As the UAE redefines its global trade ambitions, Etihad Credit Insurance (ECI) is playing a pivotal role in enabling homegrown businesses to scale new heights. Her Excellency Raja Al Mazrouei, chief executive officer of ECI, explores how leadership, innovation and sustainability are shaping a future-ready economy, with SMEs and non-oil exports at its core.
In a world marked by rapid technological disruption, evolving economic landscapes and intensifying climate concerns, the nexus of leadership, innovation and sustainability has never been more critical. Today, progress is measured not just in GDP or bottom-line growth, but in the resilience, inclusivity and future-readiness of societies.
This is particularly true in the UAE, where visionary leadership and long-term national strategies – like the UAE Centennial 2071 and Net Zero by 2050 – are redefining progress. From its modest beginnings as an oil-dependent economy to its current position as a global trade and logistics hub, the UAE has demonstrated an extraordinary capacity to adapt, diversify and lead.
Central to this evolution is the country’s commitment to empowering homegrown enterprises – especially small and medium-sized enterprises (SMEs) – through strategic partnerships and future-ready infrastructure.
The UAE’s federal export credit company, Etihad Credit Insurance (ECI), is at the heart of this mission, serving as a vital enabler for businesses ready to explore international markets. By enhancing the global competitiveness of our businesses, ECI not only accelerates the expansion of non-oil exports but also reinforces the UAE’s position as a dynamic, diversified economic powerhouse.
The UAE economic model: A blueprint for diversification
The UAE’s bold transition away from hydrocarbon dependency toward a diversified, knowledge-based economy is a testament to its adaptive policymaking and proactive investment in future industries. By investing heavily in sectors such as renewable energy, advanced technology, logistics, manufacturing, healthcare and financial services, the nation is laying down the structural foundations of long-term resilience.
Geographically situated at the crossroads of East and West, the UAE leverages its strategic location to serve as a gateway for global trade. Its world-class ports, free zones, airports and multimodal logistics corridors rank among the most sophisticated in the world, facilitating seamless movement of goods and services. Complementing these assets is a business-friendly regulatory environment, with progressive tax incentives and streamlined customs procedures that make it easy for entrepreneurs and global investors to set up and scale their operations.
The country’s rapidly advancing digital infrastructure and government-led digital transformation initiatives further enhance its competitive edge, offering a frictionless trade ecosystem that is ready for the digital economy. This holistic approach underscores the UAE’s commitment to building an agile and sustainable economy that thrives on innovation.
These initiatives are bearing tangible results. The UAE’s non-oil foreign trade is on track to surpass AED4tn within two years, well ahead of the original 2031 target. In Q1 of this year alone, non-oil trade surged by 18.6%, reaching AED835bn – far exceeding the global average. Even more strikingly, non-oil exports grew by an impressive 41% year-on-year, reflecting the success of the UAE’s diversification strategy and the vitality of its trading enterprises.
SMEs at the heart of global trade
SMEs represent more than 94% of the companies operating in the UAE and contribute approximately 52% to non-oil GDP, underscoring their central role in economic growth, innovation and employment. These businesses are not just economic contributors; they are the incubators of new ideas and the engines of adaptability in an increasingly uncertain world.
To facilitate SMEs in their global expansion endeavours, the UAE government has launched various export promotion initiatives and trade facilitation programs. Organisations like ECI provide SMEs innovative credit solutions, facilitate easy access to finance, provide expert market insights and foster strategic collaborations. Through collaborative efforts with national financial institutions like Emirates Development Bank and First Abu Dhabi Bank (FAB), ECI is driving inclusive economic growth and enabling the UAE’s businesses to thrive in an increasingly complex global trade environment.
Xport Xponential: Catalysing global expansion
To further accelerate SME participation in international markets, last year ECI launched Xport Xponential, a comprehensive programme designed to support UAE-based companies. Since its inception, the programme has already facilitated AED174mn in financing through strategic collaborations with leading banks, including FAB, Commercial Bank of Dubai, Ajman Bank and Al Maryah Community Bank.
At its core, the programme serves as a comprehensive trade facilitation platform offering participants access to a range of benefits. This includes innovative trade credit and financial solutions developed in collaboration with leading financial institutions, as well as tailored strategic consultancy and risk advisory services.
Furthermore, it offers companies access to a global database of over 400 million companies, enabling participants to identify and connect with potential buyers, partners and importers worldwide. Additionally, participants will have special access to markets under the UAE’s Comprehensive Economic Partnership Agreements, including reduced tariffs and streamlined customs procedures.
Innovation as a driver for sustainable trade
As the global economy becomes more digital and climate-conscious, innovation is emerging as a critical pillar for long-term trade competitiveness. The UAE is fully embracing this shift by adopting a ‘digital-first’ trade model, leveraging artificial intelligence, data platforms and smart infrastructure to streamline operations, enhance transparency and enable predictive decision-making.
ECI’s own digital transformation is aligned with this vision, offering clients an intuitive platform to access insurance, track risk and gain real-time insights on global markets. The company became the first insurance sector entity to join the KYC Blockchain Platform, an initiative led by the Dubai Department of Economy and Tourism. This milestone is aimed at enhancing ease of doing business, improving KYC compliance and elevating customer data quality while fostering the platform’s growth as a trusted digital ecosystem.
Moreover, the company is pioneering climate-linked insurance products and supporting green financing mechanisms to accelerate the transition toward environmentally sustainable trade.
The UAE’s role as the host of COP28 and its leadership in advancing environmental, social and governance (ESG) principles across the region signal a clear direction: trade must evolve to be more sustainable, inclusive and impact driven. And institutions like ECI are helping translate this vision into action by incentivising sustainable business practices and providing the tools to measure and manage ESG performance across value chains.
Looking ahead: Vision 2031 and beyond
The UAE’s national development agenda is underpinned by bold ambitions such as ‘Operation 300 billion,’ which aims to boost the country’s industrial base, and ‘We the UAE 2031,’ a strategy to position the UAE among the world’s top 10 economies. Within this transformative context, ECI plays a critical role by driving non-oil exports and de-risking the journey of UAE businesses into global markets.
As part of its mandate to increase non-oil foreign trade to AED800bn, ECI is expanding its offerings and forging stronger partnerships across the local and international landscape. Whether through co-insurance programmes, capacity-building initiatives or innovation in credit solutions, the organisation is enabling businesses to operate with greater confidence and less risk.
Looking ahead, the UAE’s integrated approach to leadership, innovation and sustainability will serve not just as a blueprint for national resilience, but as a beacon for other economies seeking to thrive in the face of global complexity. This model of combining economic development with social progress and environmental responsibility offers a compelling path forward for nations navigating the challenges of the 21st century.
Empowering businesses through innovation and strategic collaboration is the key to building resilient economies that thrive beyond borders.
