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The Abu Dhabi Export Office (ADEX) is a UAE-wide export financing entity established by the Abu Dhabi Development Fund. It has achieved important milestones in promoting the UAE’s 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 U.S. dollars), an increase of 33.3% over 2020.
His Excellency 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 this. Support local exporters and steadily expand their exports of goods and services.
He said: “ADEX continues to turn challenges into opportunities in accordance with the instructions of the UAE’s wise leadership. We will continue to take our initiatives to strengthen the UAE’s commodities The global market positioning of the service. Both aim to develop the UAE’s industrial sector and strengthen its role in strengthening the national economy. By doing so, we can further achieve the country’s diversification goals and create a better environment for the industrial and export sectors. A sustainable environment. We believe that ADEX’s financing solutions for foreign importers will open up new opportunities for UAE exporters to explore new markets.”
Two years of success
In the past two years, ADEX has been establishing strong partnerships with multiple 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 awareness among members participating in the export of ADEX’s financing services and ways to utilize its solutions.
ADEX has also strengthened its international relations to increase UAE exporters’ access to global markets on all continents. For example, it has taken key steps to promote trade relations between the UAE and Eastern and Southern African countries. Specifically, ADEX signed an agreement with the Eastern and Southern African Trade and Development Bank (TDB), one of Africa’s most famous multilateral development finance organizations, to open a credit line worth 110.2 million dirhams. Their agreement aims to enable UAE exporters to expand in Africa by providing funds for African importers to purchase goods and services made in the UAE.
In addition, ADEX and TDB signed a cooperation agreement to establish a solid commercial 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.
A strategic move towards a sustainable export sector
Saeed Hamad Al Dhaheri, Acting Director General of ADEX, said: “We are proud of the achievements of the past two years. Oil exporting countries achieve their goals and increase profits. Through our support, we are further promoting their contribution 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 sector, in line with the country’s Strategic vision. We will be unswervingly committed to ensuring the expansion of national exporters.”
“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 Project” 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.
Al Dhaheri praised UAE companies for their continuous efforts to achieve sustainable growth and noted their unique position in global expansion given the strong support of UAE leadership for all local companies in important industries.
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. We will work with all entities and stakeholders in the UAE to promote the country’s export industry to become an important pillar of a diversified economy and sustainable development strategy.”
ADEX aims to provide loans and guarantees to overseas buyers and importers of UAE goods and services, and plays an important role in increasing domestic exports, opening up new markets for domestic companies, promoting exports and the contribution of the industrial sector to non-oil GDP. And support diversified efforts in line with the sustainable development of the UAE.
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