ADGM and ADEX ink partnership to develop UAE exports

Expanding the nation’s exports reputation and ensuring local economic growth

  

ABU DHABI- Abu Dhabi Global Market, ADGM, and Abu Dhabi Exports Office, ADEX - the UAE-wide export financing entity founded by Abu Dhabi Fund for Development - have signed a Memorandum of Understanding, MoU, to develop the exports climate in the UAE, solidifying their commitment to expanding the nation’s exports reputation and ensuring local economic growth across the UAE.

Through the partnership, the two entities will collaborate on numerous activities in an effort to achieve their shared objectives, including hosting joint workshops for ADGM members and the broader Abu Dhabi business community as well as the continuous exchange of expertise, resources and knowledge.

Under the agreement, ADGM and ADEX have committed to a series of collaborative efforts, including providing financing to ADGM-related companies overseas for procuring goods and services from the UAE and offering banks whose representative offices are registered in ADGM with lines of credit to promote UAE exports.

In addition, subject to UAE content criteria, ADEX will offer facilities to buyers of ADGM registered companies with local operating offices to support exports from the UAE.#UAENationalDay45 ..

Similarly, both authorities will cooperate to allow for learning, benchmarking, staff training and sharing best export practices.

Both authorities have also agreed to promote the efforts undertaken by one another, including the introduction of products, services and initiatives, to ensure optimum support through each authorities’ endeavours. To that end, ADGM and ADEX will participate in consolidating efforts and coordination around joint initiatives and projects to enhance the exports landscape in Abu Dhabi and the wider UAE.

The MoU was signed in a virtual setting by Juma Al Hameli, Senior Executive Director of Strategy and Business Development at ADGM, and Saeed Al Dhaheri, Acting Director-General of ADEX.

Commenting on the partnership, Al Hameli said, "We are pleased to partner with ADEX as we strive to make a positive contribution to the UAE’s exports landscape and ultimately augment the state of the local economy. At ADGM, we continuously look to partner with like-minded institutions in an effort to progress the UAE’s agenda for greater economic growth, including the Abu Dhabi Economic Vision 2030, through the development of key sectors." "Serving as the MENA region’s epicentre of financial activity and investment, Abu Dhabi is located at the fore of the exports industry and we are keen to leverage the Emirate’s unique position to achieve our shared objectives. We are confident that our joint efforts will make a significant impact on reinforcing Abu Dhabi’s stature as a leading financial hub," he added.

In turn, Al Dhaheri, said, "ADEX can bring immediate value and impact for ADGM and its member companies to expand their export businesses as the UAE and global markets continue to open up. Just as important is the long-term impact our organisations can make together driving the expansion of the Abu Dhabi export economy."

© Copyright Emirates News Agency (WAM) 2020.

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