(MENAFN- Orient Planet)
Abu Dhabi, September 14, 2021 – Abu Dhabi Exports Office (ADEX), the UAE-wide export financing entity founded by Abu Dhabi Fund for Development, has reached key milestones in its efforts to boost the UAE’s non-crude export sector and support global market expansion of Emirati exporters.
In its first full year of operation in 2020, ADEX committed AED500 million (USD 136 million) to overseas buyers to finance their procurement of UAE goods and services. In 2021, ADEX allocated AED 735 million (USD 200 million), a 33.3 per cent increase compared to 2020.
His Excellency 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 of goods and services.
HE said: “ADEX continues to transform challenges into opportunities according to the directives of the UAE’s wise leadership. 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.’ Both aim to develop the UAE's industrial sector and enhance its role in strengthening the national economy. By doing so, we can further achieve the country’s diversification goals and build a more sustainable environment for the industrial and export sectors. We are confident that ADEX’s financing solutions to foreign importers will open up new opportunities for UAE exporters to expand to new markets.”
Two Years of Success
ADEX has been building robust collaborations with several government, semi-government, and private entities over the past two years. To support the export sector, ADEX signed several agreements and Memorandum 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 their members involved in exports about ADEX’s financing services and ways to leverage its solutions.
ADEX has strengthened its international relations as well to increase UAE exporters’ access to global markets across continents. It took, for instance, 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 organizations in Africa, to open line of credit worth AED 110.2 million. Their agreement aims to enable UAE exporters to expand in Africa by giving African importers access to funds in order 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 the possibilities of co-financing and establishing additional lines of credit.
Furthermore, ADEX provided AED 22 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.
Strategic Move Towards Sustainable Export Sector
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. 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 will remain steadfast in our commitment to ensure the expansion of national exporters.”
“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.
Al Dhaheri praised the Emirati companies for their continued efforts to achieve sustainable growth, pointing out their unique position to expand globally in light of the unwavering support of the UAE leadership to all local companies across vital sectors.
He stated: “As we celebrate ADEX’s second anniversary, we reaffirm our commitment to utilizing 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. We will collaborate with all entities and stakeholders in UAE to boost the country’s export industry as an important pillar of a diversified economy and sustainable development strategies.”
Established to provide loans and guarantees to overseas buyers and importers of Emirati goods and services, ADEX has been instrumental in increasing the volume of national exports, opening new markets for national companies, promoting the export and industrial sectors’ contributions to the non-oil GDP, and supporting the diversification efforts in line with the UAE’s sustainable development.
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