Etihad Credit Insurance (ECI), the UAE’s Federal Export Credit Company, signed a Memorandum of Understanding (MoU) with Al Maryah Community Bank, the country’s first local digital bank licensed by the Central Bank of the UAE (CBUAE). The agreement positions the bank as a key partner of ECI’s ‘Xport Xponential,’ an initiative designed to enhance the potential of UAE manufacturers and exporters, strengthen the national economy, and diversify the country’s resources.
H.E. Raja Al Mazrouei, CEO of ECI, said, “Our partnership with Al Maryah Community Bank marks a critical milestone in supporting the Xport Xponential initiative, with regard to its role in driving the UAE’s economic expansion and unveiling new growth avenues for UAE-based export and re-export businesses, empowering them to seamlessly access international markets. We are pleased to have Al Maryah Community Bank as part of this initiative and confident that our partnership will establish a comprehensive framework to enhance financing options and broaden the customer base by offering innovative financial solutions as well as credit facilities.”
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, said, “We are proud to partner with Etihad Credit Insurance through the ‘Xport Xponential’ initiative, facilitating the daily operations of exporters and re-exporters and providing them with innovative, simple, fast, and fully digital financing solutions. This step boosts the growth of UAE exports, supports their competitiveness, and creates new opportunities for exporters in key sectors within the country, in line with the UAE Vision 2031. Through this partnership, we will facilitate these businesses’ entry into global markets with more confidence than ever before. We promise to support manufacturers and exporters and provide them with the tools, knowledge, and financing they need to succeed on an international level.”
The partnership will open up an additional financial source for theUAE’s export and re-export companies, further expanding the range of available credit solutions. This will also facilitate better access to markets within nations participating in the Comprehensive Economic Partnership Agreements (CEPA) program. Moreover, the ‘Xport Xponential’ initiative leverages strategic collaborations with regional partners from both public and private sectors to offer companies a comprehensive suite of facilities and resources like innovative credit and financing solutions, strategic consulting, guidance from export experts, and risk management strategies, as well as access to a database of over 400 million global companies.
As a part of the agreement, Al Maryah Community Bank now joins the Xport Xponential’s partner list which includes several notable federal and local entities, including the Abu Dhabi Department of Economic Development (ADDED), Khalifa Fund for Enterprise Development (KFED), Department of Economy and Tourism in Dubai, Dubai Airport Freezone (DAFZ), Sharjah Chamber of Commerce and Industry (SCCI), Ajman Economic Development Department, Ras Al Khaimah Economic Zones (RAKEZ), and Fujairah Department of Industry and Economy (IEDFUJ). The list also includes financial institutions such as the 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), International Development Bank (IDB), and Wio Bank PJSC.
