanced Technology

MoU Memorandum of Understanding

NZECA Net-Zero Export Credit Agencies Alliance

OECD Organisation for Economic Co-operation and Development

SMEs Small and Medium Enterprises

SDGs Sustainable Development Goals

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

WTO World Trade Organisation

Letter from the Chairman

The economic development model of the United Arab Emirates (UAE) has been at the forefront of the global economy, built on strategic components such as a growing domestic population, liberal international labour policies, and significant investments in physical and digital infrastructure development – creating hubs through ports, airports and multimodal logistics.

This has not only facilitated global economic integration but also stimulated the growth of the services and trade sector. The recent records in non-oil foreign trade, reaching AED 3.5 trillion last year, is a testament to the resilience of the UAE post-pandemic.

In 2023, non-oil exports grew 16.7% year-onyear, reaching AED 441 billion. This proves that the economy is poised to exceed the national goal under the “We the UAE 2031” vision to achieve a non-oil foreign trade target of AED 4 trillion. As the official trade credit agency of the UAE, Etihad Credit Insurance (ECI) will play an essential role in achieving this target, becoming a vital asset as the country forges new

comprehensive economic partnership agreements (CEPAs).

Despite being a relatively young entity, with just five years in operation, ECI has significantly contributed to strengthening the UAE’s position among the leading global trade hubs. This was achieved through fostering a robust export community and enhancing the global competitiveness of UAE exports. Since its inception, ECI has built a supportive ecosystem that includes government entities, chambers of commerce across the UAE, financial institutions, banks, and international partners, including associations like Berne Union and Aman Union.

ECI’s diverse products and services portfolio offers businesses and exporters easy access to international markets and funding while offering protection against non-payments and reducing trade and project finance costs.

By providing comprehensive data and information on foreign companies and markets, ECI also enables UAE businesses to manage commercial and political risks, maintain a strong balance sheet, and increase their profits.

Moreover, ECI’s recent commitments to clean and green energy initiatives signify its role as a driving force for sustainability. It is aligned with the UAE’s priority to achieve net-zero emissions by 2050 and the Sustainable Development Goals (SDGs). Going forward, ECI will continue its efforts to play a pivotal role in shaping a prosperous and sustainable future for the population of the UAE and its economy.

H.E. Abdulla Bin Touq Al Marri UAE Minister of Economy Chairman of ECI Board of Directors

Message from the CEO

As we turn the pages of 2023, I am both humbled and heartened to share with you Etihad Credit Insurance’s (ECI) strides in fostering economic resilience and growth. Our journey is one of strategic foresight, marked by an unwavering commitment to our nation’s vision for a diversified and robust economy.

Amidst a challenging global environment, ECI has emerged as a beacon of stability for UAE businesses. We have seen a significant increase in the demand for our services, with a remarkable surge in insured trade and investment transactions. Our dedication to safeguarding the interests of UAE exporters has been mirrored in the numbers - with a 25% increase in the number of policies issued compared to 2022.

The year 2023 has also been pivotal in reinforcing our foundational commitment to sustainability. Our support has not only been financial but also strategic, contributing to the “We the UAE 2031” vision and the 2030 Agenda for Sustainable Development through our mandate to support non-oil trade, and aligning commitments to international standards.

As we adapt and evolve, expanding ECI’s services to support the national exports is at the forefront of our mission. It is a bold step towards enhancing our capabilities and reach. This new strategic phase is aimed at doubling the growth rate of UAE exports with ECI and increasing our contribution to the non-oil GDP by 7 times by 2031.

Our team’s expertise and dedication have been paramount in these accomplishments, and I extend my deepest gratitude for their relentless pursuit of excellence. Equally, our clients’ trust has been the fuel for our success, and I thank them for choosing ECI as their partner in growth.

Looking ahead, our objectives are clear - to leverage technology to enhance our digital infrastructure, to broaden our global partnerships, and to continuously innovate our product offerings. We are poised not only to adapt to the changing economic climate but to lead the way in the export credit domain.

I thank you all for your continued support and for sharing our vision of a prosperous future for the UAE.

H.E. Raja Al Mazrouei Chief Executive Officer

Executive Summary

Expanding international trade forms an integral part of UAE’s “We the UAE 2031” vision – including targets such as generating AED 800 billion in nonoil exports and raising the value of the UAE’s foreign trade to AED 4 trillion. With the UAE crossing a record-high AED 3.5 trillion in non-oil trade in 2023, and as it navigates through its post-Covid economic recovery journey, Etihad Credit Insurance (ECI) has a significant enabling role in the UAE’s achieving its 2031 foreign trade targets.

ECI is uniquely positioned to provide financial support towards enhancing UAE’s profile and exports to the world (in line with the country’s economic agenda) while also protecting investments outside UAE against political risks, and equipping UAE businesses with intelligence, knowledge, and export strategies.

ECI, with its AA- (Very Strong) rating and stable outlook by Fitch Ratings, has evolved over time since its establishment in 2018: from supporting SMEs as they steer through global trade to the alignment with the United Nations 2030 Agenda for Sustainable Development. ECI has built and developed a strong ecosystem of partners including banks, brokers, re-insurers, and global export credit agencies (ECAs). ECI’s variety of tailored services and products, largely credit insurance to UAE-based businesses can be organized by tenure (e.g., coverage of up to 2 years, 7 years for private obligors, and up to 15 years for sovereign) or by end-user (e.g., exporters & re-exporters, banks, investors, and private credit insurers). ECI’s main beneficiaries over the past five years have been UAE manufacturers, exporters and re-exporters, investors and SMEs that want to either expand in existing markets and/or venture into new markets. ECI-backed trade finance lending crossing AED 1 billion in the first year of an alliance with DP World Trade Finance is a recent successful case study.

ECI’s product line offerings are in credit insurance - crucial for safeguarding business transactions, especially when customers default on payments. Risk assessment undertaken by ECI varies on the nature of the transaction and product for example, when it comes to short-term credit insurance, the risk covered is commercial in nature such as insolvency or protracted default. ECI uses an internal model, integrating innovative technologies in credit risk evaluation (Big Data, AI, Analytics), to calculate a rating for risk.

With 2024 being a continuation of the UAE’s “Year of Sustainability”, reaffirming the nation’s commitment to fostering a sustainable and prosperous future for all, ECI supports the goal of net-zero greenhouse gas emissions and incorporating the need for a just transition.

