UAE – Mubasher: The board of Abu Dhabi Fund for Development (ADFD) has approved the allocation of AED 735 million ($200 million) for the Abu Dhabi Exports Office (ADEX) to accommodate export financing and support the growth of exports by national companies.
The budget allocation for 2021 saw an increase of 33.3%, or AED 184 million ($50 million), compared with the previous year.
The funds will be used to directly support transactions with overseas buyers of goods and services of UAE origin while contributing to the expansion of the national export economy, according to a press release.
Last year was the first full year of operation for ADEX, during which it committed AED500 million ($136 million) against the allocation budget to overseas buyers to meet their procurement needs from UAE exporters.
Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of the Executive Committee of ADEX, said: “The newly announced Make It in the UAE initiative reinforces the strategic importance of our manufacturing and industrial sector to our future sustainable economic development strategy. The growth and diversification of our manufacturing capabilities will bring with it the opportunity to continue to expand the UAE export economy.”
Meanwhile, Saeed Al Dhaheri, Acting Director-General of ADEX, said: “Our nation’s exporters are now better equipped to understand how to leverage this new AED 735 million ($200 million) in export financing to expand international operations. We encourage our business leaders to partner with ADEX to help increase their attractiveness as a global trade partner, add significant value to their overseas buyers and more effectively capture market share in key international markets.”
“Through ADEX and the full UAE export support community, we are very confident that our national export economy will continue to grow and prosper in 2021 and long into the future.”
It is worth noting that ADFD established ADEX to provide loans and credit guarantees to foreign importers of non-crude sector goods and services from UAE companies.
