Etihad Credit Insurance (ECI), the UAE Federal export credit company, is calling upon UAE-based companies to capitalise on its groundbreaking initiative, ‘Xport Xponential’, aimed at expanding their footprint in global markets. This initiative, open for registration until September 25, 2024, offers participating companies access to streamlined procedures, innovative financing solutions, strategic consultancy, and robust risk management tools.
Participants will benefit from a well-connected network of local and international partners across government and private sectors, as well as direct access to a global database of over 300 million companies in key global markets, particularly signatories to Comprehensive Economic Partnership Agreements (CEPAs). Designed to support UAE exporters, re-exporters, and manufacturers, the initiative operates in collaboration with economic development departments, chambers of commerce, banks, and leading financial institutions in the UAE.
As part of this initiative, ECI will organise promotional campaigns in several countries, including India, Indonesia and Turkey in October and November, aimed at enhancing collaboration among ‘Xport Xponential’ initiative partners, its affiliates, and qualified importers.
The application process for this initiative is straightforward and can be completed in minutes, as long as interested companies are registered in the country and possess audited financial data for the past three years. Additionally, their annual revenue for the previous fiscal year should range between AED 10 million and AED 250 million, and they must either be currently involved in exports or planning to engage in export activities. As part of the evaluation process for membership, the ECI team will conduct on-site visits to the companies. The final list of eligible companies shortlisted for membership will be announced by October of this year.
Her Excellency Raja Al Mazrouei, Chief Executive Officer of ECI, said: “We encourage companies involved in the manufacturing, exporting, and re-exporting sectors within the country to capitalise on the opportunities offered by the Xport Xponential export acceleration program. In addition to its innovative support tools, the initiative enables companies to confidently explore new international markets and improve the reach of UAE exports in targeted markets. By leveraging innovative credit solutions and a vast network of local and global partnerships offered by the program, participating companies can gain access to promising business prospects in untapped markets.”
So far, the initiative’s network of partners consists of various federal and local entities, including the Abu Dhabi Department of Economic Development, the Khalifa Fund for Enterprise Development, the Dubai’s Department of Economy and Tourism, Dubai Airport Freezone, the Sharjah Chamber of Commerce and Industry, the Department of Economic Development- Ajman, Ras Al Khaimah Economic Zones (RAKEZ), and the Fujairah Department of Industry and Economy. Additionally, several financial and banking institutions have also joined the initiative, including the Emirates Development Bank (EDB), Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, the National Bank of Ras Al Khaimah, and the National Bank of Fujairah (NBF).
Companies which are interested in applying to the initiative and gaining further details can access the website at https://www.eci.gov.ae/en/xponential-program. They can also contact the company via email at xportxponential@eci.gov.ae or by phone at +971 4 245 4444 with any inquiries about the initiative.