Adex seeks to expand reach of Emirati exporters in Africa, Asia
Adex said it is committed to promoting the local exports, as well as supporting Emirati export companies’ expansion in 10 markets identified by the 10X10 Program
Abu Dhabi Exports Office (Adex), the UAE-wide export financing entity founded by Abu Dhabi Fund for Development, said on Tuesday that it would seek to expand the market reach of Emirati non-oil exporters in Africa and Asia.
In a statement, the exports office said it has committed Dh500 million to overseas buyers to finance their procurement of UAE goods and services in its first full year of operation in 2020. In 2021, Adex allocated Dh735 million, a 33.3 per cent increase compared to 2020.
Adex said it is committed to promoting the local exports, as well as supporting Emirati export companies’ expansion in 10 markets identified by the 10X10 Program.”
Mohammed Saif Al Suwaidi, director-general of Abu Dhabi Fund for Development and chairman of the Export Executive Committee of Adex, 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 the statement.
The two initiatives 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,” said Al Suwaidi.
Adex has been fostering cooperation with several government, semi-government, and private entities over the past two years. To support the export sector, it signed several agreements and Memorandum of Understanding with concerned departments of several emirates.
Adex has strengthened its international relations as well to increase UAE exporters’ access to global markets across continents. It took, for instance, key steps to promote the UAE’s trade ties with Eastern and Southern African countries. It sealed an agreement with the Eastern and Southern African Trade and Development Bank (TDB), to open a line of credit worth Dh110.2 million. Their agreement aims to enable UAE exporters to expand in Africa by giving African importers access to funds in order to purchase UAE made goods and services.
Saeed Hamad Al Dhaheri, acting director general of Adex, said the export body would enable 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.”
The Dubai Jewellery, Gemstones and Technology Exhibition, the... READ MORE
The FTA said the liberal move would boost the UAE’s global... READ MORE
Emirates NBD Group has joined hands with Mastercard to create two... READ MORE
The mobile industry is becoming a great enabler across economies, by... READ MORE
More than 7.9 million PCR tests have been conducted across the... READ MORE
The customs authority issued a reminder on Twitter today. READ MORE
Police have advised motorists to drive with caution READ MORE
A man, who bought a plot of land for Dh1 million from the company,... READ MORE