newsdog Facebook

Abu Dhabi Exports Office is launched

Gulf News 2019-09-09 18:47:33

Abu Dhabi. Under the patronage of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Chairman of the Board of Directors at Abu Dhabi Fund for Development, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, on Monday announced the launch of the Abu Dhabi Exports Office (ADEX).

Adex will provide financing and guarantees to overseas buyers from the public and private sectors that seek to import goods and services from the UAE. Adex, which has been established by the Abu Dhabi Fund for Development, also aims to contribute to raising the volume of national non-crude oil exports and facilitate entry into new markets.

Held on Monday at the Emirates Palace in Abu Dhabi, the launch event drew the participation of several senior officials, businessmen and investors from the UAE.

Sheikh Mansour bin Zayed said that the Adex will support the vision to achieve economic diversification through leveraging the export sector as a key enabler of sustainable economic development in the UAE.

Adex will also provide national companies with the opportunity to explore promising markets in order to enhance the availability of UAE exports worldwide.

Sheikh Mansour bin Zayed pointed out that in the past ten years, the country has achieved a host of notable milestones in bolstering its economy. He added that support for national exports — the subject of a key directive of our leadership — contributes to the sustainable development of the country, especially in sectors based on knowledge, innovation and technology.

”The timely launch of Adex aligns with the significant growth of the UAE economy. 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,” said Mohammad Saif Al Suwaidi, director general at the ADFD.

“In parallel with its role of supporting developing countries to achieve sustainable development through the allocation of concessionary loans and management government Grants, 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,” he added.

In preparation for establishing Adex, the ADFD spent the last three years conducting extensive feasibility studies and devising an integrated operations framework in cooperation with the Export-Import Bank of Korea (KEXIM).

In addition to boosting national exports, Adex aims to manage accompanying trade risks. It also aims to help consolidate the UAE’s prominent position on the world trade map.

The UAE is an attractive import, export and re-export destination. It has been among the top 20 global exporters since 2007 and the leading Arab exporter since 2013.

Adex’s financing ratio holds the potential to reach 100 per cent, depending on the type of funding as well as 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, however, apply to crude oil exports.