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The Abu Dhabi Export Office (ADEX), the export financing agency of the Abu Dhabi Development Fund (ADFD), has established a strategic partnership with the Ras Al Khaimah (RAK) Chamber of Commerce and Industry as part of its efforts to support UAE exporters. Build a diversified and sustainable national economy. The two parties formally confirmed their cooperation during the recently signed Memorandum of Understanding (MoU), which aims to advance the UAE’s economic diversification efforts based on the country’s preparations for the next 50 years.
This memorandum of understanding is part of ADEX’s commitment to contribute to national efforts aimed at increasing the level of national competitiveness in accordance with the economic diversification policy and the basic pillars of the sustainable development goals. The agreement also aims to expand the country’s export scope and enable local exporters to explore new opportunities in the global market.
The agreement is made by Mr. Saeed Hamad Al Dhaheri, Acting Director General of ADEX, and Mr. Mohamed Hassan Al Sabab, Acting Director of RAK Chamber of Commerce and Industry.
As part of the memorandum of understanding, the two parties agreed to work together to improve the global competitiveness of UAE exports (whether goods or services), and to provide support to national companies to ensure sustainable growth as they enter new regional and international markets.
The two parties will work closely to promote UAE exporters and find new markets for their exports, including credit facilities for importers and foreign buyers buying local products and services, thereby increasing the country’s export volume. The agreement also includes improving local companies and manufacturers’ knowledge and awareness of the availability of ADEX financing services and how they can benefit from them. In addition, the two parties will share relevant export strategies to enhance investor confidence, support local commodities and their market position, and give local exporters the ability to optimize their business prospects.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of ADEX Executive Committee, said: “Our memorandum of understanding with the RAK Chamber of Commerce is an important step to strengthen our cooperation with all stakeholders. We will jointly support national efforts and provide effective solutions. In order to improve the competitiveness of the UAE’s exports and increase the contribution of our local exporters to the country’s sustainable economic development. Our cooperation reflects our firm commitment to establish strategic and mutually beneficial partnerships with relevant institutions.”
“We are committed to continuing to optimize all available resources and capabilities to establish an economic support system, which will help to consolidate the UAE’s leading position in import and export trade. In addition, we will further develop the UAE based on its vision for the next 50 years. The country’s presence in the global commerce and trade map will represent a new era of progress and growth for the country.”
Mr. Saeed Hamad Al Dhaherisaid said: “We are pleased to sign a strategic partnership with the RAK Chamber of Commerce and Industry. This is part of our efforts to use our resources to accelerate the growth of the export sector in accordance with our government’s initiatives to achieve economic diversification. We believe, The new cooperation will have a significant and positive impact in all aspects. We reaffirm our commitment to provide a comprehensive package of financing services to importers of UAE products and services, whether they are public or private entities. Through these initiatives, ADEX as an organization is in A favorable position can help increase the country’s export volume and find new markets for them.”
Commenting on the agreement, Mr. Mohamed Hassan Al Sababid said: “We are honored to work with ADEX and we commend them for providing support to local companies and manufacturers in Ras Al Khaimah. ADEX will help stimulate new activities in key sectors, thereby Have a positive impact on our national economy. This new agreement is a major development of our strategic partnership, which will enable the business sector to implement plans and plans related to the UAE’s Comprehensive Economic Plan. We will also help create an ideal environment, To strengthen the social and economic contribution of the private sector. We look forward to working with ADEX and sharing our expertise, best practices and the latest data to develop an environment that stimulates business and investment activities based on the UAE’s century-old 2071.”
In addition to data sharing, the two parties will also hold regular meetings to implement and follow up on the agreed plan. In addition, they will hold workshops and seminars, as well as hold workshops and trainings to raise awareness of ADEX financing services.
In 2021, ADEX has allocated 735 million dirhams (200 million U.S. dollars) to fund qualified export transactions for domestic companies. Through its direct and indirect funding program, ADEX provides loans and guarantees to qualified foreign buyers of UAE goods and services, and makes payments directly from ADEX to UAE exporters, reducing their risk of late or non-payment.
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