Abu Dhabi: Etihad Credit Insurance (ECI), the UAE's federal export credit agency, has announced the successful conclusion of its 'Xport Xponential' programme, securing AED 174 million in funding aimed at supporting the growth of small and medium-sized enterprises (SMEs). This funding was facilitated in collaboration with four major banking partners: First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank. ECI continues to work towards securing similar financial support for SMEs in partnership with other banks.
According to Emirates News Agency, the programme's closing ceremony was graced by Abdulla Bin Touq Al Marri, the Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance. The event underscored the Ministry of Economy's mission to foster a flexible and future-ready economy by attracting investments and talent. Bin Touq emphasized that the 'Xport Xponential' programme is crucial in enhancing the contribution of SMEs to the UAE's non-oil GDP, aligning with the 'We the UAE 2031' national strategy, which aims to significantly bolster non-oil exports and expand foreign trade.
The initiative capitalizes on existing trade momentum, with export and re-export activities between the UAE and Comprehensive Economic Partnership Agreement (CEPA) countries already surpassing AED 390.5 billion. The programme offers SMEs the opportunity to tap into these markets as the UAE continues to expand its global trade partnerships.
Raja Al Mazrouei, CEO of Etihad Credit Insurance, highlighted ECI's pivotal role in enabling UAE businesses to compete internationally, noting that 'Xport Xponential' serves as a platform for local businesses and potential importers to connect. The programme identifies promising export markets, providing SMEs with the confidence to expand globally while mitigating major export risks.
Futoon Hamdan AlMazrouei from First Abu Dhabi Bank expressed satisfaction in partnering with the programme, aligning with the UAE's vision for economic diversification and sustainable growth. The initiative empowers SMEs with access to innovative trade finance solutions, enhancing the UAE's competitiveness and facilitating trade expansion.
Dr. Bernd van Linder of Commercial Bank of Dubai expressed pride in being a foundational partner, committed to empowering the UAE's SME sector and supporting the nation's economic diversification. Mustafa Al Khalfawi from Ajman Bank and Mohammed Wassim Khayata of Al Maryah Community Bank echoed similar sentiments, highlighting their respective banks' roles in providing funding and innovative solutions to support SMEs' international growth.
Launched during the 'Make It in the Emirates' event in May 2024, the 'Xport Xponential' programme aims to accelerate the global expansion of UAE-based SMEs. With rigorous selection criteria, 10 companies were shortlisted out of 42 applicants, collectively generating AED 2.1 billion in turnover. These companies aim to expand into key markets, including Indonesia, India, Saudi Arabia, and Oman, with a projected export potential of AED 31.3 billion over the next four years.
ECI's partnerships with government entities and banks have increased by 27 percent since the programme's inception, reflecting its commitment to fostering a robust export-enablement ecosystem. The initiative's extensive partner network includes strategic financial institutions, government departments, and economic zones across the UAE.
Since its establishment, ECI has insured AED 21 billion to support local exports and completed underwriting for premiums amounting to AED 447 million. This demonstrates ECI's significant role in promoting sustainable economic growth and enabling SMEs to thrive in international markets.