ECI will help businesses targeting net-zero exports and support the transition to a lowcarbon economy, with the management of sustainability embedded in all operations. ECI joined the UN Environment Programme Finance Initiative (UNEP FI) convened Net-Zero Credit Agencies Alliance as an affiliate member last year. A subset of ECI’s MoUs – including with the Export-Import Bank of Korea, EXIM Bank of India, US EXIM Bank, Sinosure, African Trade Insurance (ATI), UK Export Finance (UKEF), BPI France, to name a few – also focus on sectors such as green energy, reaffirming our commitment to sustainable trade solutions.

ECI is an enabler for the growth of the UAE’s non-oil exports, covering 3.1% out of AED 441 billion in 2023 (2022: 1.9%). With the UAE’s industrial sector, a key contributor to non-oil exports, ECI is delighted to disclose AED 4.7 billion worth of credit cover to the sector, with AED 1.4 billion committed in 2023 alone, enabling manufacturers’ exports achievement and in line with ECI’s partnership with the Ministry of Industry and Advanced Technology (MoIAT).

ECI’s strategic importance is also underpinned by the company’s sustained portfolio growth, with gross exposure of AED 9.6 billion at end2023 (up by 18.5% year-on-year and 21-times greater than 2019), providing cover for more than 100 clients. ECI’s trade insurance products and services support UAE-based exporters access new markets (e.g., via UAE’s CEPAs) more effectively and competitively while also allowing them to take advantage of new opportunities (e.g., new products & sectors such as renewable energy).

ECI’s mandate also includes projects that can support economic development and improve the quality of living: for example, a credit insurance commitment of USD 500 million to boost Africa’s clean energy transition (as part of the Africa Green Investment Initiative) can

provide better access to electricity in the rural areas with limited/no access. ECI also has had a strong track record of managing claims and recoveries across its portfolio: it supported clients with management of late payments worth AED 415 million, of which AED 353 million were successfully recovered (85% success rate).

ECI’s Board of Directors has had an integral part to play in the company’s success. The board is represented by the Minister of Economy, H.E. Abdulla Bin Touq Al Marri, as Chairman, UAE Minister of State for Foreign Trade H.E. Dr. Thani Bin Ahmed Al Zeyoudi as Deputy Chairman and includes representatives of each of the shareholding emirates. ECI, currently led by H.E. Raja Al Mazrouei, has an organisational structure that adheres to global best practices.

As ECI looks to navigate the next few years, the aim is to enable all exporters and re-exporters of goods and services to access global markets, leveraging ECI’s ecosystem and strong database. This will lead to growth of trade and investment flows, increased revenues and profits for domestic firms, job creation, thereby leading to increase in value added and resilient economic growth.

ECI Overview

Economic diversification has been a key economic strategy imperative for commodity producing (and exporting) nations’ economic development, as it enables structural transformation, attracts domestic and foreign direct investments (FDI) and creates jobs. Trade diversification is a key pillar of economic diversification, achieved via lower trade concentration (i.e., increased ability to export a more diverse set of products and services to a wider set of trade partners) and a move to higher value-added activities (reducing overdependence on the commodity sector) among others. Governments in commodity-

dependent countries have a guiding role to play in achieving this diversification objective. In the UAE, expanding international trade forms an integral part of the “We the UAE 2031” vision – including targets such as generating AED 800 billion in non-oil exports and raising the value of the UAE’s foreign trade to AED 4 trillion. With the UAE crossing a record-high AED 3.5 trillion in non-oil trade in 2023, and as it navigates through its post-Covid economic recovery journey, Etihad Credit Insurance (ECI) has a significant enabling role in the UAE’s achieving its 2031 foreign trade targets.

What is Etihad Credit Insurance?

Etihad Credit Insurance was incorporated by virtue of the Council of Ministers Resolution No. (303/11W/7) of 2015 and the Council of Ministers Resolution No. (5/7W) of 2016. The founding shareholders of ECI are the UAE federal government, and the governments of the emirates of Abu Dhabi, Dubai, Ajman, Ras Al Khaimah, and Fujairah. ECI is 50% owned by the UAE federal government while the governments of Abu Dhabi and Dubai hold 14.3% each. ECI has very strong capitalisation, with a total paid-in capital of AED 250 million and another AED 750 million committed by the shareholders. Initiating operations in 2018, ECI was founded to expand and improve the competitiveness of UAE’s non-oil exports globally.

What does ECI do?

VISION

Enabling sustainable and secure non-oil trade for the UAE’s economy, propelling it towards a resilient and diversified future.

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.

ECI

PROTECT.

Safeguarding UAE businesses against the risks of international trade transactions.

PARTNER.

Working with governments, financial institutions, and global ECAs, building a robust ecosystem for global trade.

Pioneering market intelligence resources to navigate global market opportunities.

The three main aims of ECI, as it fulfils its Vision & Mission, are to (a) ensure that exports do not fail due to lack of insurance availability; (b) support non-oil diversification of the UAE economy with a focus on Small and Medium Enterprises (SMEs) focus; and (c) support government policies on foreign trade and industrialisation. With these strategic aims, ECI operates with a motto to “Protect, Partner & Pioneer”.

The bottom-line is that ECI is uniquely positioned to provide insurance cover towards enhancing UAE’s global trade (in line with the country’s economic agenda) while also protecting investments outside UAE against political risks, and equipping UAE businesses with intelligence, knowledge, and export strategies.

Milestones

ECI has evolved over time since its establishment in 2018: from supporting SMEs as they steer through global trade to the alignment with the UAE’s “We the UAE 2031” vision and the global goals. A short timeline provides a bird’s eye view of how ECI has advanced in the last five years, including its AA- (Very Strong) rating and stable outlook by Fitch Ratings (maintained for the fifth consecutive year in 2023). The ratings of ECI are aligned with the Long-Term Issuer Default Rating (IDR) of the United Arab Emirates (AA-/Stable), reflecting Fitch’s view of an extremely high probability of support from the UAE authorities, given its systemic importance to the UAE and its specific government policy role in the diversification of the non-oil economy of the UAE.

2018

ECI Established

2020 Fitch Rating AAreaffirmed; ECI Reinsurance Treaty Signed

2019

First SME supported; Rated AA- by Fitch

2022 Supports first Wind Farm Project in Uzbekistan; ECI Reinsurance Treaty Enhancements

2021 ECI becomes full member of Berne Union; 17 key sectors supported

2023

Maintains AA- for the fifth consecutive year; Joined the Net Zero Export Credit Agencies Alliance; crossed 100 clients.

