Emirates Development Bank (EDB) signed a cooperation agreement with Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), to boost the export potential of national businesses by offering innovative financing solutions.
Under the terms of the agreement, the entities will work together to also support manufacturers.
The agreement was signed by Ahmed Mohamed Al Naqbi – Chief Executive Officer of EDB; and Saeed Hamad Al Dhaheri, Acting Director General of ADEX.
The MoU is in line with EDB’s strategy to play a pivotal role in the country’s post-COVID recovery by supporting the country’s manufacturing and SME sectors and by collaborating with ADEX in its effort to add momentum to the UAE’s economic-diversification effort through strengthening national exports.
Commenting on the agreement, HE Al Suwaidi said, Director General of ADFD and Chairman of the Executive Committee of ADEX, “The accord exemplifies the vision behind the formation of exports office as a strategic financing partner of national exporters so they can expand their global operations. Our aim is to increase their competitiveness in the global marketplace, because their success will have a great impact on the national economy.”
He highlighted the MoU as an extension of the work ADEX had done over the past year with its strategic partners in the country to educate business leaders on how to access and leverage export financing solutions that would also boost economic recovery in the face of the global lockdown and supply chain disruptions.
Commenting on the EDB-ADEX partnership, Al Naqbi said: “As likeminded partners, EDB and ADEX are committed to support the exporters in the UAE as they recover from the disruption created by the COVID-19 pandemic.
“Through this MoU, we seek to empower companies by improving access to financial solutions, which they were previously deprived of. We are confident that this partnership with ADEX will help us play a bigger role in catalysing increased trade and investment flows into the UAE and contributes to the growth of the UAE’s non-oil GDP, in-country value generation, productivity and employment.”
Saeed Al Dhaheri pointed out that the partnership comes at an opportune time when businesses face considerable challenges due to the COVID-19 pandemic. He explained that a strong export sector would substantially contribute to the country’s sustainable economic development agenda. “It is with this intention that ADEX has entered into a partnership with EDB. Moreover, partnerships with UAE government and private entities form the core of ADEX’s strategy to unify the nation’s export community and strongly position and elevate the UAE brand.
“Through this agreement, we can offer highly competitive and flexible products and services that will enable our exporters to make successful deals with their buyers that can access direct credit financing and lines of credit from ADEX.”
EDB and ADEX will also host workshops to increase awareness among the UAE exporters and overseas buyers about the products and financial solutions. Additionally, they will exchange data, market information, develop plans for joint finance and create other innovative financial solutions so these buyers can obtain financing from ADEX. Such initiatives will empower the national companies to enhance their export potential.