ABU DHABI, Mar 8 (NNN-WAM) – The Executive Committee of the Abu Dhabi Exports Office, ADEX, approved the allocation of AED550 million ($150 million), to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy.
The announcement came during a meeting the committee held, where they discussed a number of requests to finance exports, as well as, reviewed the strategies developed, to promote services provided by ADEX locally and globally for the coming period.
Commenting on the announcement, Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development and Chairman of the Executive Committee of ADEX, said, “The Committee approved the allocation of AED550 million to facilitate direct loans to foreign buyers, as well as, lines of credit for international financial institutions, exclusively available to importers of goods and services from UAE companies.”
The ADEX Executive Committee, he said, is focused on developing a wide range of innovative financial products and tools, that better enable UAE exporters to successfully compete for new business growth opportunities, in rapidly expanding emerging markets across Africa, Asia and around the world.
Al Suwaidi added, “Allocating these funds in support of our national export companies, represents a major step advancing the ADEX mandate, to increase the volume and value of UAE exports and drive sustainable national economic expansion.”
For his part, Saeed Al Dhaheri, ADEX Acting Director-General, said, ADEX is collaborating with Chambers of Commerce and economic development departments across the UAE, in a unified effort to help national export companies understand how to leverage the power of ADEX, to safely and securely expand into strategic international growth markets.
ADEX was established in 2019, to strategically advance its expanded mandate to support the continued diversification and sustainable growth of the UAE economy, in support of the direction set forth in UAE Vision 2021, Abu Dhabi Economic Vision 2030, and UAE Centennial 2071.
