GEC NEWS WIREHis Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, ADFD, and Chairman of the Executive Committee of the Abu Dhabi Exports Office, ADEX, chaired the first ADEX Executive Committee meeting for 2019.
Drawing the participation of members of the executive committee, the meeting approved financing procedures, and discussed the ADEX 2020 annual operational framework, as well as its proposed business strategy. The committee also examined ADEX’s target and priority markets, and goods and services sectors, in addition to deliberating on latest developments in the global commercial markets and export banks.
Speaking on the occasion, HE Mohammed Saif Al Suwaidi said: “During its first meeting, the ADEX Executive Committee addressed several priority matters for the upcoming phase including ADEX’s strategy and future plans to enhance national exports and their competitiveness.”
He added: “We successfully identified UAE economic sectors of focus for ADEX in line with phase one as well as the proposed budget. ADEX’s financing support will extend to overseas buyers looking to purchase goods and services of UAE origin, after assessing their overall contribution to the growth of our national economy.”
Speaking on the priority sectors, Al Suwaidi added: “UAE goods and services exports to Asian and African markets are a priority for ADEX. Both markets offer notable opportunities for UAE companies, which have proven their solid ability and best-in-class efficiency standards that comply with leading international specifications.”
ADEX supports the national economy and enhances its competitiveness through providing financing and guarantees to overseas buyers seeking to import goods and services from the UAE, thereby raising the volume of national exports and facilitating their entry into new markets.
HE Al Suwaidi said: “Our financing and guarantee offerings framework has been built in accordance with best international practices to expand the UAE’s exports of goods and services. Stemming from the nation’s robust economic policy, the UAE is a leader in bolstering the export of national goods and services to countries of the region.”
Launched by ADFD in September 2019, ADEX aims to support national exports and protect exporters from potential non-payment risks, while encouraging sustainable economic growth. ADEX also aims to boost the growth of small and medium-sized enterprises and enhance their capacity in trading goods and services.
ADEX’s financing ratio holds the potential to reach 100 per cent, depending on the type of funding as well as the nature of each transaction and the associated risks. To be eligible for financing, the products and services must be of UAE origin and meet creditworthiness requirements. The financing does not apply to crude oil exports.
