Etihad Credit Insurance announces AED 174 million funding raised for SME growth in partnership with four leading banks
Dubai, United Arab Emirates – June 25, 2025: Etihad Credit Insurance (ECI), the UAE's federal export credit company, announced the impact of its 'Xport Xponential' programme, which has helped raise AED 174 million in funding to support the growth of SMEs, during the closing ceremony of the programme. 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 programme's closing ceremony was held under the patronage of H.E. 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.
H.E. 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 AED 800 billion and expand foreign trade volume to AED 4 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 AED 390.5 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.'
On her part, H.E. Raja Al Mazrouei, CEO of Etihad Credit Insurance, highlighted ECI's role in empowering UAE-based businesses to compete on a global level. Her Excellency stated that 'Xport Xponential' serves as a dynamic platform for local businesses and potential importers to connect. H.E. 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.
Her Excellency 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.'
On the collaboration, 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 AED 174 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.'
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 AED 2.1 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 AED 31.3 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.
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 AED 21 billion in support of local exports and completed underwriting for premiums totalling AED 447 million.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hi Dubai
3 hours ago
- Hi Dubai
Etihad Credit Insurance Secures AED 174 Million to Boost SME Exports Through Xport Xponential
Etihad Credit Insurance (ECI) has raised AED 174 million in working capital through its flagship 'Xport Xponential' programme, marking a major step in supporting the global expansion of UAE-based small and medium-sized enterprises (SMEs). The funding, secured in collaboration with four banking partners, was announced at the programme's official closing ceremony. Backed by First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank, the initiative aims to strengthen the UAE's non-oil economy by giving SMEs the financial tools to compete globally. The programme aligns with the country's 'We the UAE 2031' strategy, which targets AED 800 billion in non-oil exports and AED 4 trillion in trade volume over the next decade. Minister of Economy and ECI Chairman Abdulla Bin Touq Al Marri hailed the initiative as pivotal in enhancing the role of SMEs in the UAE's economic diversification efforts. ECI CEO Raja Al Mazrouei echoed this, emphasizing the programme's role in connecting local businesses with international buyers and enabling export readiness through trade finance and insurance solutions. Launched in May 2024 during the 'Make It in the Emirates' forum, Xport Xponential shortlisted 10 SMEs from 42 applicants. These companies, which have generated AED 2.1 billion in revenue, are now eyeing expansion into Indonesia, India, Saudi Arabia, and Oman—markets with a combined export potential of AED 31.3 billion across ten sectors. Implemented with 19 strategic public and private partners, the programme has spurred a 27% increase in ECI's institutional collaborations, underlining its growing role in creating a resilient export ecosystem. News Source: Emirates News Agency
Arabian Post
4 hours ago
- Arabian Post
Dubai Tourism Surges to 8.68 Million Visitors in First Five Months
Arabian Post Staff -Dubai Dubai has welcomed 8.68 million international visitors between 1 January and 31 May 2025, reflecting a 7 per cent increase compared with the 8.12 million who arrived during the same period in 2024, according to the Tourism Performance Report from the Dubai Department of Economy and Tourism. In May alone, the city hosted 1.53 million international tourists. Western Europe emerged as the largest source market, supplying approximately 1.917 million visitors—or 22 per cent of the total. Trailing behind were Russia, the Commonwealth of Independent States and Eastern Europe with around 1.396 million tourists. South Asia contributed 1.242 million visitors, while the Gulf Cooperation Council countries accounted for 1.275 million. The Middle East and North Africa numbers reached 989,000, with Southeast and Northeast Asia, the Americas, Africa and Australia following with 9 per cent, 7 per cent, 4 per cent and 2 per cent shares respectively. ADVERTISEMENT Hotel inventory expanded slightly, reaching 825 establishments with 153,356 rooms by the end of May, up from 822 hotels offering 