ADEX approves Dhs550m to finance UAE exports in 2020

ABU DHABI: The Executive Committee of the Abu Dhabi Exports Office (ADEX), approved the allocation of Dhs550 million ($150 million) to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy.

During its first meeting for the year, the committee discussed a number of requests to finance exports, as well as reviewed the strategies developed to promote services provided by ADEX locally and globally for the coming period.

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 Dhs 550 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. Allocating these funds in support of our national export companies represents a major step advancing the ADEX mandate to increase the volume and value of UAE exports and drive sustainable national economic expansion,” added Al Suwaidi. In addition to approving the budget allocation, the Executive Committee discussed the operational framework for how to utilise 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.

Saeed Al Dhaheri, ADEX Acting Director General, said, “ADEX is collaborating with chambers of commerce and economic development departments across the UAE in a unified effort to help national export companies understand how to leverage the power of ADEX to safely and securely expand into strategic international growth markets. 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 to strategically advance its expanded mandate to support the continued diversification and sustainable growth of the UAE economy in support of the direction set forth in UAE Vision 2021, Abu Dhabi Economic Vision 2030, and UAE Centennial 2071.

ADEX provides direct loans and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from the UAE. ADEX funding and guarantees are designed to support national businesses of all sizes across the UAE in all non-crude oil sectors.

ADEX and the Abu Dhabi Chamber of Commerce and Industry have signed a memorandum of understanding recently to cooperate on a series of initiatives. Through the partnership, the two entities aim to leverage the innovative financial products and services offered by ADEX to elevate the international reputation of the UAE as a valuable and trusted trading partner while helping national businesses expand their exports of UAE goods and services.

Mohamed Helal Al-muhairi, Director General of the Abu Dhabi Chamber and Saeed Al Dhaheri, Acting Director General of ADEX, signed the MOU outlining the terms of the collaboration. The signing ceremony drew the participation of His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of the Executive Committee of ADEX.

The agreement enables members of Abu Dhabi Chamber to explore opportunities in international markets that they may not have considered earlier to boost their export businesses in line with the UAE’S economic diversification and growth strategies.

Mohammed Saif Al Suwaidi said: “ADEX provides a truly unique and highly valuable suite of products and services that can strengthen the competitive positioning of the UAE and its export businesses. This MOU represents the first step for ADEX in building partnerships with public and private sector entities across the UAE export community. In doing so, it conveys a clear message to countries around the world that the UAE is a valuable business and trade partner.”

ADEX seeks to enhance the UAE’S global competitiveness while contributing to raising the volume of non-oil national exports.

Mohamed Helal Al-muhairi said: “The Abu Dhabi Chamber offers its members a raft of benefits such as direct access to importers as well as innovative programs and services to drive business development opportunities. We are proud to be the first chamber in the country to cooperate with ADEX to positively benefit Abu Dhabi businesses and, ultimately, the wider UAE community.”