Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with the Capital Bank of Jordan.
As part of the deal, a credit line of approximately $20 million (AED73.4 million) will be opened to enhance UAE’s exports to the region and boost the economies of the two countries.
The director-general of the Abu Dhabi Fund for Development and the chairman of the Executive Committee for Exports, Mohamed Saif Al Suwaidi, said: “We are delighted to sign the agreement with Capital Bank of Jordan. It will enable us to work towards fulfilling the vision of our leadership to develop Emirati export and accelerate the pace of UAE’s economic diversification.
“This strategic partnership is in line with the UAE Centennial 2071, which aims to take the UAE economy to new heights and double the country’s gross domestic product. The agreement also supports contributes to the consolidating the country’s position as an epicenter of global trade.”
Al Suwaidi also highlighted ADEX’s plans to target new and promising regional and global markets.
“We offer loans and guarantees to Emirati exporters to raise their contributions to the economy, increase their ability to expand their global footprint and help them to become globally competitive. The agreement will strengthen strategic collaboration to bolster the export sector in a way that fulfils mutual interests,” he added.
The chairman of the Board of Directors of Capital Bank, Basem Khalil Al Salem, who was also present at the event expressed his pleasure with this partnership, calling it an important step towards developing economic and trade cooperation between the two sides.
The agreement was signed at the bank’s headquarters in Jordan by Khalil Al Mansouri, the acting director-general of the Abu Dhabi Exports Office; and Daoud Al Ghoul, the CEO of Capital Bank Group.
Khalil Al Mansouri said: “This agreement marks a new phase in our effort to develop national exports, advance trade relations between the two countries and create opportunities for Emirati companies to expand and access the global market, all of which helps achieve state policies and diversify the economy.”
He added that the agreement will allow ADEX to open a credit line with Capital Bank that can re-lend importers on competitive terms to buy Emirati goods and services.
Daoud Al-Ghoul concluded: “We are proud to sign the agreement with the Abu Dhabi Exports Office, as it will allow us to offer additional financing to our corporate clients at preferential rates, which will strengthen their business with the UAE.
“The agreement will enable Jordanian companies to benefit from the competitive advantage offered by ADEX to its customers to purchase Emiratis products in a safer and easier way.”
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