Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, has announced the results of its ‘Xport Xponential’ initiative, which has facilitated the raising of AED 174 million in funding to support SME development. This working capital was secured in collaboration with four of ECI’s banking partners: First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank. ECI reaffirmed its ongoing commitment to arranging similar financial support for SMEs in partnership with its wider banking network.
The closing ceremony of the initiative took place under the patronage of Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors at Etihad Credit Insurance. The event aligns with the Ministry’s goal to cultivate a future-ready economy and foster a strong entrepreneurial environment by promoting investment and attracting skilled talent.
Bin Touq noted that the ‘Xport Xponential’ programme is instrumental in furthering the UAE’s strategic objective to enhance the role of small and medium-sized enterprises in the country’s non-oil GDP. It directly supports the ambitions of the national strategy ‘We the UAE 2031’, which seeks to boost non-oil exports to AED 800 billion and expand total foreign trade to AED 4 trillion over the coming decade.
Furthermore, with the value of exports and re-exports between the UAE and its Comprehensive Economic Partnership Agreement (CEPA) countries already surpassing AED 390.5 billion, the initiative aims to capitalise on this trade momentum. It seeks to enable SMEs to tap into the untapped potential of these markets, especially as the UAE continues to broaden its economic and trade relations with key international partners.
