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Mon 9 Mar 2020 01:35 PM

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Abu Dhabi pledges $150m to support export businesses

Executive Committee of the Abu Dhabi Exports Office approves the allocation of funds to support the expansion of the nation's export businesses

Abu Dhabi pledges $150m to support export businesses

Mohammed Saif Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the Executive Committee of ADEX.

The Executive Committee of the Abu Dhabi Exports Office (ADEX) has approved the allocation of AED550 million ($150 million) to support the expansion of the nation’s export businesses.

In addition to approving the budget allocation, the committee discussed the operational framework for how to use the financial solutions offered by ADEX to support UAE exporters to encourage national companies to increase their share of exports and promote broader UAE economic expansion.

During its first meeting for the year, the committee also discussed a number of requests to finance exports, a statement said.

Mohammed Saif Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the Executive Committee of ADEX, said: "The committee approved the allocation of AED550 million to facilitate direct loans to foreign buyers as well as lines of credit for international financial institutions exclusively available to importers of goods and services from UAE companies.

"The ADEX Executive Committee is focused on developing a wide range of innovative financial products and tools that better enable UAE exporters to successfully compete for new business growth opportunities in rapidly expanding emerging markets across Africa, Asia and around the world," added Al Suwaidi.

Saeed Al Dhaheri, ADEX acting director general, said: "We want all UAE exporters and their foreign buyers to know that the UAE stands behind them as a financial catalyst for mutually beneficial business development."

ADEX was established by ADFD in 2019 and provides direct loans and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from the UAE.

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