Under the patronage of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Chairman of the Board of Directors at Abu Dhabi Fund for Development, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, today announced the launch of the Abu Dhabi Exports Office (ADEX).
Established by ADFD, ADEX aims to support the national economy and enhance its competitiveness through the provision of financing and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from the UAE. ADEX also aspires to contribute to raising the volume of national non-crude oil exports and facilitate entry into new markets.
Held today at the Emirates Palace in Abu Dhabi, the launch event drew the participation of several senior officials, businessmen and investors from the UAE. Sheikh Mansour bin Zayed said that the launch of ADEX supports the UAE and Abu Dhabi visions to achieve economic diversification through leveraging the export sector as a key enabler of sustainable economic development in the UAE.
Sheikh Mansour added that the role of ADEX includes providing national companies with the opportunity to explore promising markets with the aim of enhancing the availability of UAE exports worldwide. He also pointed out that in the past ten years, the country has achieved a host of notable milestones in bolstering its economy.
Highlighting the UAE’s top-ranking across multiple global economic indicators, Sheikh Mansour noted that to maintain its distinguished status, the country continues to explore new opportunities to grow its economic sectors, and increase the reach and volume of national exports.
Sheikh Abdullah bin Zayed, in turn, emphasised that the inception of ADEX represents a monumental leap in the implementation of the UAE’s economic diversification policies, boosting the national economy and reducing dependence on oil as a source of income. He added that support for national exports – the subject of a key directive of our leadership – contributes to the sustainable development of the country, especially in sectors based on knowledge, innovation, and technology.
For his part, Mohammed Saif Al Suwaidi, Director-General of ADFD, said, “The timely launch of ADEX aligns with the significant growth of the UAE economy. The Abu Dhabi Exports Office aims to provide financing solutions to encourage national companies to leverage viable export opportunities and expand their footprint into new markets. In line with the ambitious initiatives and plans of the UAE leadership, such as the UAE Vision 2021, Abu Dhabi Economic Vision 2030 and UAE Centennial 2071, ADEX aspires to support the development and diversification of the national economy. Adhering to global best practices, ADEX seeks to expand the variety of UAE-made products and services for export, and raise the volume of national exports through providing financing and guarantee facilities.”
He added, “In parallel with its role of supporting developing countries to achieve sustainable development through the allocation of concessionary loans and management government Grants, ADFD also contributes to the long-term prosperity of our nation through offering investment opportunities for national and private sector companies in the country and abroad.”
In preparation for establishing ADEX, ADFD spent the last three years conducting extensive feasibility studies and devising an integrated operations framework in cooperation with the Export-Import Bank of Korea (KEXIM). In addition to boosting national exports, ADEX aims to manage accompanying trade risks. ADEX is also intended to support the UAE in consolidating the country’s prominent position on the world trade map.
The UAE is an attractive import, export and re-export destination. It has been among the top 20 global exporters since 2007 and the leading Arab exporter since 2013. ADEX’s financing ratio holds the potential to reach 100 percent, 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.