UAE: Abu Dhabi, RAK government ink deal to support Emirati exporters
Ministry entities enter sign memorandum of understanding to boost economy
On Wednesday, the Abu Dhabi Exports Office (Adex) entered into a strategic partnership with Ras Al Khaimah (RAK) Chamber of Commerce and Industry as part of its efforts to support Emirati exporters and build a diverse and sustainable national economy.
Adex, the export-financing arm of Abu Dhabi Fund for Development (ADFD), said in a statement that both parties formally sealed their cooperation during a recent signing of a Memorandum of Understanding (MoU). This aims to advance the UAE’s economic diversification efforts in line with the country’s preparations for the next 50 years.
In March 2021, ADFD Board of Directors approved the allocation of Dh735 million for Adex to accommodate export financing that will help spur the growth of exports of UAE national companies. The 2021 budget allocation was increased by 33.3 per cent, with AED184 million over the 2020 export development budget to directly support transactions with overseas buyers of goods and services of UAE origin while contributing to the expansion of the national export economy.
Adex was established to provide loans and credit guarantees to foreign importers of non-crude sector goods and services from UAE companies, with payment made directly to the UAE national company upon successful delivery on contract terms.
In its first full year of operation in 2020, Adex committed Dh500 million against the allocation budget to overseas buyers to meet their procurement needs from UAE exporters.
The MoU with RAK Chamber comes as part of Adex’s commitment to contribute to national efforts aimed at enhancing the level of the country’s competitiveness in line with the economic diversification policy and a fundamental pillar of its sustainable development goals. The agreement also aims to expand the range of the country’s exports and enable local exporters to explore new opportunities in global markets.
The agreement was signed by Saeed Hamad Al Dhaheri, acting director-general of Adex, and Mohamed Hassan Al Sabab, acting director of RAK Chamber of Commerce and Industry.
As per the MoU, the two parties agreed to combine their efforts to enhance the global competitiveness of UAE exports, whether goods or services, as well as provide support to national companies that would ensure their sustainable growth as they enter new regional and international markets.
The two parties will work closely to promote Emirati exporters and find new markets for their exports, including providing credit facilities to importers and foreign buyers purchasing the locally made goods and services, and thereby boost the country’s export volume.
The agreement also includes enhancing the knowledge and awareness of local companies and manufacturers regarding the availability of Adex’s financing services and how they can benefit from it. Both parties will share relevant export strategies that enhance investor confidence, support local goods and their market position, as well as empower local exporters on how to optimise business prospects.
Mohammed Saif Al Suwaidi, director-general of ADFD and chairman of the Executive Committee of Adex, said the MoU with RAK Chamber is a major step towards strengthening cooperation with all stakeholders. “Together, we will support national endeavors and provide effective solutions to enhance the competitiveness of UAE exports and increase the contributions of our local exporters to the country’s sustainable economic development. Our collaboration reflects our firm commitment to establish strategic and mutually beneficial partnerships with relevant institutions.”
Al Dhaheri said the new collaboration will have a significant and positive impact on all fronts. “We reaffirm our commitment to provide an integrated package of financing services to importers of UAE products and services, whether they are a public or private entity. Through these initiatives, Adex is well-positioned as an organisation to help increase the volume of national exports and find new markets for them.”
Al Sabab said Adex would help stimulate new activities in key sectors that can positively impact our national economy. “This new agreement is a significant development in our strategic partnerships. We will also help create an ideal environment that will strengthen the private sector’s socio-economic contributions.”
Apart from data sharing, the two parties will also hold regular meetings to implement and follow up on the agreed programs. In addition, they will host workshops and seminars as well as conduct workshops and training to increase the awareness about Adex’s financing firstname.lastname@example.org
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