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The Abu Dhabi Export Office (ADEX) is a UAE export financing entity established by the Abu Dhabi Development Fund. It has achieved important milestones in promoting the non-crude oil export sector and supporting the global market expansion of UAE exporters.
In the first full year of operation in 2020, ADEX has pledged to provide 500 million dirhams (US$136 million) to overseas buyers to fund their purchases of UAE goods and services. In 2021, ADEX allocated 735 million dirhams (200 million US dollars), an increase of 33.3% over 2020.
Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Development Fund and Chairman of the ADEX Export Executive Committee, pointed out that the office has made tremendous progress at the local and international levels in the past two years, as evidenced by the increasing support. Provide convenience for local exporters and steadily expand their exports and services.
He said: “ADEX continues to follow the instructions of wise leadership to turn challenges into opportunities. We will continue to strengthen the global market positioning of goods and services in accordance with the government’s “Made in UAE” initiative and “300 billion action” strategic goals. We believe ADEX’s financing solutions for foreign importers will open up new opportunities for exporters to explore new markets.”
In the past two years, ADEX has been establishing strong partnerships with many government, semi-government and private entities. In order to support the export sector, ADEX has signed a number of agreements and memoranda of understanding with the Abu Dhabi Ministry of Economic Development; Ajman Ministry of Economic Development; Abu Dhabi Chamber of Commerce and Industry; Ras Al Khaimah Chamber of Commerce and Industry; Sharjah Chamber of Commerce and Industry; Abu Dhabi Global Market; Etihad Credit Insurance; Dubai Industry and Export; and UAE Development Bank. In addition, ADEX also held a webinar to raise the awareness of its members participating in the export of its financing services and ways to utilize its solutions.
ADEX has also strengthened its international relations to increase exporters’ access to global markets on all continents. Specifically, ADEX signed an agreement with the Eastern and Southern African Trade and Development Bank (TDB), one of Africa’s most prominent multilateral development finance organizations, to open a credit line worth 110.2 million dirhams. Their agreement aims to enable exporters to expand in Africa by providing African importers with funds to purchase goods and services made in the UAE.
In addition, ADEX and TDB signed a cooperation agreement to establish a solid business and trade relationship between the UAE and Africa by exploring the possibility of co-financing and establishing additional credit lines.
In addition, ADEX provided Jenaan Pipes & Irrigation Systems with AED 22 million to fund its infrastructure projects in Egypt. The fund will enable the company to import raw materials from Borouge, a leading petrochemical company in the UAE, to manufacture and supply irrigation systems for one of the world’s largest oil refineries in Egypt.
Saeed Hamad Al Dhaheri, Acting Director General of ADEX, said: “Through our support, we are further promoting their contribution to the national economy. Our financing solutions are designed to accelerate the UAE economy. The diversification of the country and the growth of the local non-oil sector are in line with the country’s strategic vision.”
“We look forward to strengthening our contribution in the next few years and using promising opportunities to support the export sector and open up new global markets for our exporters. This is in line with the 10X10 plan, which was recently launched under the “Top 50 Projects” We are committed to promoting local exports and supporting UAE export companies to expand in the 10 markets identified in the 10X10 plan,” Al Dhaheri added.
He said: “As we celebrate the second anniversary of ADEX, we reaffirm our commitment to using our capabilities to support and ensure the sustainable growth of the country’s exports by providing financial support, so that UAE exporters can expand in potential global markets. .”
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