The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has entered 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. Both parties formally sealed their cooperation during a recent signing of a Memorandum of Understanding (MoU) which aims to advance the UAE’s economic diversification efforts in line with the country’s preparations for the next 50 years.
The MoU 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.
As part of the MoU, the two parties agreed to unite 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. Furthermore, both parties will share relevant export strategies that enhance investor confidence, support local goods and its market position, as well as empower local exporters on how to optimize business prospects.
H.E. Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of the Executive Committee of ADEX, said: “Our MoU with RAK Chamber is a major step towards strengthening our 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.”
“We are committed to continue optimizing all available resources and capabilities to build an economic support system that will help reinforce the UAE’s leading position in export and import trading. Moreover, we will work towards further develop the country’s presence on the global commercial and trade map according to its vision for the next 50 years, which will represent a new era of progress and growth for the nation.”
For his part, Mr. Saeed Hamad Al Dhaheri said: “We are pleased to sign a strategic partnership with RAK Chamber of Commerce and Industry. This forms part of our efforts to utilize our resources to expedite the growth of export sector according to our government’s initiatives to Diversify the economy. We are confident that 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 organization to help increase the volume of national exports and find new markets for them.”
Commenting on the agreement, Mr. Mohamed Hassan Al Sabab said: “We are honored to collaborate with ADEX and we commend them for extending their support to local companies and manufacturers in Ras Al Khaimah. ADEX will help stimulate new activities in key sectors which can bring about positive impact to our national economy. This new agreement is a significant development in our strategic partnerships which will enable the business sector to implement programs and plans that are relevant to the UAE’s comprehensive economic program. We will also help create an ideal environment that will strengthen the private sector’s socio-economic contributions. We look forward to working with ADEX and share our expertise, best practices and latest data to develop an environment that stimulates business and investment activities in line with UAE Centennial 2071.”
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 services.
For 2021, ADEX has allocated AED 735 million (USD 200 million) to finance qualified export transactions of national companies. Through its direct and indirect funding program, ADEX provides loans and guarantees to qualified foreign buyers of UAE goods and services with payment made directly from ADEX to the UAE exporter, reducing their risk of delayed payment or non-payment.