The Abu Dhabi Fund for Development (ADFD) Board of Directors has approved the allocation of AED 735 million to boost UAE national export companies' growth in 2021.
The hike totals a rise of AED 184 million on the 2020 development budget for the Abu Dhabi Exports Office (ADEX).
It will be used to support transactions directly with overseas buyers of UAE origin goods and services, while contributing to the expansion of the national export economy.
ADEX was established by ADFD to provide loans and credit guarantees to foreign importers of non-crude sector goods and services from UAE companies, with payments made directly to the UAE national company upon successful delivery on contract terms.
In its first full year of operation in 2020, ADEX committed AED 500 million against the allocation budget to overseas buyers to meet their procurement needs from UAE exporters.
Over the last 12 months, ADEX worked together with a wide range of strategic partners across the UAE to educate business leaders on how to access and leverage export financing as a catalyst to accelerate economic recovery in the wake of the global lockdown and massive supply chain disruptions.
"National export companies can leverage the financial support and protection of ADEX to grow their international operations at a time when overseas buyers continue to face supply chain disruption and liquidity challenges," said Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of the Executive Committee of ADEX.
"ADEX is also helping drive a healthy, growing and sustainable export economy that is a key pillar of the national economic diversification and growth strategy."
With the UAE leading the way on the global vaccine rollout and showing clear signs of economic growth, Saeed Al Dhaheri, Acting Director General of ADEX, believes that exporters are strongly positioned for success now and in the years ahead and are well supported by the nation’s highly diverse and active export community support network.
"We encourage our business leaders to partner with ADEX to help increase their attractiveness as a global trade partner, add significant value to their overseas buyers and more effectively capture market share in key international markets," he added.