To achieve economic diversification and doubling of the non-oil economy, ECI aims to play a critical role in insuring trade, providing solutions and tools for exporters / manufacturers in strategic sectors allowing them to:

• Grow using risk intelligence and information/business match-making.

• Access new markets, while mitigating the risks associated with exports, trade, and investment.

• Structure trade finance insurance solutions to address non-conventional risks, such as commercial liabilities and political risk; and

• Facilitate their access to financing (by partnering with financial institutions that lend on the back of an ECI cover).

AAFitch Rating for 5 years running

Key Success Factors: Ecosystem and Products

(A) Stakeholders

Overtime, ECI has built and developed a strong ecosystem of partners including banks, brokers, re-insurers, and global export credit agencies (ECAs), to name a few. First and foremost, ECI works in close partnership with government stakeholders including the Ministry of Economy, the Ministry of Industry & Advanced Technology and the Ministry of Foreign Affairs to identify the strategic sectors that need support and thereby achieve the UAE’s Vision for accelerating trade and economic development.

Key roles of Memorandum of Understanding in empowering trade and innovation

Through strategic partnerships and innovation, ECI engage partners through memorandums of understanding (MOUs) to support and enable aspects of the UAE’s non-oil diversification. Below follows a non-exhaustive list of roles that is included:

• Enabling trade expansion: Comprehensive export credit insurance support international trade explorations and facilitate global market access for UAE non-oil sectors.

• Risk Protection: Deliver seminars and workshops that aspire to safeguard partners against commercial and political risks, reinforcing security against potential financial losses.

• Innovative capacity building: Provide market intelligence and country risks reports to highlight potential risks, and build capacity for staff to advance skills to drive innovation through navigating international trade complexities.

• Strategic partnership: Collaborate and foster shared experiences and initiatives to drive the foundation of export success through trade events, nationally and internationally.

• Support ecosystem for exports: Strengthen the export ecosystem by offering multiple products and services to enhance competitiveness and accessibility of UAE’s exporters in international markets.

Banking and financial institutions form an integral part of ECI network. These entities offer credit facilities for exporters, guaranteed by ECI, to secure the funding of the supply chain and enhancement of their working capital requirements, thereby enabling companies to compete in international markets. Given the partnership with ECI, banks can lend with confidence, mitigating risks associated with global trade transactions.

ECI’s clients come from across the vast network of firms that are part of various chambers of commerce and free zones. These entities, as key distribution partners, help in enhancing awareness about export credit solutions. An example in this regard is an informative seminar held in collaboration with the Ras Al Khaimah Economic Zone last year, on the topic of “Innovative Export Credit Solutions”.

International partners that are part of ECI’s ecosystem - to support projects and business opportunities abroad - include export credit agencies. A landmark partnership with the EXIM Bank India focuses on co-financing, enhancing opportunities for SMEs and sharing vital market intelligence.

In addition to these parties, reinsurers help create and secure capacity to support UAE exporters and investors. Lastly, academia and international associations provide support by increasing knowledge and awareness (especially for SMEs). Also counted among ECI’s cooperation agreements are associations including the Berne Union (a leading global association for the export credit and investment insurance industry) and the Aman Union (a professional forum assembling Commercial & Non-commercial Risks Insurers & Reinsurers).

ECI emphasizes stakeholder engagement, transparency, and accountability, thereby forging a collaborative and inclusive trade ecosystem, which builds bridges to connect UAE-based businesses to new markets and global opportunities. Going forward, ECI will also focus on and advocate climate action and eco-friendly exports for economic and environmental prosperity.

ECI’s strong ecosystem and collaboration with reinsurers and other ECAs, has enabled UAE companies win multi-million-dollar contracts globally, such as hospital projects, data centres, supplying and building up emergency response infrastructure (e.g., firefighting equipment) in Africa, electricity networks contracts in the Middle East, wind farm projects in Asia, to name a few.

ECI provides a variety of tailored services and products. The standard products of ECI are listed below.

Whole Turnover Insurance , for example, insures up to 90% of the invoices, covering a broad range of risks including commercial defaults and political factors. Coverage is provided for up to 2 years, and premiums are calculated based on the nature of the insured transaction. This product benefits exporters by protecting credit sales against non-payment by clients, firms looking to expand to new unfamiliar markets, companies looking to improve access to finance (through invoice discounting, factoring, or enhancing the collateral).

On the other hand, the Non-payment Insurance covers the repayment of a loan that is used for the purchase of goods of UAE origin, or for the

preparation and execution of export contracts (or trade finance loans), with ECI usually insuring the risk of non-payment of the borrower.

Furthermore, Single Risk Insurance which provides protection against non-payment risk, insures up to 90% of the transaction value.

A key pillar of ECI support to UAE investors is to provide cover and security for global expansion – via insurance solutions to mitigate political risk. ECI political risk coverage solutions provide protection against various political risk perils such as contract frustrations, nationalization, civil wars and current transfer restrictions risks.

Further details about ECI’s products and services are available in the brochure and/ or on the website: www.eci.gov.ae/en

Benefits of our export credit insurance solutions

ECI’s clients over the past five years include UAE manufacturers, exporters and re-exporters, investors, SMEs, and banks.

• By covering their risk exposure through export credit insurance solutions, ECI helps firms to grow and expand their global footprint.

• By insuring their account receivables with ECI, companies will be able to have access to more capital.

• ECI protects export businesses from risk of nonpayment due to commercial and/or political risk, promote their stability and foster growth.

• Market intelligence and expert risk assessment provided by ECI gives companies the tools to make informed decisions and manage business risks while expanding their business across borders.

• ECI also ensures business continuity with access to potential business opportunities and trade partners across its global network.

Client Testimonial

“ We would like to express our sincere gratitude to the entire ECI team for their exceptional efforts and the kind gesture extended to us. We truly appreciate your prompt consideration, which further strengthens our business relationship.

Thank you once again for your valuable support.”

Rajesh S., Kimoha www.kimoha.com

ECI has been expanding and supporting the credit ecosystem in the UAE, covering over a wide range of sectors (below).

The client journey with ECI starts with choice of the right coverage for the customers’ business. The application process starts with the collection of necessary details and documentation about the business and buyer, followed by a careful risk evaluation and assessment by the in-house team.

