Saturday 23 October 2021

Adex raises 2021 budget up 33.3% to $200m

ABU DHABI, September 14, 2021

Abu Dhabi Exports Office (Adex), the UAE-wide export financing entity, allocated AED735 million ($200 million) to overseas buyers to finance their procurement of UAE goods and services in 2021, a 33.3 per cent increase compared to 2020.

In its first full year of operation in 2020, Adex committed AED500 million ($136 million) to overseas buyers.

Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Export Executive Committee of Adex, pointed out that the office had made great progress over the past two years at the local and international levels as evidenced by the growing support for local exporters and the steady expansion of their exports of goods and services.

“Adex continues to transform challenges into opportunities according to the directives of the UAE’s wise leadership. We will continue with our initiatives to strengthen the global market positioning of UAE goods and services in line with the government’s ‘make it in the Emirates’ initiative and the strategic objectives of Operation 300bn,” said Al Suwaidi.

“Both aim to develop the UAE's industrial sector and enhance its role in strengthening the national economy. By doing so, we can further achieve the country’s diversification goals and build a more sustainable environment for the industrial and export sectors. We are confident that Adex’s financing solutions to foreign importers will open up new opportunities for UAE exporters to expand to new markets.”

Adex has been building robust collaborations with several government, semi-government, and private entities over the past two years to support the export sector.

Adex has strengthened its international relations as well to increase UAE exporters’ access to global markets across continents. It took key steps to promote the UAE’s trade ties with Eastern and Southern African countries.

In addition, Adex has signed a cooperation agreement with TDB to establish robust business and trade ties between the UAE and Africa by exploring the possibilities of co-financing and establishing additional lines of credit.

Furthermore, Adex provided AED 22 million to Jenaan Pipes & Irrigation Systems to finance its infrastructure project in Egypt. The fund will enable the company to import raw materials from Borouge, a leading UAE petrochemicals company, to manufacture and supply irrigation systems to one of the world’s largest refineries situated in Egypt.

Saeed Hamad Al Dhaheri, Acting Director General of Adex, said: “We are proud of our accomplishments over the past two years. We will move forward to reach new heights of success and enable our non-oil exporters to achieve their goals and increase their profits. Through our support, we are furthering their contributions 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 sectors, in line with the country’s strategic visions. We will remain steadfast in our commitment to ensure the expansion of national exporters.”

“We look forward to enhancing our contributions in the coming years and leveraging promising opportunities to bolster the export sector and explore new global markets for our exporters. This is in line with the 10X10 Program, a recently launched government initiative under the ‘Projects of the 50.’ We are committed to promoting the local exports, as well as supporting Emirati export companies’ expansion in 10 markets identified by the 10X10 Program,” Al Dhaheri added.  – TradeArabia News Service


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