Boosting Small and Medium Enterprise (SME) exports, Etihad Credit Insurance (ECI) has secured AED 174 million within Xport Xponential's framework.

Boosting Small and Medium Enterprise (SME) exports, Etihad Credit Insurance (ECI) has secured AED 174 million within Xport Xponential's framework.

Taking UAE SMEs Global: The Xport Xponential Program

Etihad Credit Insurance (ECI) has made a significant move in boosting the global presence of UAE-based small and medium-sized enterprises (SMEs) with their flagship 'Xport Xponential' program, snagging AED 174 million through its innovative finance program.

The funding, jointly secured with four banking partners at their recent celebratory event, aims to bolster the UAE's non-oil economy by equipping SMEs with the financial firepower to conquer the global marketplace. Xport Xponential aligns perfectly with the nation's 'We the UAE 2031' strategy, which sets aggressive targets for non-oil exports and overall trade volume over the next decade.

Abdulla Bin Touq Al Marri, Minister of Economy and ECI's chairman, enthusiastically welcomed the initiative, asserting its crucial role in enhancing SMEs' contribution to the UAE's economic diversification efforts. Raja Al Mazrouei, ECI's CEO, echoed these sentiments, emphasizing the program's part in linking local businesses with potential international buyers and empowering export readiness via trade finance and insurance solutions.

The Xport Xponential program launched in May 2024 during the 'Make It in the Emirates' forum. Of the 42 applicants, a select 10 SMEs, collectively boasting AED 2.1 billion in revenue, are now targeting growth in markets such as Indonesia, India, Saudi Arabia, and Oman - each with a potential export value of AED 31.3 billion across ten sectors.

With the support of 19 strategic public and private partners, the program has stimulated increased collaboration - Hiking ECI's institutional connections by a whopping 27%. This underscores the program's growing significance in building a robust export ecosystem.

So, what exactly does the Xport Xponential program offer? This dynamic initiative is designed to speed up the global expansion of SMEs by providing them with tailored insurance products, substantial financial backing, and strategic partnerships with leading banks.

Under this program, selected SMEs gain access to intensive workshops, helping them perfect their strategies for entering and conquering international markets. With this powerful combination of financial resources, risk mitigation tools, and capacity building, UAE SMEs can now confidently seize global market opportunities and contribute significantly to the UAE’s export growth ambitions.

News Source: Emirates News Agency

[1] Etihad Credit Insurance (ECI)[2] First Abu Dhabi Bank[3] Commercial Bank of Dubai[4] Ajman Bank[5] Al Maryah Community Bank[6] 'We the UAE 2031' Strategy[7] Make It in the Emirates Forum[8] National Export Strategy (doesn't exist in base article, but could be inferred from the overall context of the program)

1. The Xport Xponential program, supported by Etihad Credit Insurance (ECI), aims to bolster the UAE's non-oil economy by providing financial support to SMEs, thanks to a funding collaboration with four banking partners: First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank.
2. Xport Xponential, in line with the 'We the UAE 2031' strategy, sets ambitious targets for non-oil exports and overall trade volume over the next decade, aligning perfectly with the nation's industrial and business goals.
3. Raja Al Mazrouei, ECI's CEO, emphasized the program's role in linking local businesses with potential international buyers and empowering export readiness via trade finance and insurance solutions, thereby contributing significantly to the UAE's economic diversification efforts.
4. The program also stimulates increased collaboration, hiking ECI's institutional connections by a whopping 27%, further underscoring its growing significance in building a robust export ecosystem within the broader UAE community.
5. With the support of 19 strategic public and private partners, the Xport Xponential program offers tailored insurance products, substantial financial backing, and strategic partnerships with leading banks, allowing SMEs to seize global market opportunities and boost the UAE’s export growth ambitions.

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