ECI supports its partners and insured clients in debt collection and recovery, allowing clients to protect their cash flow and maintain their business relation with their buyers while also solving non-payment issues amicably.

Client Testimonial

“

ECI is a valued partner to our business. ECI’s professional team with their deep understanding and expert knowledge of the diverse markets they cover has empowered us with the right information to navigate challenges effectively.

With their comprehensive credit insurance solutions , we have been able to better mitigate customer payment default risks, allowing us to focus more on nurturing client relationships and driving sustainable business growth.”

Mark Hawkes, CFO, Petrochem Middle East www.petrocheme.com

SME Diversification Strategy

In alignment with the UAE’s vision to strengthen economic diversification and reduce dependency on oil derived revenues, ECI is dedicated to enhancing the growth and resilience of Small and Medium Enterprises (SMEs). Representing 95% of all businesses in the UAE and constituting over two thirds of ECI’s beneficiaries, SMEs are pivotal to non oil trade and employment. ECI supports these vital enterprises with robust trade credit insurance, easier access to finance, and essential market intelligence.

Over the past five years, ECI has supported a wide range of companies within the UAE including exporters, re exporters, investors, and SMEs looking to grow into existing markets or explore new ones. Aligning its efforts with the UAE’s CEPAs, ECI has a number of agreements with ECAs worldwide ensuring vital support to UAE based SMEs to confidently engage in global trade.

A cornerstone of our approach is our collaboration with leading trade finance platforms, such as DP World Trade Finance, a partnership that has enabled us to integrate SMEs into the global trading ecosystem, empowering them to access new markets and seize growth opportunities.

DP World Trade Finance Partnership

In its first year, our partnership with DP World Trade Finance has supported trade finance amounting to over AED 1 billion, benefiting SMEs in sectors like agri commodities, chemicals, manufacturing, and construction materials. DP World Trade Finance mitig ates risks through its comprehensive oversight of goods movement and strong customer relationships. ECI complements these efforts by rigorously assessing market risks and performing thorough due diligence, enhancing decision making and creating broader tra de opportunities.

This partnership exemplifies our commitment to boosting SME competitiveness and serves as a model for future collaborations aimed at amplifying the economic impact of UAE enterprises globally.

Risk Management

ECI’s product line offerings are in credit insurance - crucial for safeguarding business transactions, especially when customers default on payments. ECI plays a major role in mitigating risks for UAE exporters, re-exporters, investors and traders, and enabling them to succeed internationally.

ECI has been investing in access to information and is currently working with more than 10 information providers across the globe. This enables ECI’s partners and clients access reliable sources about their buyers as well as identify export opportunities while evaluating the credit risk worthiness of buyers in those destinations.

The risk assessment approach varies depending on the type, length of cover and nature of the transaction:

• When it comes to short-term credit insurance, the risk covered is commercial in nature i.e., insolvency or protracted default. Assessment, in this case, centres around the credit worthiness of the buyers, examining the financial (e.g., profitability, solvency ratios) and non-financial background (qualitative factors such as management strength, quality of suppliers) to determine the probability of default for a certain period (up to 24 months).

• For longer-term, more complex projects like project finance insurance, multiple risks need to be evaluated including construction phase risk (e.g., project management), financial risk (e.g., debt, liquidity), counterparty dependency assessment (e.g., construction, equipment, financials) and country risk among others. ECI uses a very comprehensive score card/ rating model that evaluates such risks.

• Assessing political risk span a wide set of factors such as security risk, international relations, exchange rate risk and sovereign credit risk to name a few.

ECI’s reinsurance panel consists of reinsurers rated ‘A’ or higher. The reinsurance treaty in place was renewed with nine highly rated reinsurers, allowing ECI to underwrite risks of up to AED 500 million per single risk. In addition, ECI’s investments are highly liquid and allocated to short-term fixed deposits with different UAE banks of high credit quality.

Use of technology to support risk assessment

ECI has developed a comprehensive, state of the art rating model that applies big data and artificial intelligence that is independent and transparent, allowing our risk experts make informative and prudent risk decisions, based on the credit worthiness and probability of default of the country part risk obligors. By adopting real-time analytics, ECI has enhanced decision-making - especially in capacity building and predicting potential risks. This technology-driven approach has enabled ECI to offer more tailored, timely and responsive solutions to its clients, ensuring that UAE exporters and importers are not just protected, but also primed to capitalize on emerging opportunities in the global market.

ECI’s state of the art risk, commercial and claim systems are also extended to clients, allowing them to benefit from enhanced dashboards, communicate electronically with ECI and monitor and track the status of their applications. ECI’s user-friendly online system is dynamic and offers wide range of risk underwriting, risk assessment, credit limit application, overdue and claim filing and policy management aspects.

ECI has established a new Governance, Risk and Compliance (GRC) Function to enhance ECI’s internal control framework with a greater focus on enterprise risk management. As part of this structure, the three lines of defence model has adopted to enhance risk governance as well as significant enhancements made to the corporate governance structure to drive accountabilities and a more transparent culture.

Sustainability

As a part of the UAE’s sustainable development journey and commitment to the 2030 Agenda for Sustainable Development, ECI strives to efficiently contribute to and embrace sustainability. In this context, ECI’s policy to drive sustainability covers multiple elements, including:

• Incentivizing export credit insurance for exports of sustainable goods and services.

• Developing a pipeline of sustainable development projects that are eligible for insurance (such as projects that promote Good Health and Well-being (SDG 3), Affordable and Clean Energy (SDG 7), Climate Action (SDG 13) , and more) and working with lenders to provide financing for such projects.

• Collaborating with governments and businesses to promote responsible business practices.

ECI aspires to support UAE exporters through partnerships to adapt sustainable supply chain management systems that will promote sustainable development.

ECI has committed to providing USD 500mn in credit insurance to catalyse, insure, and unlock capital and support sustainable development through energy transition projects in Africa (as part of the UAE’s USD 4.5 billion Africa Green Investment initiative, announced during the Africa Climate Summit held in September 2023, to support African nations accelerate clean energy projects).

Furthermore, ECI’s MoU with the state-owned renewable energy company Masdar targets at improving sustainability by collaboratively developing risk insurance solutions to improve bankability and financing for Masdar’s renewable projects (within the UAE and globally) and attracting funding partners.

