Abu Dhabi Fund for Development (ADFD) has announced the launch of a new exports office to help 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.
The new entity, Abu Dhabi Exports Office (Adex), also aspires to contribute to raising the volume of national non-crude oil exports and facilitate entry into new markets.
The launch was held today (September 9) at the Emirates Palace in Abu Dhabi in the presence of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Deputy Chairman of the Board of Directors at Abu Dhabi Fund for Development (ADFD).
Highlighting the UAE’s top ranking across multiple global economic indicators, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of ADFD’s Board of Directors said 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 non- oil national exports.
Sheikh Mansour pointed out that the launch of Adex supported the UAE and Abu Dhabi's visions to achieve economic diversification through leveraging the export sector as a key enabler of sustainable economic development in the UAE.
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 stated.
Sheikh Mansour also pointed out that in the past ten years, the country has achieved a host of notable milestones in bolstering its economy.
Sheikh Abdullah, 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.
ADFD Director-General Mohammed Saif Al Suwaidi said: "The timely launch of Adex aligns with the significant growth of the UAE economy. The 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," he noted.
"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 preparation for establishing the new export office, 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.
In addition to boosting national exports, Adex aims to manage accompanying trade risks. It is also intended to support the UAE in consolidating the country’s prominent position on the world trade map.-TradeArabia News Service