ADEX approves $150m to finance UAE exports

The committee discussed a number of requests to finance exports during the meeting.

The Executive Committee of the Abu Dhabi Exports Office (ADEX) approved the allocation of 550 million dirhams ($150 million) to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy.
During a meeting, the committee 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.
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 550 million dirhams 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 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. 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,” said Al-Suwaidi.
In addition to approving the budget allocation, the Executive Committee discussed the operational framework for how to utilize the financial solutions offered by ADEX to support UAE exporters to encourage national companies to increase their share of exports and promote broader UAE economic expansion.
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. We want all UAE exporters and their foreign buyers to know that the UAE stands behind them as a financial catalyst for mutually beneficial business development.”