In the backdrop of UAE’s hosting of COP28 last year, ECI announced its affiliation with the newly formed United Nations Environment Programme – Finance Initiative’s (UNEP-FI) Net-Zero Export Credit Agencies Alliance (NZECA), to accelerate climate finance. A pioneering global collaboration uniting eight of the world’s leading export credit agencies, NZECA serves as the first net-zero alliance comprising public finance institutions globally and is dedicated to advancing climate solutions and transition finance. ECI thereby commits to actively supporting the goal of net-zero greenhouse gas emissions while committing significant investments towards green technologies and exploring innovative solutions and finance strategies to support such a green transition.

ECI’s contribution to the 2030 Agenda for Sustainable development

ECI promotes gender balance through a gender equal workforce; and supports women in entrepreneurship to scale businesses in international markets.

9:

sustainable infrastructure development by supporting exporters of environmentally friendly products and technologies.

ECI supports exporters of clean energy products to drive energy production in developing countries.

ECI helps to create jobs and stimulate economic growth by supporting UAE exports.

ECI helps to promote sustainable urban development by supporting UAE exports of construction materials and equipment.

ECI helps to mitigate climate change by supporting UAE exports of renewable energy equipment and technologies.

SDG 2: ECI supports agricultural activities and exports to increase food security in other nations.

SDG 5:

SDG

ECI promotes

SDG 3: ECI promotes and supports healthcare projects globally.

SDG 7:

SDG 11:

SDG 4: ECI supports UAE youth to accelerate career development through internship programs.

SDG 8:

SDG 13:

Supporting UAE’s booming non-oil trade in 2023

The UAE’s non-oil trade reached a record-high AED 3.5 trillion in 2023, buoyed by a 16.7% increase in value of non-oil exports to over AED 441 billion and contributing 17.1% to foreign trade. This stands in sharp contrast to forecasts of global trade shrinking by nearly 5% in 2023 UAE has been actively pursuing bilateral trade, investment and cooperation deals called Comprehensive Economic Partnership Agreements (CEPAs), which have reinforced the diversification of trade into new markets and new sectors. While non-oil exports to the top 10 partners grew by 26.9% in 2023, UAE’s trade with India (its first CEPA partner) grew around 4% and trade with Türkiye more than doubled, the fastest growth among the UAE’s top 10 trade partners.

While trade is a major engine of the UAE’s economic growth, ECI is an enabler and catalyst of the growth of the UAE’s non-oil exports, covering 3.1% out of AED 441 billion in 2023 (2022: 1.9%).

More than two-thirds of entities supported by ECI are SMEs (68% of the total), with large firms accounting for another 20.9%. ECI supports UAE exporters grow globally, covering a non-oil trade and investment of AED 14 billion across 17 sectors in 110 countries last year, also supported by around 21 agreements signed with government export credit agencies worldwide.

ECI’s strategic importance is also underpinned by the company’s sustained portfolio growth, with gross exposure of AED 9.6 billion at end-2023, providing cover for more than 100 clients. ECI plans to build on the UAE’s CEPAs to enhance trade and boost business and commercial relations. This would be supported by ECI’s expanding information database with access to more than 300 million corporates globally In addition to providing credit insurance, ECI also supported clients with management of late payments by successfully collecting AED 82 million in 2023.

MoU signing with Ministry of Industry

Strategic agreements with Ethiopian Financial Institutions:

Signed in the presence of UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan; UAE Vice President, Deputy Prime Minister, President of the Presidential Court, His Highness Sheikh Mansoor bin Zayed Al Nahyan

Selection of Ongoing Partnerships with Export Credit Agencies

• African Trade Insurance Agency

• Atradius, Netherlands

• BPI France

• Compagnie Algerienne D’assurance Et De Garantie Des Exportations of Alegria

• Ethiopian Insurance Corporation, Ethiopia

• Export Credit Guarantee Corporation of India

• Export Credit Insurance Corporation of China

• Export Credit Insurance Org. of Greece

• Export Insurance Company, Kazakhstan

• Korea Trade Insurance Corporation, South Korea

• Korean Export Import Bank

• New Zealand Export Credit

• PT Reasuransi Indonesia Utama

• Türkiye Ihracat Kredi Bankasi

• UK Export Finance

• US EXIM Bank

Sectors benefitting from ECI’s services, by Exposure, 2023

A Selection of ECI’s engagements in 2023

ECI’s participation in COP28

• Berne Union Climate Working Group Workshop

• ECI joins NZECA alliance as an affiliate member

• ECI hosted multiple panel discussions on mobilizing export credit insurance to drive positive climate impact

• ECI & Korea Eximbank (KEXIM) sign an MoU

ECI signed MoUs with

• MoIAT (for a sustainable future)

• US EXIM Bank

• KazakhExport

• Ethiopian financial institutions

• Abu Dhabi Chamber of Commerce & Industry

ECI & ADEX partnership agreement to drive technological advancements in Angola.

ECI participated in the:

• Make it in the Emirates event

• ADIPEC conference (charting the Future of Energy with Global Leaders)

• Gulfood Manufacturing event

• 5th annual Future Foods Forum 2023

• 49th Annual International Trade and Forfaiting Conference (ITFA)

• Africa Climate Summit – Nairobi, Kenya

• G20 B20 Summit – Delhi, India

• Berne Union Meeting – Brussels

• Türkiye Business Forum

• Rendez-Vous de Septembre (RVS), Monte Carlo

ECI hosted the 13th Annual Aman Union general meeting in UAE

MoU signing with EXIM Bank US

Berne Union Climate Working Group Workshop at COP28

Majed Julfar, Director of TCI & Export Finance and Haitham Al Khazaleh, Director of Risk Management at Re-Insurers Treaty Meeting at London

Reflecting on 5-years of impact

Foreign trade is the lifeblood of the global ec onomy, connecting nations, driving economic growth, and fostering international cooperation. Over the past 5 years, the world has gone through a tumultuous period with multiple shocks that have affected trade patterns: The Covid-19 pandemic delivered shocks to global supply chains and overall trade resulting in a 9.6% decline in the value of global trade in goods and services in nominal dollar terms during 2020; Impact of the global geopolitical tension and a resulting surge in commodities pric es which slowed the growth of global merchandise trade volume to 2.7% in 2022 after growing 9.4% in 2021 as the global economy rebounded from the Covid-19 pandemic; High inflation levels and tighter financial conditions weighed on both consumption and investment in 2023; towards end of the year, increased geopolitical tensions and supply disruptions is likely to have negatively affected trade. UNCTAD forecast global trade to shrink by nearly 5% in 2023.

