Etihad Credit Insurance Organises Workshop To Review Next Phases Of 'XportXponential' Initiative, Highlights Its Role In Shaping Comprehensive Financing Environment For Local Exporters
Etihad Credit Insurance (ECI), the UAE Federal export credit company, organised a workshop to discuss the upcoming phases of the ‘XportXponential’ initiative. The goal of the workshop was to discuss the practical elements that will influence the successful execution of the initiative, the expected strategic alliances between stakeholders in the upcoming stages, as well as its role in providing a comprehensive financing environment for local exporters.
Her Excellency Raja Al Mazrouei, CEO of Etihad Credit Insurance, presented the initiative extensively during the workshop, covering its goals, partnerships that are currently in place, as well as the prerequisites and procedures for joining them. She also went over the key figures and anticipated results.
Her Excellency stated,“Through this initiative, we hope to make aqualitative shift in the UAE's foreign trade landscape and seek to support local manufacturers and exporters in expanding into new offshore markets.At Etihad Credit Insurance Group, we reaffirm our commitment to supporting them and prioritise all of our insurance, financing, and advisory capabilities to help strengthen the UAE's position as an effective global economic centre and a highly influential trade partner in the global trade segment.”
Her Excellency went on to explain how the country's goal of increasing non-oil exports to AED 800 billion and the GDP to AED 3 trillion through the ‘XportXponential’ initiative is a practical manifestation of the ‘We the UAE 2031’ strategy's objectives.Additionally, it seeks to leverage the mutual confidence and cooperation fostered by the Comprehensive Economic Partnership Agreements (CEPAs) to boost trade between the nation and its various partners, bringing the volume of foreign trade up to AED 4 trillion by the next decade.
The workshop also featured Haitham Al Khazaleh, Director of Risk Managment at Etihad Credit Insurance, Majed Julfar, Director of TCI and Export Financing,and Mansoor Al Khaja, Director of Finance and Admin. They addressed the attendees’ inquiries and responded to their recommendations regarding the components of the initiative and the criteria for joining it.
Since its launch, the ‘XportXponential’ initiative has grown its partner network to include a broad range of federal and local entities. These include the Abu Dhabi Department of Economic Development (ADDED); the Department of Economy and Tourism in Dubai; Ajman Economic Development Department; Fujairah Department of Industry and Economy(IEDFUJ); Khalifa Fund for Enterprise Development(KFED); Ras Al Khaimah Economic Zones (RAKEZ); Dubai Airport Freezone (DAFZ); and Sharjah Chamber of Commerce and Industry (SCCI).
The initiative also includes Emirates Development Bank (EDB); Abu Dhabi Commercial Bank (ADCB);First Abu Dhabi Bank (FAB); Dubai Commercial Bank (CBD), Ajman Bank, the National Bank of Ras Al Khaimah (RAKBANK), and Fujairah National Bank (NBF) among its financial and banking partners. More institutions and businesses from both government and private sectors will likely be added to the initiative's partner list in the subsequent phases.
In addition to introducing the advantages and innovative insurance plans that Etihad Credit Insurance offers, the workshop highlighted the company's commitment to broadening the pool of beneficiaries of the ‘XportXponential’ initiative. It also assisted in discovering common strategies to improve the growth and sustainability of the domestic economy by boosting exports and non-oil foreign trade.