150,202 rooms a year earlier. Occupancy averaged 83 per cent across the five-month span, climbing two percentage points from 81 per cent in 2024. Total occupied room nights reached 19.09 million, a 4 per cent increase over the previous year's 18.34 million. Average visitor stays remained steady at 3.8 nights—even as room rates climbed. The average daily rate rose to AED 620, while revenue per available room increased to AED 513, marking a 7 per cent improvement. These figures follow a landmark 2024 for Dubai, which attracted a record 18.72 million international overnight visitors—an increase of 9 per cent compared to 17.15 million in 2023. At the close of 2024, hotel capacity stood at 832 properties with 154,016 rooms, confirming the city's commitment to expanding hospitality infrastructure. Analysts attribute this growth to strengthened global connectivity, robust destination marketing campaigns and a curated events calendar. In Q1 2025, Dubai recorded a 3 per cent year‑on‑year rise in visitor numbers from 5.31 million in the first quarter of last year. Regional data from the same period finds Western Europe contributing 22 per cent, CIS and Eastern Europe 17 per cent, and GCC countries 15 per cent. Commenting at the Arabian Travel Market expo, Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing, underlined the role of tourism as a gateway for inward investment, talent and trade. He highlighted new partnerships with Amadeus, Premier Inn Middle East and Hyatt, plus training collaborations between the Dubai College of Tourism and Marriott, aimed at enhancing Emirati workforce participation. Industry observers note that average daily rates in the hospitality sector climbed to AED 647 in Q1, underpinned by stronger ADR and occupancy figures. Sustainable tourism initiatives also gained traction; over 150 hotels have since earned the Dubai Sustainable Tourism Stamp—a 118 per cent year‑on‑year increase. Dubai's appeal spans an array of demographics. While Western Europe remains the single largest source market, growth from South Asia, the GCC, CIS countries, and Southeast Asia reflects diversified outreach efforts. Leisure, business travel and high-profile events are all contributing factors. Capacity expansion has run in parallel with evolving demand. Investments continue not just in hotel rooms but in broadening the tourism ecosystem—spanning cultural attractions, entertainment venues and transport links. Airport infrastructure upgrades and added flight routes further bolster access for key markets. Despite the sustained momentum, the industry faces challenges including seasonal weather variations, geopolitical volatility and budget competition from other destinations. However, Dubai's consistently high ADR and RevPAR metrics suggest healthy pricing power across its hospitality sector. The emirate's strategy emphasises quality over quantity, focusing on richer, high-yield tourism segments including luxury experiences, MICE, health tourism and eco‑conscious travel. This is aligned with the broader economic vision outlined under the Dubai Economic Agenda, aiming to double the size of the economy by 2033. Continued collaboration between government bodies, private-sector operators and international partners is central to sustaining this trajectory. As global travel rebounds from pandemic-era disruption, Dubai is leveraging its infrastructure depth, event portfolio and marketing muscle to strengthen its position in the upper echelons of global tourist destinations. Economic projections for 2025 remain positive. With visitor numbers tracking ahead of last year's pace and average daily rates increasing, tourism is projected to deliver significant contributions to GDP and related sectors such as transport, retail, entertainment, F&B and real estate.
Fintech News ME
4 hours ago
- Fintech News ME
UAE Central Bank Suspends Bank's Islamic Window Onboarding, Imposes AED 3.5M Fine
The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers to the Islamic Window of a bank operating in the UAE for a period of six months and imposed a financial penalty of AED 3,502,214. This action was taken in accordance with Article 137 of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, as amended. The sanctions follow a Sharia supervision inspection by the CBUAE, which identified the bank's failure to comply with the relevant instructions governing Sharia governance of its Islamic Window, as well as the provisions of the aforementioned law. In exercising its supervisory and regulatory functions, the CBUAE remains committed to ensuring that all banks and their employees comply with UAE laws, regulations, and the standards set by the Central Bank, in order to uphold the transparency and integrity of the banking sector and safeguard the UAE's financial system.