Trade remains at the heart of UAE’s strategy to double the GDP of its economy to AED 3 trillion by 2031, with the country targeting a value of foreign trade at AED 4 trillion and AED 800 billion worth of non-oil exports. The UAE economy has recovered after the Co vid-affected years, with the central bank f orecasting economic growth of 3.1% in 2023, supported by a robust non-oil sector activity (a projected 5.9%), strong domestic

demand and structural reforms rolled out in the past 3 years. UAE’s non-oil goods trade jumped to a record-high AED 2.574 trillion in 2023, 1.5-times the figure recorded in 2019 (of 1.71 trillion). This was supported by the sharp rise in non-oil goods exports – which at AED 441 billion (+16. 7% year-on-year) is mor e than double non-oil goods exports in 2018; r e-exports and imports grew by 6.9% and 14.2% respectively (to AED 690 billion and AED 1.4 trillion). Trade in services reached a record high AED 967 billion last year, with ser vices exports standing at AED 587 billion. The recovery in UAE’s trade will be further bolst ered with the active involvement of ECI, a pattern that can be discerned from its per formance in the past 5 years.

ECI’s trade insurance products and services support UAE-based exporters access new markets (e.g., via UAE’s CEPAs) more effectively and competitively while also allowing them to take advantage of new opportunities (e.g., new products & sectors such as renewable energy). The chart on value of exposure underwritten by business line indicates a massive surge over the past 5 years, with short-term export credit insurance accounting for close to 65% of the total in 2023.

ECI has provided more than AED 1.8 billion worth of credit cover for financial institutions over the past 5 years to ultimately facilitate and ease access to financing for UAE exporters. This allows exporters to negotiate better payment terms with their international suppliers (supply chain finance cover), import machinery that helps them increase their export capacity, and help with their working capital requirements for growth and expansion purposes.

In addition to this, ECI’s strong network of information providers, with global access to more than 300 million companies, allows ECI access information about companies to allow risk assessment and intelligence: this helps

UAE-based exporters identify business opportunities, export to these global corporates and enable increased reach of “Made in UAE” products. As a result, ECI was able to extend exposure cover allowing exporters sell to buyers in 110 countries (as of Dec 2023, more than 5-times the 20 destinations recorded in 2020) for trade worth more than AED 10 billion (over the past 5 years).

insured turnover (AED mn)

ECI has had a strong track record of managing claims and recoveries across its portfolio. Debt collected over the 5-year period crossed AED 350 million, with a success rate of 85%.

Non-oil insured turnover (AED mn)

Board, Management, Organisation & Governance

Board of Directors

UAE Minister of Economy Chairman of ECI Board of Directors

OMAR AHMED AL SUWAIDI

Undersecretary Ministry of Industry and Advance Technology

Director General Department of Finance, Ajman

UAE Minister of State for Foreign Trade Deputy Chairman of ECI Board of Directors

Director General Abu Dhabi Investment Office

Chief Executive Officer Investment and Development Office, Ras Al Khaimah

H.E. ENG. SAED MOHAMMED AL AWADI CEO of Corporate Support Services Sector Dubai Department of Economy & Tourism

Deputy Director Department of Finance, Fujairah

H.E. ABDULLA BIN TOUQ AL MARRI

H.E. DR. THANI BIN AHMED AL ZEYOUDI

H.E. SHEIKH OMAR BIN SAQR AL QASIMI H.E. MARYAM MATROUSHI

H.E. BADR AL-OLAMA

H.E. MARWAN AHMED AL ALI

H.E.

MR. AMER ABDUL RAHIM KAZEM

H.E. SAMEH ABDULLA AL QUBAISI

The board is represented by the Minister of Economy, H.E. Abdulla Bin Touq Al Marri, as chairman, and includes representatives of each of the shareholding emirates.

H.E. RAJA AL MAZROUEI

ECI Management Team

ABDULKARIM JULFAR

AL KHAZALEH Chief Executive Officer Director of Trade Credit Insurance & Export Financing Director of Risk Management

AL KHAJA

ALI SALEH AL ALI

THAPER Director of Finance & Admin Director of IT & Innovation Director of Enterprise Risk

MAJED

HAITHAM

MANSOOR

RAJESH

Governance

In May 2023, H.E. Raja Al Mazrouei was appointed as the new Chief Executive Officer (CEO) of Etihad Credit Insurance after joining as Managing Director and Acting CEO in November 2022. ECI has since been through a transformation program which has included the strengthening of its corporate governance framework.

PURPOSE: COMPOSITION:

To provide TECHNICAL EXPERTISE from the relevant business subject matter experts covering ECI’s core insurance activities such as pricing, product development, underwriting and reinsurance.

Organisation Structure 2023

Board of Directors

PURPOSE: COMPOSITION:

Chief Executive Officer + Representation from Directors/Heads of: Chief Executive Officer + Representation from Directors/Heads of:

CHAIR: The CEO

To provide STRATEGIC OVERSIGHT, drive strategic projects, evaluate major business decisions and initiatives in adherence to budgeted goals. In addition, monitor resultant actions and oversee operational matters.

CHAIR: The CEO

ECI’s organisational structure adheres to global best practices with all departments reporting directly into the CEO apart from the GRC Function (covers governance, risk and compliance) and Internal Audit Function. These functions report directly into the Audit and Risk Committee (ARC) which reports into the Board of Directors. In addition to the CEO and ARC, the Executive Committee (EC) also reports directly to the Board. Both the ARC and EC meet at least 6 times a year and comprise of at least 3 board members elected for a term of 3 years, renewable for a maximum of 2 additional terms. The charters prescribe that the Chairman of the ARC and EC should ideally be an Independent Director.

The CEO is also advised by two committees: a technical committee (TECHCO) and a management committee (MANCO). TECHCO consists of experts with technical knowhow which would review areas such as the asset-liability management and investment policy or the quarterly and annual appraisal of investments or underwriting policies and recommending for formal approval by the EC. MANCO provides strategic oversight, drives strategic initiatives, and also evaluates progress/ status of implementation of operational matters (such as the review of the annual budget and business contingency plan of the company).

Future of Trade: Strategic overview and priorities

Global Trade Outlook

Trade growth was significantly affected by the Covid-19 pandemic, rising geopolitical tensions, growing protectionism and restrictive trade measures and more recently by tighter financial conditions as countries fight high inflation levels. The result has been that trade growth has been lagging global GDP for some years now. The IMF estimates global growth to remain steady at 3% in 2024 and to grow at an average 3.2% in 2025-2028.

