Etihad Credit Insurance (ECI), the UAE Federal export credit company, has issued over 1,400 revolving credit guarantees covering AED4 billion ($1.1 billion) worth of non-oil exports exports from January to June, thereby providing solid contribution to employment and the non-oil economy of the country.
In line with its mandate to boost national export activity and economic diversification, ECI has insured non-oil exports to more than 70 countries, ensuring business continuity from the early days of the coronavirus outbreak to the height until the easing of the Covid-19 pandemic, said a statement from ECI.
The top beneficiaries of ECI in terms of sectors in the first half are cable (35 per cent), steel (26 per cent), and petrochemicals (13 per cent). These sectors represent three-quarters of ECI’s insured sectors.
Meanwhile, the healthcare (9 per cent), automotive (9 per cent), building materials (7 per cent), and food (1 per cent) sectors rounded out the beneficiaries, it stated.
ECI CEO Massimo Falcioni said the substantial amount of credit guarantees issued by the federal export credit company - along with the fiscal stimulus packages floated by the UAE government - provided a safety net and a stable source of support for UAE exporters and re-exporters.
This way, they can continue to win contracts, fulfil orders, and get paid even in the most critical months of the COVID-19 crisis, he noted.
“The UAE maintained its economic activity during the global health crisis by utilising technology to the fullest, for which it has invested greatly long before the pandemic struck the world. By doing so, the country was able to mitigate the worse effects of the COVID-19 pandemic on our economy, showing what vision and wise leadership can do,” added Falcioni.
