Etihad Credit Insurance raises Dh174 million for SME growth
Etihad Credit Insurance (ECI), the UAE's federal export credit company, announced that its 'Xport Xponential' programme has helped raise Dh174 million in funding to support the growth of SMEs. 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 'Xport Xponential' programme was launched to fulfil the dual objectives of catalysing 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 programme, out of which 10 were shortlisted based on rigorous evaluation criteria. These companies have collectively generated Dh2.1 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 Dh31.3 billion over the next four years across ten vital sectors. Implemented in collaboration with 19 strategic partners, the programme exemplifies ECI's role in driving sustainable economic growth by connecting businesses with international opportunities and tailored trade finance solutions.
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 Dh800 billion and expand foreign trade volume to Dh4 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 Dh390.5 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.'
Raja Al Mazrouei, CEO of Etihad Credit Insurance, highlighted ECI's role in empowering UAE-based businesses to compete on a global level. She 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.'
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 Dh174 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.'
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: 'We are proud to partner with Etihad Credit Insurance on the 'Xport Xponential' programme, which represents a significant milestone in empowering the UAE's SMEs to access global markets with confidence. At Al Maryah Community Bank, we are committed to offering fully digital, fast, and innovative financing solutions that simplify exporters' daily operations and enhance their global competitiveness. This initiative not only aligns with the UAE's vision to diversify its economy and boost non-oil exports but also opens new opportunities for local businesses in vital sectors to thrive internationally. We look forward to continuing our collaboration with ECI to ensure that manufacturers and exporters are equipped with the tools, knowledge, and capital they need to scale beyond borders.'
Since the programme's inception, ECI's partnerships with government entities and banks have increased by 27 per cent, reflecting its role in nurturing a robust export-enablement ecosystem that connects the public and private sectors under a unified vision. Partnerships with leading financial institutions have helped facilitate consistent, reliable support and access to growth-oriented funding for UAE SMEs. ECI also hosted a workshop in January 2025 to offer the selected companies' essential tools and resources, further supporting their export growth journey. In addition, these companies belong to diverse economic sectors, showcasing the program's wide-reaching impact across key industries.
Xport Xponential's vast partner list features 19 key strategic partners, including both federal and local entities, which are: the Abu Dhabi Department of Economic Development, Khalifa Fund for Enterprise Development, Dubai Department of Economy and Tourism, Dubai Airport Free Zone, Sharjah Chamber of Commerce and Industry, Ajman Department of Economic Development, Ras Al Khaimah Economic Zones, as well as Fujairah Department of Industry and Economy. Its financial and banking partners include Emirates Development Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, RAKBANK, National Bank of Fujairah, International Development Bank, Wio Bank, Al Maryah Community Bank and Reem Finance. It is also worth noting that since its inception, ECI has insured Dh21 billion in support of local exports and completed underwriting for premiums totalling Dh447 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
17 minutes ago
- The National
Shadi's take on higher spending for Nato members
Dubai launched the pilot phase of its real estate tokenisation project last month. The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said. Dubai's real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate's total property transactions, according to the DLD.
Khaleej Times
2 hours ago
- Khaleej Times
UAE: Everything is manipulated; AI social engineering is a real threat, experts warn
Cybersecurity professionals should focus on behavioural patterns, as AI-driven social engineering is becoming a real threat, industry executives said at a cybersecurity conference organised by Khaleej Times on Wednesday. "AI social engineering is real. Anyone who has any form of social media, be it Facebook, TikTok, or even LinkedIn, I'm sure we've all seen a video that looks very real. Something wasn't quite right about. We dig a bit deeper and look into the comments, and we see it's deepfake video content, deepfake audio, impersonating something that's deemed to be real. That is tremendously scary," Raj Sandhu, Regional Lead MEA- Principal Solutions Architect, SecurityHQ, said at the FutureSec 2025 conference. "I speak to government entities, enterprise customers, almost every single day, and the one thing CISOs tell me is they're getting pressure from their board to deal with and counter AI social engineering. Now, traditional email content filtering is not going to cut it these days. We need to focus on behaviour — something that my team and I are focusing on. "It is thinking about behaviours – how are users interacting with devices, and how are entities interacting with devices? What is the attack pattern? Because everything is being manipulated, it's hard to see what is real and what is just strange behaviour. So it's important to have that declassification," he said during the conference. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Involving cybersecurity teams early on A large number of public and private sector professionals and officials attended the one-day conference in Dubai. Dr Tim Nedyalkov, Global Cybersecurity and AI Security Expert called for the early involvement of cybersecurity members during automation or when incorporating new artificial intelligence (AI) technology to make the processes faster and better. "When I'm engaged with executive teams, one of my first questions is, how often do you talk to your cybersecurity teams? And then, normally they say, they invite them to board meetings, maybe once every quarter. On average, they spend between four to six hours per year in direct contact with their cybersecurity teams. Why don't you just double or triple the time that you spend with your security teams?" said Nedyalkov, Global Cybersecurity and AI Security Expert. "Cybersecurity is often on the tail end of the equation, which is not ideal. There are many situations where cybersecurity can be involved much earlier in the journey, whether it is in work, automation, or when incorporating the latest and greatest piece of AI technology. When cybersecurity is involved early in the journey, things will always move a lot faster and better," he said during the FutureSec 2025 conference. Dr Nedyalkov said that every single organisation wants to do more and faster with AI, but one of the biggest challenges is the lack of governance or the actual foundations for doing things safely and securely with AI. "I've seen organisations deploying models, for example, with hiring. In some situations, the models cannot explain their decisions. I've seen software engineers deploying models with trained on data that cannot be traced back, and it makes a big difference," he added.
Khaleej Times
2 hours ago
- Khaleej Times
365 Luxury Homes awarded ‘Best luxury holiday home lettings in Dubai'
365 Luxury Homes, a major company in high-end property management, was recently named 'Best Luxury Holiday Home Lettings in Dubai, UAE' by the Luxury Lifestyle Awards. This honour comes as the company was recently inducted into the World Luxury Chamber of Commerce, further affirming its growing influence and excellence in Dubai's luxury hospitality landscape. With its bespoke approach to holiday home management, 365 Luxury Homes has carved a niche within Dubai's competitive real estate sector by transforming elite villas and apartments into refined holiday sanctuaries. The company's mission is clear: to curate, manage, and present luxury properties that meet the highest standards, offering property owners lucrative returns while delivering unforgettable guest experiences. Speaking on the achievement, the leaders at 365 Luxury Homes shared that these recognitions are a reflection of their consistent pursuit of excellence. From strategic marketing and curated guest services to legal compliance and premium maintenance, the brand's full-spectrum management model ensures peace of mind for homeowners and five-star satisfaction for visitors. Through their integrated services, including 365 Concierge and 365 Maintenance — the company delivers tailor-made hospitality solutions that cater to the unique personality of each property. Guests are treated to immersive stays enhanced by local experiences, exclusive access, and luxurious touches that elevate every moment. Strategically located in Dubai's most iconic addresses — from the sun-drenched shores of Palm Jumeirah and the cosmopolitan buzz of Downtown Dubai, to the sea-view opulence of Bluewaters Island and Dubai Marina, the properties under 365 Luxury Homes' care are handpicked to reflect the essence of luxury living in the city. The recognition by Luxury Lifestyle Awards and the affiliation with the World Luxury Chamber of Commerce together underscore the brand's unwavering commitment to redefining luxury hospitality in the UAE. With a growing reputation for quality, innovation, and client-focused service, 365 Luxury Homes continues to set benchmarks in the luxury holiday lettings market.
