Etihad Credit Insurance (ECI), the UAE’s Federal Export Credit Company, has 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).
Through this landmark agreement, the bank becomes a key partner of ECI’s ‘Xport Xponential,’ an initiative focused on boosting the competitiveness of the UAE manufacturers and exporters, driving the national economic growth and prosperity.
The partnership will unlock an additional financial source for the UAE’s export and re-export companies, expanding the range of available credit solutions. In addition, this will facilitate enhanced access to markets within nations participating in the Comprehensive Economic Partnership Agreements (CEPA) program.
By leveraging strategic collaborations with regional partners from both public and private sectors, the ‘Xport Xponential’ initiative provides companies with a broad range 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.
H.E. Raja Al Mazrouei CEO – ECI
“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, added that, “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.”
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.
