Etihad Credit Insurance announces Dhs174m funding raised for SMEs
Staff Reporter,
Gulf Today
Etihad Credit Insurance (ECI), the UAE's federal export credit company, announced the impact of its 'Xport Xponential' programme, which has helped raise Dhs 174 million in funding to support the growth of SMEs, during the closing ceremony of the programme. The working capital was raised with the support of four of ECI's banking partners: First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank. ECI also remains committed to securing similar funding and capital for SMEs in collaboration with its other banking partners.
The programme's closing ceremony was held under the patronage of Abdulla Bin Touq Al Marri, the Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance. The event aligns with the Ministry's mission to develop a flexible future economy and robust entrepreneurial ecosystem by facilitating investment and talent attraction.
Bin Touq stated: 'The 'Xport Xponential' programme plays a pivotal role in advancing the UAE's ongoing efforts to increase the contribution of small and medium-sized enterprises to the country's non-oil GDP. It also directly supports the objectives of the 'We the UAE 2031' national strategy, which aims to increase non-oil exports to Dhs 800 billion and expand foreign trade volume to Dhs 4 trillion by the next decade. Moreover, with export and re-export activities between the UAE and countries with which we have Comprehensive Economic Partnership Agreements (CEPA), already exceeding Dhs 390.5 billion, the initiative leverages existing trade momentum to help SMEs unlock the untapped potential of these markets, particularly as the UAE continues to expand its economic and trade partnerships with key strategic markets worldwide.'
On her part, Raja Al Mazrouei, CEO of Etihad Credit Insurance, highlighted ECI's role in empowering UAE-based businesses to compete on a global level. Her Excellency stated that 'Xport Xponential' serves as a dynamic platform for local businesses and potential importers to connect. Al Mazrouei further stated that the programme identifies high-potential export markets for a wide range of products, allowing small businesses to expand globally with greater ease and confidence.
She added: 'ECI's 'Xport Xponential' programme aligns with the UAE's strategic vision to diversify its revenue sources away from oil. It offers integrated financial and insurance solutions, particularly to SMEs, enabling them to scale internationally, while mitigating major export-related risks.'
Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth and Privileged Client Banking Group at First Abu Dhabi Bank (FAB) said: 'First Abu Dhabi Bank is pleased to be a banking partner of 'ECI's Xport Xponential programme', an initiative that reflects the UAE's strategic vision for economic diversification and sustainable growth. We are strongly aligned with the Ministry of Economy's mission to foster a flexible, future-ready economy and a vibrant entrepreneurial ecosystem by enabling investment and attracting top talent. By empowering SMEs with access to working capital and innovative trade finance solutions, we are unlocking new opportunities for global growth. The programme strengthens the UAE's competitiveness and supports its ambition to expand trade across strategic international markets.'
On the collaboration, Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, stated: 'Commercial Bank of Dubai is proud to be a foundational partner in ECI's Xport Xponential programme. With a legacy of over five decades in backing the growth of the UAE, we continue to demonstrate our commitment today by empowering the nation's vibrant SME sector and creating tangible impact that supports the economic diversification and global competitiveness of the UAE. We look forward to continuing our work with ECI to unlock even greater opportunities for businesses across the Emirates, building on the significant momentum already achieved.'
Mustafa Al Khalfawi, CEO of Ajman Bank, said: 'We are proud to be part of the 'Xport Xponential' programme in collaboration with Etihad Credit Insurance, which represents a significant milestone in empowering SMEs to access new growth frontiers. Our participation reflects Ajman Bank's unwavering commitment to supporting the UAE's national agenda, particularly Ajman Vision 2030 and We the UAE 2031, by providing Sharia-compliant financing solutions that enable local businesses to scale internationally. The Dhs 174 million in funding collectively raised through this initiative is a powerful testament to the strength of public-private sector collaboration. We will continue to build on this momentum by enabling innovative trade finance and expanding our role as a catalyst for sustainable economic development.'
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