UAE – Mubasher: The UAE’s federal export credit company Etihad Credit Insurance (ECI) has secured AED 174 million in funding to support the growth of SMEs, as part of the impact of its Xport Xponential program, according to a press release.
Four of ECI’s banking partners were part of the fundraising process, including listed banks like First Abu Dhabi Bank (FAB), Commercial Bank of Dubai (CBD), and Ajman Bank, in addition to the private lender Al Maryah Community Bank.
Abdulla Bin Touq Al Marri, the UAE Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance, stated: “The Xport Xponential program 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.”
Al Marri added that the program “directly supports the objectives of the ‘We the UAE 2031’ national strategy, which aims to increase non-oil exports to AED 800 billion and expand foreign trade volume to AED 4 trillion by the next decade.”
The Minister concluded: “Moreover, with export and re-export activities between the UAE and countries with which we have Comprehensive Economic Partnership Agreements (CEPA), already exceeding AED 390.50 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.”
Meanwhile, Futoon Hamdan Al Mazrouei, Group Head of Personal, Business, Wealth and Privileged Client Banking Group at FAB said: “First Abu Dhabi Bank is pleased to be a banking partner of “ECI’s Xport Xponential program”, 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.”
Al Mazrouei noted: “By empowering SMEs with access to working capital and innovative trade finance solutions, we are unlocking new opportunities for global growth. The program strengthens the UAE’s competitiveness and supports its ambition to expand trade across strategic international markets.”
From his part, Bernd van Linder, the CEO of CBD, stated: “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.”
It is worth noting that the Xport Xponential program was launched to fulfill the dual objectives of catalyzing SMEs’ global expansion and driving SME financing with the help of partner banks.
It was introduced during the third edition of ‘Make It in the Emirates’ (MIITE), held in May 2024, with the aim of accelerating the global expansion of UAE-based SMEs by offering financial support and ensuring their export readiness through innovative trade finance and credit insurance solutions.
As many as 42 companies applied for the program, out of which 10 were shortlisted based on rigorous evaluation criteria. These companies have collectively generated AED 2.10 billion in turnover to date and are now targeting expansion into four key markets; Indonesia, India, Saudi Arabia, and Oman, with a combined export potential of AED 31.30 billion over the next four years across ten vital sectors. Implemented in collaboration with 19 strategic partners, the program exemplifies ECI’s role in driving sustainable economic growth by connecting businesses with international opportunities and tailored trade finance solutions.
Since its inception, ECI has insured AED 21 billion in support of local exports and completed underwriting for premiums totaling AED 447 million.
