AED 550 million ($150 million) available in funding to overseas buyers to support UAE exports from national companies
Abu Dhabi-UAE: May 5, 2020: Abu Dhabi Exports Office (ADEX) has launched a national campaign to help business leaders use financial products and services to rebuild global export business and help the economy recover from the COVID-19 crisis.
ADEX, formed in 2019 by Abu Dhabi Fund for Development to help drive expansion of UAE export businesses and advance national economic diversification, is working to establish partnerships with Departments of Economic Development and Chambers of Commerce across all emirates. Together they will co-host a series of forums educating UAE export business leaders on how to use the ADEX suite of export credit facilities.
The move will help the UAE’s export community to be more competitive in the global marketplace while safely and securely expanding into international markets, where overseas buyers have limited access to traditional commercial financing in the current COVID-19 economic environment.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of the ADEX Export Executive Committee, said: “This is not only a difficult time for UAE exporters, but it’s also a challenging time for their overseas buyers. Both are dealing with liquidity and cash flow issues, delayed supplier payments and limited access to financing. ADEX provides a solution to these challenges that enables both the exporter and foreign importer to quickly and easily fund mutually beneficial transactions.”
ADEX has allocated AED 550 million ($150 million) in funding for qualifying export transactions of national companies that is immediately available to support COVID-19 economic recovery.
Knowing how to smartly engage ADEX financing and support services provides UAE companies with a highly valuable and differentiating strategic tool they can use in international marketing and sales, while helping overcome current liquidity and cash flow challenges. As soon as a qualified overseas buyer certifies the successful completion of an ADEX-funded transaction, ADEX will make payment directly to the UAE national company.
Mr. Al Suwaidi added: “We need all companies in the UAE to know how to access the full range of ADEX financial products and services available today to advance their business development efforts. We want them to know ADEX is here to support them not only through the COVID-19 economic recovery period but to expand their businesses and drive our national economic diversification strategy well into the future.”
After a successful education workshop with the Abu Dhabi Chamber of Commerce and Industry, ADEX will kick off the national business education campaign by partnering with the Fujairah and Sharjah Chambers of Commerce and Industry to host exclusive online education forums for their member companies especially the national manufacturing companies. In these webinars, Chamber members will interact directly with ADEX management to discuss how to best access and use ADEX export facilities to rebuild their export business. Specific dates and details on how to participate in these exclusive forums will be provided to members directly through their respective Chambers.
Mr. Saeed Al Dhaheri, Acting Director General of ADEX, said: “We all share a responsibility to support the financial health and development of our national companies. While today we are talking about economic recovery in the post COVID-19 period, we are all looking ahead to the Next 50. Working directly with Chambers of Commerce and the government entities that make up our national export community, we can ensure our national companies are fully aware of how to access and use the services available to them to build their business during this challenging time and beyond.”
ADEX is currently working with other Chambers of Commerce and government partners across the emirates to schedule additional education forums to ensure all UAE companies know how to access its financial products and services. Details of those forums will be shared as soon as events are scheduled.