Abu Dhabi Exports Office (ADEX), the UAE-wide export financing entity founded by Abu Dhabi Fund for Development, is planning to allocate $200 million this year.
In its first full year of operation in 2020, ADEX committed $136 million to overseas buyers to finance their procurement of UAE goods and services. In 2021, this will rise by a third, the company said in a statement.
Mohammed Saif Al Suwaidi (pictured below), director general of Abu Dhabi Fund for Development and chairman of the Export Executive Committee of ADEX, said that the office had made “great progress” over the past two years at the local and international levels as evidenced by the growing support for local exporters and the steady expansion of their exports of goods and services.
He said: “We will continue with our initiatives to strengthen the global market positioning of UAE goods and services in line with the government’s ‘make it in the Emirates’ initiative and the strategic objectives of Operation 300bn.
“We are confident that ADEX’s financing solutions to foreign importers will open up new opportunities for UAE exporters to expand to new markets.”
Saeed Hamad Al Dhaheri, acting director general of ADEX, said: “We are proud of our accomplishments over the past two years. We will move forward to reach new heights of success and enable our non-oil exporters to achieve their goals and increase their profits.
“Our financing solutions are designed to accelerate the diversification of the UAE economy and the growth of the local non-oil sectors, in line with the country’s strategic visions. We will remain steadfast in our commitment to ensure the expansion of national exporters.”
ADEX said it has been building collaborations with several government, semi-government, and private entities over the past two years.
To support the export sector, ADEX signed several agreements with the Abu Dhabi Department of Economic Development, the Department of Economic Development in Ajman, the Abu Dhabi Chamber of Commerce and Industry, Ras Al Khaimah Chamber of Commerce and Industry, Sharjah Chambers of Commerce and Industry, Abu Dhabi Global Market, Etihad Credit Insurance, Dubai Industries and Exports and the Emirates Development Bank.
It has also taken key steps to promote the UAE’s trade ties with eastern and southern African countries. Specifically, ADEX sealed an agreement with the Eastern and Southern African Trade and Development Bank (TDB), one of the most prominent multilateral development financial organisations in Africa, to open line of credit worth AED110.2 million.
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