While the number of global trade restrictions introduced each year has nearly tripled since the pre-pandemic period (reaching almost 3,000 in 2022, according to the IMF – the result of a combination of subsidies, tariffs, health or technical rules and quantitative restrictions), there are also signs of optimism post-pandemic including: Falling trade costs thanks to digital technologies facilitating international transactions; Growth in global value chains (GVC) which have expanded to encompass more economies – for example, Cambodia, Romania and Vietnam have seen a particularly rapid increase in their GVC participation; and shift in global activity from manufacturing towards the services sector. There has also been evidence of growing trade and economic integration - including in the Middle East, Africa, and Asia-Pacific regions.

The pandemic underscored the need for trade diversification (both of products and partners) and developing new supply chains. Though the oil trade remains dominant in the Gulf Cooperation Council (GCC) region, the nations have embarked on various liberalisation policies and structural reforms, leading to greater labour mobility, ease of establishment, removing restrictions on FDI and opening capital markets across borders, in order to diversify away from overdependence on fossil fuels and associated

revenues. This has resulted in diversification of both the output mix (for example, increased focus on manufacturing) as well as the export product mix (for example, increased services exports) alongside an evident shift in trade patterns toward Asia and away from the United States and Europe. Geo-political tensions further enhanced the focus on food security. In the light of these developments, the UAE is proactively engaged in increasing tradeinvestment linkages using trade agreements and CEPAs – as an integral part of a forwardlooking diversification strategy. With the growing global economic integration of the UAE and concerted efforts in supporting the region’s nations (via increased trade and investment deals with Egypt and Iraq, for example), they can act as a conduit for greater integration of the rest of the region into world trade, a strategy of regionalised globalisation.

More recently, crisis in the Red Sea has resulted in disruption to shipping/ trade and supply chains, resulting in delays and higher costs. The economic impact of the Red Sea crisis has been relatively moderate, thanks to lower freight costs compared to their 2021 peak, moderate demand, build-up of inventories post-Covid-19, and available container shipping capacity. However, if the crisis continues for longer, its impact on trade and inflation could worsen significantly.

World merchandise trade volume and GDP growth, 2015-23 (Annual percentage change)

Future Outlook for the UAE

The UAE has been implementing an economic diversification policy that has supported the rise of a robust non-oil private sector, that spans manufacturing and tourism on one end to “new” sectors in the Digital Economy, including FinTech, virtual assets and AI/ Blockchain on the other. The UAE’s labour market reforms such as providing attractive long-term visas to attract high-skilled workforce and tech/ blockchain/ AI firms as well as legislations that prohibit genderbased discrimination will support overall, balanced, growth. Plans such as Operation 300bn, which aims to raise the industrial sector’s contribution in the high value-added space or the Digital Economy Strategy (that aims to double the contribution of the digital economy to GDP to 19.4% in less than a decade) are testaments to the UAE’s efforts to increase non-oil private sector activities.

A major building block of economic diversification is increasing the private sector’s share in GDP. The UAE is already undertaking a concerted push towards the privatisation of certain state-owned assets and enterprises to de-risk fossil fuel assets, with the advantages of raising revenues, diversifying financial markets, and attracting foreign investment. Additionally, efforts are also underway for the sound financial management of “national asset” portfolios, by investing in economic institutions (e.g., debt management offices that will help rationalise spending and rein in fiscal deficits; export promotion agencies that support export diversification of trade partners/ destinations/ products). Already leading in the adoption of digital technologies: be it e-government or embracing blockchain technology in the public sector or digital currencies (for instance, Project Aber, created by the central banks of the UAE and Kingdom of Saudi Arabia), the UAE’s financial regulators are also regulating FinTech and crypto/ virtual assets.

Ongoing efforts to further develop the domestic capital market, and leverage trade and investment in digital and green initiatives will also further advance diversification and lift medium-term growth. The UAE will also benefit from gradual transitions in global trade including (among others):

(a) A change in composition of trade, with trade in services set to become more important The WTO ranked the UAE 12th globally in service exports in 2022 (WTO, 2023b), with a value of USD 154 billion and a 2.2% contribution to the world’s total exports of services. This is a growing medium and long-term trend with the UAE increasing its share of global services exports.

(b) Energy transition and Green Economy investments and policies will drive growth in clean/ renewable energy and clean technologies and trade. The updated UAE energy strategy aims to triple the share of renewable energy by 2030, while creating 50,000 new green jobs and raise contribution of clean energy generation to 32% of total (to meet its climate change risk mitigation goals). The IMF (2023a) estimates that UAE’s medium-term non-hydrocarbon growth could be boosted by up to 4 percentage points as a result of well-coordinated reforms that will produce gains to productivity from trade, FDI and digitalization by increasing return on public investment including for green initiatives;

(c) Supply chains disruptions and calls for self-sufficiency: the UAE government has created agencies to promote sustainable agriculture and food security. Launch of the National Food Security Strategy 2051 and the establishment of the Emirates Council for Food Security aims to rapidly achieve food self-sufficiency, reduce the food gap, preserve soil, and optimize the sustainable management of water resources, especially groundwater.

(d) Digitalisation of trade. The UAE launched last year a joint initiative with the WEF called TradeTech Global to boost the digitisation of international supply chains, enhance customs procedures, improve developing countries’ access to the global trading system, lower the cost of trade, and spur trade growth.

In contrast to global calls of trade protectionism measures, the UAE is:

(a) Forging new trade and investment links: UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with nations such as India, Türkiye and Cambodia to name a few; terms have been agreed with others such as Colombia and Mauritius while negotiations are ongoing with many others (including Philippines, Australia, Chile etc.). These CEPAs provide the basis for a greater economic integration and trade for the wider region. Additionally, the UAE is also part of the wider GCC’s Free Trade Agreements (including the recently signed one with South Korea while discussions are ongoing with China, UK and EU among others).

(b) Focusing on increased economic diversification: combined with investments in trade facilitating logistics, transport, and trade-facilitating infrastructure, diversification leads to greater integration in global supply chains. UAE’s economic partners are hence integrated into the GCC-connected global supply chains.

(c) Integrating regional economies - be it via disbursement of foreign aid & financial support or FDI into the region’s nations or joint industrial partnerships (e.g., Bahrain, Egypt, Jordan, Morocco, and UAE in the Industrial Partnership for Sustainable Economic Development).

