Latest news with #H.E.AbdullaBinTouqAlMarri
Zawya
27-05-2025
- Business
- Zawya
Etihad Credit Insurance achieves AED 16.2bln in insured turnover
During a recent media briefing organised by the company H.E. Abdulla Bin Touq Al Marri: Under the directives of its wise leadership, the UAE has adopted innovative strategies to enhance economic diversification, and Etihad Credit Insurance (ECI) plays a vital role in supporting this Etihad Credit Insurance's results reflect the success of our efforts to enhance the global competitiveness of local companies and consolidate the UAE's economic position regionally and globally We are keen to expand the scope of the company's credit guarantees to include a number of major deals in the infrastructure and energy sectors in African markets The company's gross exposure increased to AED 11 billion, exceeding its 2023 levels by 14.58% UAE: Etihad Credit Insurance (ECI), the UAE federal export credit company, has revealed a remarkable year of growth and strategic achievement in its 2024 Annual Report, with insured turnover reaching AED 16.2 billion - reflecting a 15.7% year-on-year increase and accounting for 2.85% of the UAE's total non-oil exports. This was announced during a media briefing led by H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, and other senior officials from the company. These figures underscore ECI's deepened contribution to supporting and safeguarding UAE-based exporters and investors through strategic credit solutions in over 100 countries and 17 strategic sectors. In 2024, the UAE's non-oil foreign trade surged to AED 3 trillion, marking a 14.6 percent increase over the previous year. ECI's contribution plays a vital role in advancing the nation's goal of achieving AED 800 billion in the country's non-oil exports by the next decade, in line with 'We the UAE 2031' economic goals. Since its inception, the company has facilitated over AED 21 billion in cumulative export trade and investment, resulting in booked Gross Written Premium (GWP) of AED 447 million, reflecting strong portfolio growth and a high retention rate. H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said: 'Guided by the unwavering support and directives of our wise leadership, the UAE has made remarkable strides in building a resilient, innovative, and knowledge-based economy. At the heart of this transformation is economic diversification, with non-oil industries, exports, re-exports, and non-oil foreign trade playing a central role in shaping our future aligned with the 'We the UAE 2031' vision. Today, non-oil sectors contribute 74.6% to the UAE's GDP—underscoring their growing role in shaping the country's economic future. Etihad Credit Insurance has significantly contributed to advancing this vision by fostering the expansion of UAE-based companies, enabling broader market access, and reinforcing key economic partnerships through targeted collaborations and tailored credit insurance solutions. By helping UAE businesses compete more effectively on the global stage, ECI plays a vital role in accelerating non-oil export growth and strengthening the country's standing as a leading, diversified economic powerhouse.' H.E. Bin Touq further noted that ECI has extended credit guarantees to cover several major infrastructure and energy deals in African markets, including Angola and Senegal, in line with the UAE's strategic efforts to foster sustainable global partnerships and drive inclusive economic development. 'In 2024, ECI provided targeted trade and investment insurance solutions to 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,' H.E. elaborated. The report stated that the company has witnessed a gross exposure of AED 11 billion - a 14.58 percent increase over 2023. This growth was supported by a diverse portfolio, with over 60 percent of beneficiaries comprising small and medium-sized enterprises (SMEs). The report highlighted that ECI secured AA- international rating by Fitch for the sixth consecutive year, reflecting on the company's ability to mitigate potential risks and reiterate its strong presence in global markets. H.E. Raja Al Mazrouei, CEO of ECI, said: 'We are committed to supporting the UAE's accelerated drive toward economic resilience and long-term sustainability. By offering innovative credit solutions, streamlined access to financing, and forging high-impact strategic partnerships, we empower UAE exporters, particularly SMEs, to unlock new opportunities and scale globally with confidence in an increasingly competitive world. This is reflected in ECI's strong performance in 2024, which not only underscores its pivotal role in enabling the national export competitiveness but also its commitment to empowering businesses with the tools and confidence to expand into new global markets. A key milestone for us in 2024 was the launch of Xport Xponential, a comprehensive program designed to support UAE-based companies. This new strategic initiative aligns with our commitment to increasing ECI's contribution to the non-oil GDP by 7-fold by 2031.' H.E. Al Mazrouei also reaffirmed ECI's dedication to clean and green energy initiatives in line with the UAE's sustainability commitments and United Nations Sustainable Development Goals (SDGs). 'The Africa Green Investment Initiative (AGII) led by the UAE and announced at the Africa Climate Summit, held in Nairobi in September 2023, is a multistakeholder partnership that employs an innovative approach to climate finance, combining the resources, expertise, and local knowledge of the following partners: Abu Dhabi Fund for Development; Masdar; AMEA Power; Africa 50; and Etihad Credit Insurance. AGII aims to deploy $4.5 billion in African renewable energy capacity by the end of the decade. This initiative represents one of the most comprehensive efforts to drive climate action and decarbonization in emerging economies and least developed countries to date and builds on the UAE's long-standing commitment to international cooperation and sustainable socio-economic development'. Furthermore, the report revealed that ECI offers coverage of up to AED 500 million per risk, with 60 percent of that amount ceded under a quota-share arrangement. This structure is backed by nine reinsurers rated 'A' and above, reaffirming ECI's robust reinsurance treaty. The report also highlighted ECI's commitment to supporting clients beyond credit insurance. This commitment was demonstrated by the company's effective handling of overdue payments, which resulted in the collection of AED 158 million from