The Abu Dhabi Fund for Development (ADFD) has launched the Abu Dhabi Exports Office (ADEX), which is aimed at supporting the UAE’s economy and improve its competitiveness through the provisions of financing and guarantees to overseas buyers seeking to import goods and services.
In a statement announcing its launch, ADEX said it also hopes to help raise the volume of national exports and facilitate entry into new markets, as well as manage accompanying trade risks.
The statement added that ADEX’s financing ratio holds the potential to reach 100 percent, depending on the type of funding and the nature of each transaction and the associated risks.
To be eligible for financing, the products and services must be of UAE origin and meet creditworthiness requirements. The financing does not apply to crude-oil exports.
Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of ADFD’s board of directors, said that ADEX will form a vital part of the UAE’s economic diversification efforts.
Mohammed Saif Al Suwaidi, the director-general of the ADFD, said that ADEX “seeks to expand the variety of UAE-made products and services for export, and raise the volume of national exports through providing financing and guarantee facilities.”
“In parallel with its role of supporting developing countries to achieve sustainable development through the allocation of concessionary loans, ADFD also contributes to the long-term prosperity of our nation through offering investment opportunities for national and private sector companies in the country and abroad,” he said.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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