Abu Dhabi : Etihad Credit Insurance (ECI), the UAE Federal export credit company, launched its pioneering ‘Xport Xponential’ initiative, a strategic effort designed to support the exports of UAE-based companies and contribute to the sustainability and resilience of the national economy as well as diversify its resources. This major announcement was made during the 3rd edition of ‘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, said: “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 to increase their exports. 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.”
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.”
Bin Touq asserted: “Through this initiative, we aim to motivate the country’s exporters to explore growth opportunities in vital sectors and improve the access of non-oil UAE products to global markets. This initiative extends beyond credit and risk management solutions, offering manufacturers and exporters in the UAE consulting and strategic insights to strengthen their export capacities.”
The ‘Xport Xponential’ initiative supports UAE-based businesses engaged in the export or re-export of non-oil products, with a special focus on small and medium-sized enterprises (SMEs). Through this initiative, Etihad Credit Insurance aims to provide beneficiaries with access to innovative financial solutions through partnerships with the financial and banking sectors. Additionally, the initiative offers access to a vast database of over 300 million companies worldwide and provides significant facilities to enter the markets of countries that are part of the Comprehensive Economic Partnership Agreements (CEPA).
Raja Al Mazrouei, CEO of Etihad Credit Insurance, said: “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).”
Qualitative Partnerships with Strategic Dimensions:
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). Additionally, the financial and banking partners of the initiative 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). More institutions and companies from both government and private sectors are expected to join the initiative’s partner list in the next phase.