By ; Peter Nabil
HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Deputy Chairman of the Board of Directors at Abu Dhabi Fund for Development (ADFD), announced the launch of the Abu Dhabi Exports Office (ADEX).
Established by ADFD, ADEX aims to support the national economy and enhance its competitiveness through the provision of financing and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from the UAE. ADEX also aspires to contribute to raising the volume of national exports and facilitate entry into new markets. In addition to boosting national exports, ADEX aims to manage accompanying trade risks.
Highlighting the UAE’s top ranking across multiple global economic indicators, HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of ADFD’s Board of Directors noted that to maintain its distinguished status, the country continues to explore new opportunities to grow its economic sectors, and increase the reach and volume of non- oil national exports.
HH Sheikh Abdullah bin Zayed Al Nahyan emphasised that the inception of ADEX represents a monumental leap in the implementation of the UAE’s economic diversification policies, boosting the national economy and reducing dependence on oil as a source of income.
Mohammed Saif Al Suwaidi, Director General of ADFD, said: “In line with the ambitious initiatives and plans of the UAE leadership, such as the UAE Vision 2021, Abu Dhabi Economic Vision 2030 and UAE Centennial 2071, Adhering to global best practices, ADEX seeks to expand the variety of UAE-made products and services for export, and raise the volume of national exports through providing financing and guarantee facilities.”
“In parallel with its role of supporting developing countries to achieve sustainable development through the allocation of concessionary loans, ADFD also contributes to the long-term prosperity of our nation through offering investment opportunities for national and private sector companies in the country and abroad.”
ADEX’s financing ratio holds the potential to reach 100%, depending on the type of funding and the nature of each transaction and the associated risks. To be eligible for financing, the products and services must be of UAE origin and meet creditworthiness requirements. The financing does not apply to crude-oil exports.