overdue payments, achieving collection success rate of 77 percent. With this, the total debt collected by ECI since its inception has risen to AED 528 million, an 87 per cent recovery success rate. The report further detailed the composition of ECI's portfolio, noting that 70 percent of its exposure lies in Short-Term Credit Insurance (ST), which supports high-frequency trade cycles, particularly in manufacturing, ICT, and agri-exports. Medium and Long-Term (MLT) commitments account for 17 percent of the portfolio, highlighting ECI's growing involvement in infrastructure, energy, and other capital-intensive sectors. The remaining 13 percent is dedicated to Political Risk Insurance (PRI). In terms of geographic distribution, the report identified Saudi Arabia as ECI's largest export market within the Gulf and wider MENA region, accounting for 7 per cent of the company's total exposure. ECI also provided notable coverage for exports to Egypt, Oman, Qatar, and Bahrain, highlighting the strength of intra-regional trade. Beyond the Middle East, ECI supported significant trade flows to leading Asian economies such as India and Singapore, while also facilitating UAE exports to Europe - including the UK and EU - and America. Furthermore, ECI signed around 28 agreements with government export credit agencies worldwide, including US EXIM, Korea Eximbank, Sinosure, BPI France, solidifying ECI's position as a trusted partner for international trade. Finally, the report also outlined ECI's plans to leverage the UAE's Comprehensive Economic Partnership Agreements (CEPAs) to further enhance trade and strengthen commercial relations. These efforts will be supported by ECI's expanding information database, which grants access to over 400 million corporates globally, empowering UAE-based exporters with valuable insights and intelligence. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
Hi Dubai
17-02-2025
- Business
- Hi Dubai
Gulfood 2025 Opens, Marking 30 Years of F&B Growth & Innovation
Dubai is set to host the landmark 30th edition of Gulfood, the world's largest F&B exhibition, from February 17, 2025, at the Dubai World Trade Centre (DWTC). Under the theme "The Next Frontier in Food," this edition is expected to generate over USD 20 billion in trade deals, bringing together 5,500+ exhibitors from 129 countries, along with the industry's most influential CEOs, policymakers, investors, and visionaries. Among the key highlights, H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy, will deliver the opening keynote on Day 2 at the inaugural Food500 Summit, emphasizing Gulfood's economic impact and the UAE's role as a global trade hub. Food500 Summit: Shaping the Future of F&B Leadership The Food500 Summit will serve as a strategic platform where global industry leaders convene to address pressing challenges and opportunities within the food value chain. Speakers include: Ananya Narayan , CEO, Hunter Foods , CEO, Hunter Foods Dr. Edwini Kessie , Director, Agriculture and Commodities Division, WTO - Switzerland , Director, Agriculture and Commodities Division, WTO - Switzerland Alvyn Severien , CEO, Montaigne Nutrition & Co-founder, Algama – France , CEO, Montaigne Nutrition & Co-founder, Algama – France Tisha Livingston , CEO, Infinite Acres – USA , CEO, Infinite Acres – USA Daniel Levine, global top trends expert H.E. Abdulla Bin Touq Al Marri highlighted the UAE's commitment to economic diversification, underscoring the food sector's pivotal role in achieving self-sufficiency, boosting local production, and positioning the country as a leading food exporter. This aligns with the 'We the UAE 2031' vision, which aims to raise the national GDP to AED 3 trillion by the next decade. Gulfood Innovation Awards: Recognizing Excellence in F&B The Gulfood Innovation Awards will recognize trailblazing products, technologies, and ideas shaping the future of F&B. With hundreds of thousands of new product launches, the event serves as a catalyst for business growth, networking, and industry advancement. Marcos Delorenzo, CEO of ADC, Tanmiah's Poultry Division, emphasized the company's commitment to sustainability and innovation, expressing pride in being shortlisted for the Gulfood Innovation Awards. The complete shortlist can be found at Gulfood Innovation Awards, with winners to be announced on Day 1. Top Table: Michelin-Starred Masterclasses and Culinary Futurism This edition of Gulfood welcomes culinary legend Chef Alain Ducasse, a 21-Michelin-starred icon, to the UAE for the first time. Ducasse will lead Top Table and Dubai World Cuisine activations, sharing insights on culinary futurism and sustainable gastronomy on Day 3 of the Food500 Summit. Chef Alain Ducasse stated, "Dubai's dynamic food scene continues to attract the world's brightest culinary talents. I'm honored to participate in Gulfood 2025 alongside Chef Romain Meder, conducting masterclasses at Top Table and hosting exclusive dinners at Takahisa." Top Table, sponsored by Japan External Trade Organization (JETRO), will feature: 120+ world-renowned chefs 50 Michelin stars combined Live masterclasses, interactive tastings, and cooking demonstrations Dubai World Cuisine: Showcasing Dubai as a Global Food Destination Designed exclusively for Gulfood ticket holders, Dubai World Cuisine will highlight the city's culinary evolution through multi-chef collaborations at Dubai's top restaurants, including: Krasota Takahisa Avatara Lowe Armani Ristorante Orfali Bros Armani Amal The program features 4-hand and 6-hand fine dining collaborations, culminating in an 8-hand dining experience that blends expertise from global culinary masters. Discovery Tours: Fast-Tracking the Best of Gulfood 2025 For an in-depth look at the latest food trends and innovations, Gulfood introduces Discovery Tours, offering curated one-hour immersive experiences led by industry experts. For more details and ticket purchases, visit Join the World's Largest Food & Beverage Gathering Gulfood 2025 is set to drive trade, innovation, and global partnerships. Whether through high-level discussions at Food500, groundbreaking innovations, or Michelin-starred culinary showcases, this milestone edition will shape the future of food. Event: Gulfood 2025 Date: February 17, 2025 Location: Dubai World Trade Centre (DWTC) Theme: "The Next Frontier in Food" Projected Trade Deals: USD 20 billion+ Gulfood 2025 will be a defining moment for the global F&B industry, fostering dialogue, innovation, and strategic partnerships that will influence the sector for years to come.
