Etihad Credit Insurance Launches 'Xport Xponential' Initiative to Boost UAE's Export Sector
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has organized a workshop to outline the next phases of the ‘Xport Xponential’ initiative. The workshop aimed to discuss practical elements for the initiative's successful implementation, strategic alliances between stakeholders, and its role in creating a comprehensive financing environment for local exporters.
Qualitative Change in UAE's Foreign Trade
Her Excellency Raja Al Mazrouei, CEO of Etihad Credit Insurance, highlighted the initiative's goals, existing partnerships, and the prerequisites for joining during her presentation. She emphasized, “Through this initiative, we hope to make a qualitative shift in the UAE's foreign trade landscape and support local manufacturers and exporters in expanding into new offshore markets. Etihad Credit Insurance Group is committed to leveraging all our insurance, financing, and advisory capabilities to help strengthen the UAE's position as a global economic center and influential trade partner.”
Strategic Objectives and Economic Goals
The ‘Xport Xponential’ initiative aligns with the ‘We the UAE 2031’ strategy, aiming to increase non-oil exports to AED 800 billion and GDP to AED 3 trillion. It also seeks to utilize the Comprehensive Economic Partnership Agreements (CEPAs) to boost trade, targeting a foreign trade volume of AED 4 trillion by the next decade.
Expert Insights and Future Collaborations
The workshop featured key speakers, including Haitham Al Khazaleh, Director of Risk Management, Majed Julfar, Director of TCI and Export Financing, and Mansoor Al Khaja, Director of Finance and Administration. They addressed inquiries and provided recommendations regarding the initiative's components and criteria.
Expanding Partner Network
Since its launch, the ‘Xport Xponential’ initiative has expanded its partner network to include a wide range of federal and local entities. These partners include the Abu Dhabi Department of Economic Development (ADDED), the Department of Economy and Tourism in Dubai, Ajman Economic Development Department, Fujairah Department of Industry and Economy (IEDFUJ), Khalifa Fund for Enterprise Development (KFED), Ras Al Khaimah Economic Zones (RAKEZ), Dubai Airport Freezone (DAFZ), and Sharjah Chamber of Commerce and Industry (SCCI).
Financial Sector Partnerships
The initiative's financial partners include Emirates Development Bank (EDB), Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Dubai Commercial Bank (CBD), Ajman Bank, the National Bank of Ras Al Khaimah (RAKBANK), and Fujairah National Bank (NBF). More institutions and businesses from both government and private sectors are expected to join in the coming phases.
Innovative Insurance Plans and Economic Growth
The workshop introduced the advantages and innovative insurance plans offered by Etihad Credit Insurance. It emphasized ECI's commitment to broadening the pool of beneficiaries of the ‘Xport Xponential’ initiative and discovering strategies to enhance the growth and sustainability of the domestic economy by boosting exports and non-oil foreign trade.
