ABU DHABI- Abu Dhabi Exports Office (ADEX), the UAE’s export financing entity founded by Abu Dhabi Fund for Development, has reached critical milestones in its efforts to boost the non-crude export sector and support the global market expansion of Emirati exporters.
In its first full year of operation in 2020, ADEX committed AED500 million (US$136 million) to overseas buyers to finance their procurement of UAE goods and services. In 2021, ADEX allocated AED735 million ($200 million), a 33.3 per cent increase compared to 2020.
Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development and Chairman of the Export Executive Committee of ADEX, pointed out 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 and services.
He said, "ADEX continues to transform challenges into opportunities according to the directives of the wise leadership. We will continue with our initiatives to strengthen the global market positioning of 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 exporters to expand to new markets." ADEX has been building robust collaborations with many government, semi-government, and private entities over the past two years. To support the export sector, ADEX signed several agreements and Memoranda of Understanding 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. Also, ADEX has conducted webinars to raise the awareness of its members involved in exports about its financing services and ways to leverage its solutions.
ADEX has strengthened its international relations as well to increase exporters’ access to global markets across continents. Specifically, ADEX sealed an agreement with the Eastern and Southern African Trade and Development Bank (TDB), one of Africa’s most prominent multilateral development financial organisations, to open a line of credit worth AED110.2 million. Their agreement aims to enable exporters to expand in Africa by giving African importers access to funds to purchase UAE-made goods and services.
In addition, ADEX has signed a cooperation agreement with TDB to establish robust business and trade ties between the UAE and Africa by exploring co-financing possibilities and establishing additional lines of credit.
Furthermore, ADEX provided AED22 million to Jenaan Pipes & Irrigation Systems to finance its infrastructure project in Egypt. The fund will enable the company to import raw materials from Borouge, a leading UAE petrochemicals company, to manufacture and supply irrigation systems to one of the world’s largest refineries situated in Egypt.
Saeed Hamad Al Dhaheri, Acting Director-General of ADEX, said, "Through our support, we are furthering their contributions to the national economy. 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 look forward to enhancing our contributions in the coming years and leveraging promising opportunities to bolster the export sector and explore new global markets for our exporters. This is in line with the 10X10 Program, a recently launched government initiative under the ‘Projects of the 50.’ We are committed to promoting the local exports, as well as supporting Emirati export companies’ expansion in 10 markets identified by the 10X10 Program," Al Dhaheri added.
He stated, "As we celebrate ADEX’s second anniversary, we reaffirm our commitment to utilising our capabilities to support and ensure the sustainable growth of national exports by providing financial support that enables Emirati exporters and their expansion across potential global markets."
© Copyright Emirates News Agency (WAM) 2021.