ADEX Signs an MOU with Abu Dhabi Chamber
Abu Dhabi,17 Feb 2020
The newly established Abu Dhabi Exports Office (ADEX) and the Abu Dhabi Chamber of Commerce and Industry (Abu Dhabi Chamber) have signed a memorandum of understanding (MoU) to cooperate on a series of initiatives. Through the partnership, the two entities aim to leverage the innovative financial products and services offered by ADEX to elevate the international reputation of the UAE as a valuable and trusted trading partner while helping national businesses expand their exports of UAE goods and services.
His Excellency Mohamed Helal Al-Muhairi, Director General of the Abu Dhabi Chamber, and Mr. Saeed Al Dhaheri, Acting Director General of ADEX, signed the MoU outlining the terms of the collaboration. The signing ceremony drew the participation of His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of the Executive Committee of ADEX.
The agreement enables members of Abu Dhabi Chamber to explore opportunities in international markets that they may not have considered earlier to boost their export businesses in line with the UAE’s economic diversification and growth strategies.
His Excellency Mohammed Saif Al Suwaidi said: “ADEX provides a truly unique and highly valuable suite of products and services that can strengthen the competitive positioning of the UAE and its export businesses. This MoU represents the first step for ADEX in building partnerships with public and private sector entities across the UAE export community. In doing so, it conveys a clear message to countries around the world that the UAE is a valuable business and trade partner.”
Abu Dhabi Fund for Development (ADFD) established ADEX in 2019 as part of its expanded mandate of investing in sustainable economic development across the UAE in line with the UAE Vision 2021, Abu Dhabi Economic Vision 2030 and UAE Centennial 2071. ADEX seeks to enhance the UAE’s global competitiveness while contributing to raising the volume of non-oil national exports.
His Excellency Mohamed Helal Al-Muhairi said: “The Abu Dhabi Chamber offers its members a raft of benefits such as direct access to importers as well as innovative programs and services to drive business development opportunities. We are proud to be the first chamber in the country to cooperate with ADEX to positively benefit Abu Dhabi businesses and, ultimately, the wider UAE community.”
Mr. Saeed Al Dhaheri said: “We support UAE national manufacturers and service providers of all sizes, covering all economic sectors, products and services. We help them enter new markets with confidence, knowing that they have the direct backing of ADEX and the UAE. We also seek to motivate foreign importers to do more business with UAE companies with the assurance that ADEX safeguards their financial interests.”
To mark the commencement of the partnership, ADEX and the Abu Dhabi Chamber organized a joint workshop for members of the Abu Dhabi business community. The event aimed to educate participants about using ADEX financial products and support services as a strategic and differentiating value-add to benefit their import customers.
ADEX provides direct financing and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from the UAE, including:
- Loans to overseas importers/buyers that are paid directly by ADEX to UAE exporters;
- guarantees to financial institutions offering loans to foreign importers of goods and services of UAE origin;
- Credit lines to foreign banks limited to providing financing to overseas buyers of UAE goods and services.
ADEX focuses on building awareness among UAE government entities and business leaders about leveraging its offering to increase their international reach through joint participation in international exhibitions, conferences and trade missions. In the coming months, ADEX will roll out a series of similar workshops with chambers of commerce, export support agencies, councils that support the private sector, UAE national banks, as well as relevant ministries and departments of economic development across the UAE.
UAE exporters, their import customers and potential ADEX partners can obtain further information on how to access and use ADEX’s products and services at adfd.ae/adex.com.