Dubai Expo

Etihad Credit Insurance (ECI), the UAE's federal export credit company, has launched the groundbreaking ‘Xport Xponential’ initiative aimed at enhancing the exports of UAE-based companies and contributing to the sustainability and resilience of the national economy. This major announcement was made during the 3rd edition of the ‘Make it in the Emirates Forum 2024.’

His Excellency Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance, emphasized the initiative’s significance. “The launch of the ‘Xport Xponential’ initiative is a significant step towards boosting the growth of UAE exports and strengthening their competitiveness in international markets. This initiative introduces an innovative trade and insurance platform, creating new opportunities for UAE-based exporters. It aims to support the targets of the 'We the UAE 2031' vision by reaching AED 800 billion in non-oil UAE exports by the next decade, thereby enhancing the growth and sustainability of the UAE economy,” he said.

Bin Touq added, “Thanks to our wise leadership, the UAE continues its efforts to build a more diverse, sustainable, and resilient economic system. This initiative complements national endeavors, particularly focusing on enhancing the role of non-oil industries, exports, re-exports, and non-oil foreign trade in the country's GDP. These sectors are vital for the transition towards the new economic model based on diversity and innovation.”

The 'Xport Xponential' initiative provides UAE-based businesses engaged in exporting or re-exporting non-oil products, particularly small and medium-sized enterprises (SMEs), with comprehensive credit facilities, innovative financial solutions, and access to a database of over 300 million companies worldwide. The initiative also aims to improve the access of non-oil UAE products to global markets, offering manufacturers and exporters consulting and strategic insights to enhance their export capacities.

Raja Al Mazrouei, CEO of Etihad Credit Insurance, remarked, “The initiative underscores our dedication to strengthening exporters within the UAE. It signifies the importance we place on fostering cooperation and strategic partnerships to boost the export sector in the country. This step will enhance the export capacities of UAE-based enterprises and advance the visibility of non-oil UAE products in targeted markets. This will be achieved through the implementation of a comprehensive financing framework and the utilization of our extensive strategic partnership network across the globe. Additionally, the initiative aims to enhance trade exchange routes between the UAE and its partners, building on the trust and cooperation established by the Comprehensive Economic Partnership Agreements (CEPA).”

The 'Xport Xponential' initiative's partner network spans various federal and local entities, including the Department of Economy and Tourism in Dubai, Ajman Economic Development Department, Fujairah Department of Industry and Economy, Khalifa Fund for Enterprise Development, and Ras Al Khaimah Economic Zones (RAKEZ). Financial and banking partners include the Emirates Development Bank (EDB), Abu Dhabi Commercial Bank (ADCB), Dubai Commercial Bank (CBD), Ajman Bank, Ras Al Khaimah Bank, and Fujairah National Bank (NBF). Additional institutions and companies from both government and private sectors are expected to join the initiative's partner list in the next phase.

Partnership Criteria

Etihad Credit Insurance targets UAE-based companies with audited financial statements for at least three years and an annual turnover ranging from AED 10 million to AED 250 million in the previous fiscal year. Eligible businesses must have recently ventured into export activities from the UAE or have plans to do so.

• Tags
• #Business
• #Magazine
• #Lifestyle