(d) Enabling the linkage of infrastructure: the China’s Belt and Road Initiative and the IndiaMiddle East-Europe Economic Corridor are examples of collaborations that would boost trade in the region via the development of and linkages of port, road, and rail infrastructure. Furthermore, linkages with the relatively smaller projects such as the GCC Railway project and Iraq’s Development Road will boost inter- and intra-regional trade flows.

Given UAE’s strength and proven expertise in building infrastructure, and sharing such infrastructure services, an opportunity abounds with the integration of MENA region’s trade infrastructure (ports, airports, logistics) with that of the UAE and wider GCC. This would lower costs and facilitate intraregional trade, leading to greater regional integration and generating gains from trade for all parties. The UAE/GCC can lead the economic integration and transformation of the region via investments in hard infrastructure and trade-related infrastructure and logistics, in addition to developing an integrated GCC power grid. A GCC renewable-energy-powered integrated electricity grid could extend all the way to Europe and South Asia.

Future Outlook for ECI

Amid a challenging global trade environment and growing geopolitical challenges, the export credit and investment insurance industry have played a central role in safeguarding trade flows and supported the path to recovery. ECI is aligned with the UAE’s “We the UAE 2031” agenda: it stands to bolster trade efforts and support UAE’s economic growth building upon the recent CEPAs, but looking ahead, a number of developments can shape ECI’s role.

(a) Domestic manufacturing and production have become a focus amid rising geopolitical tensions. UAE’s Operation 300 billion aims to develop the industrial sector (including in future industries like biotechnology, hydrogen, and electric vehicles), targeting to raise the industrial sector’s contribution to the GDP to AED 300 billion by 2031 (from AED 133 billion). The Emirates Development Bank can act as a key enabler, providing financing, while ECI has a strong role in supporting businesses exporting these products and related projects. The Ministry of Industry and Advanced Technology disclosed that it had secured credit solutions amounting to AED1.4 billion (USD 381 million) in 2023 through ECI.

(b) Involvement of ECI in projects undertaken by UAE companies in the region and cross-border country investments. ECI will support the UAE’s projects by supporting and insuring project finance.

(c) While the UAE embarks on its green energy transition, it will look to reduce reliance on oil and gas and support alternate sources of energy production. ECI will increase its support for renewable energy and clean technologies, and continue to support “green” projects, both at home and overseas. ECI already supports green investments via its green working capital insurance: the insurance acts as additional collateral toward the loan, making it easier for banks to grant working capital loans for the client’s green export business. Further such products are in the pipeline.

ECI & MASDAR partnered for the financing of Uzbekistan’s first wind power plant.

The 500MW wind farm is set to be the largest wind plant in Central Asia, providing almost 500k homes with sustainable energy. This demonstrates ECI’s commitment to climate neutrality in line with UAE’s goal to reach net-zero by 2050.

(d) ECI will continue to focus its support to small and medium-sized enterprises (SMEs) and the broader supply chain that supports capital-intensive projects.

(e) Launch of new products to mitigate different types of risk and adapt to the new demands from the clients. Innovative risk-sharing structures are key to boosting financing export capacity, especially for SMEs.

ECI is confident of continuing its successful journey to support “We the UAE 2031” agenda: raising its contribution to 6% of non-oil exports by 2031 (from 3.1% in 2023) and 2.4% of non-oil GDP by 2031 (from under 1% currently). ECI is committed to meet its goals by supporting the growth of trade flows, increased revenues and profits for domestic firms, job creation (in the domestic market, and abroad if there are new development projects financed and or guaranteed) – all leading to increase in value added and resilient economic growth.

Select Bibliography

Central Bank of the UAE (2023): “Quarterly Economic Review 2023 Q3”, Dec. https://www.centralbank.ae/media/vkgbce52/qer-q3-2023-english.pdf

International Monetary Fund (2024a): “Red Sea Attacks Disrupt Global Trade”, IMF blogpost, Mar. https://www.imf.org/en/Blogs/Articles/2024/03/07/Red-Sea-Attacks-Disrupt-Global-Trade

International Monetary Fund (2024b): “Moderating Inflation and Steady Growth Open Path to Soft Landing”, World Economic Outlook Update, Jan. https://www.imf.org/en/Publications/WEO/ Issues/2024/01/30/world-economic-outlook-update-january-2024

International Monetary Fund (2023a): “United Arab Emirates: 2022 Article IV Consultation-Press Release; and Staff Report”, Jun. https://www.imf.org/en/Publications/CR/Issues/2023/06/22/ United-Arab-Emirates-2022-Article-IV-Consultation-Press-Release-and-Staff-Report-535073

International Monetary Fund (2023b): “The High Cost of Global Economic Fragmentation”, blogpost in Aug. https://www.imf.org/en/Blogs/Articles/2023/08/28/the-high-cost-of-global-economicfragmentation

Organisation for Economic Co-operation and Development (2023): “Key issues in Digital Trade”, OECD Global Forum on Trade 2023 - Making Digital Trade Work for All, Oct. https://www.oecd.org/trade/OECD-key-issues-in-digital-trade.pdf

Saidi, N. and Prasad, A. (2023): “A Mercantile Middle East”, IMF Finance & Development, Sep. https://www.imf.org/en/Publications/fandd/issues/2023/09/a-mercantile-middle-east-nassersaidi-aathira-prasad

Saidi, N. and Prasad, A. (2022): “COVID-19 and its impact on Arab economic integration”, Economic and Social Commission for Western Asia, Nov. https://www.unescwa.org/sites/default/files/pubs/ pdf/covid-19-impact-arab-economic-integration-english.pdf

United Nations Conference on Trade and Development (2023): “Global Trade Update”, issued in Dec. https://unctad.org/publication/global-trade-update-december-2023

World Trade Organisation (2023a): “Re-globalization for a secure, inclusive and sustainable future”, World Trade Report 2023, issued in Sep. https://www.wto.org/english/res_e/booksp_e/wtr23_e/wtr23_e.pdf

World Trade Organisation (2023b): “World Trade Statistical Review 2023”, issued in Jul. https://www.wto.org/english/res_e/publications_e/wtsr_2023_e.htm

World Trade Organisation (2021): “Economic Resilience and Trade”, World trade report 2021, issued in Mar. https://www.wto.org/english/res_e/booksp_e/wtr21_e/00_wtr21_e.pdf