Friday 24 May 2024

ADFD beneficiaries

Abu Dhabi development fund's global spending tops $59bn

ABU DHABI, March 28, 2024

Abu Dhabi Fund for Development (ADFD) achieved remarkable results in 2023, with its operational activities witnessing a significant increase with cumulative spending surpassing AED216 billion ($59 billion). These funds played a crucial role in supporting the economic and social development initiatives of beneficiary countries.
ADFD’s latest annual report highlights total development financing, which amounted to AED120.5 billion by December 2023. This includes AED66 billion in concessionary loans and AED54.5 billion in government grants. Benefiting 106 countries across various continents, these funds have contributed to the attainment of development objectives, spurred economic growth, and enhanced the quality of life for communities.
Closer home, the Fund enabled Emirati companies expand their global presence through the Abu Dhabi Exports Office (ADEX), ADFD’s export financing arm, allocating approximately AED3.2 billion between 2020 and 2023 to support national exports.
Investment front
On the investment front, the Fund’s total investments amounted to AED12.6 billion, spread across seven key investment tools and 16 companies in various sectors, spanning 26 countries. Additionally, the Fund deposited AED78 billion with Central Banks in developing nations and allocated AED5.3 billion in financing to bolster investment activities in beneficiary countries.
Consequently, the Fund's total financing, investments, and bank deposits surpassed AED 216 billion by December 2023. These remarkable achievements underscore the commitment of the leadership to support ADFD's objectives, solidifying its position as a global player in advancing sustainable development.
Sustainable development projects
In the foreword in the Fund’s 2023 annual report, Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of Abu Dhabi Fund for Development, said: “In the face of escalating global challenges, achieving sustainable development and enhancing the improving societies in developing countries is crucial for ensuring their prosperity and stability. 
“ADFD plays a crucial role in this pursuit, implementing sustainable development and investment projects that significantly contribute to economic and social progress. The enduring support of the leadership has been instrumental in ADFD’s milestones both locally and globally.”
Sheikh Mansour added that the Fund achieved success at the local and global levels due to the steady support of the leadership. “Recognising the challenges that developing countries encounter in executing their development programs, ADFD’s role involves providing essential funds and establishing global partnerships. This support empowers nations to undertake strategic projects, driving sustainable development and economic activity.”
He pointed out that the Fund tries to sustain the growth of the national economy by enhancing the role of the private sector, and giving it priority within its main activities, and providing the necessary support for the growth of companies’ businesses in vital sectors. The Fund also contributes to the development of national exports and provides credit facilities for importers of UAE goods and services so the local businesses can expand operations in the global market.
UAE a global role model for sustainable partnerships
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Deputy Chairman of the Board of Directors of Abu Dhabi Fund for Development, said: “The UAE stands as a global exemplar of sustainable partnerships and international cooperation. At the forefront of this effort is ADFD, a prestigious national institution instrumental in advancing economic and social development worldwide. Underpinned by the UAE’s forward-looking vision and the leadership’s guidance, ADFD has achieved many milestones over its 52-year history, championing economic and social transformation and prosperity for societies benefitting from its projects.”
Sheikh Abdullah emphasised the significant role played by ADFD in supporting the national economy by fostering investments and trade. The Fund prioritises the national private sector in implementing strategic projects and provides promising growth opportunities. It operates locally and globally, recognising its crucial role in driving economic development in the UAE. 
Additionally, through the Abu Dhabi Exports Office, the Fund contributes to building a robust and diverse economy by facilitating the expansion of Emirati businesses and enabling national exports to access global markets. He stated that ADFD has proven its distinction as a global model that works to achieve sustainable economic development and enhance international cooperation with various national bodies and global institutions.
Economic boost for communities
Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, said: “The remarkable achievements made by the Fund in 2023 are attributed to the backing of our leadership and their commitment to attaining sustainable development objectives in developing nations. The Fund’s development financing and diverse investments surpassed AED216 billion, extending benefits to 106 countries across various continents.”
He said that supporting the national economy remains a top priority for ADFD. “Consequently, we are dedicated to leveraging all available resources to bolster the domestic private sector and enhance its pivotal role both domestically and internationally. Moreover, we are committed to offering competitive financing solutions to boost national exports in global markets, thereby ensuring the realisation of our objectives and further solidifying the UAE’s esteemed position on the global stage.”
He reiterated the Fund’s commitment to ongoing developmental efforts to assist countries worldwide in achieving their developmental aspirations and priorities. These efforts are aligned with the adoption of sustainable practices and innovative initiatives to propel progress across various sectors.
Strategic development projects
ADFD is committed to enhancing the economic and social development of developing countries by implementing priority development projects across vital sectors such as renewable energy, agriculture, water, transport, education, health and tourism. These projects aim to positively impact the lives of communities and support the overall progress and prosperity of recipient nations.
Diversified investments
In terms of investments, the Fund has made significant strides, contributing to the financial resources of beneficiary countries and generating job opportunities while improving living standards. Its investments span strategic companies and sectors, leading to partnerships between the public and private sectors.
Supporting the national economy
Abu Dhabi Exports Office (ADEX)
Supporting the national economy is a core focus for the Fund, exemplified by initiatives such as the Abu Dhabi Exports Office (ADEX). Established in 2019, ADEX aims to boost UAE exports, diversify income sources and enhance economic competitiveness. ADEX allocated funds totaling AED3.2 billion for the years 2020-2030, supporting Emirati companies in expanding their global presence and signing 14 regional and global agreements and memorandums of cooperation, in addition to concluding 17 financing deals with international institutions to strengthen UAE industries worldwide.
Financing national private sector companies
ADFD actively supports strategic projects aimed at enhancing the national economy. Prioritising the role of the national private sector, ADFD provides essential funding to enable companies to expand their operations locally and globally. By offering financial support and incentives, ADFD enhances the competitiveness of the private sector, thereby contributing to the economic development of the UAE.
In 2023, ADFD facilitated several significant projects, including the financing of the solar energy station project in Azerbaijan by Abu Dhabi Future Energy Company (Masdar) with a value of AED184 million. Additionally, ADFD supported the Emirati company Talc in financing agricultural projects in Somalia, amounting to AED40 million. Furthermore, ADFD allocated AED177 million to support the Terminals Holding Group for the rehabilitation project of Kabul Airport in Afghanistan.--TradeArabia News Service


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