Ajman DED Signs Cooperation Agreement with ADEX
Abu Dhabi, 24 May 2021
Ajman Department of Economic Development (Ajman DED) today signed a cooperation agreement (MoU) with the Abu Dhabi Exports Office (ADEX), the UAE-wide export financing entity established by Abu Dhabi Fund for Development (ADFD) to provide solutions to national export companies to enhance their business and geographically expand the scope of their activities to international markets.
The agreement was signed by H.E. Abdullah Ahmed Al-Hamrani, Director-General of Ajman DED, and Mr. Saeed Hamad Al Dhaheri, Acting Director-General of ADEX, in the presence of H.E. Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of the Export Executive Committee of ADEX, Sheikh Abdullah bin Nasser Al Nuaimi, Director of the Department of Planning & Business Development at Ajman DED, and senior officials from both sides.
The MoU seeks to consolidate efforts to support the local economy in Ajman, enhance the competitiveness of Ajman-based exporters, increase exports and accelerate their contribution to Ajman's GDP. According to the agreement, Ajman DED will introduce the financing opportunities provided by ADEX to its customers and exchange available data on export related activities to benefit the UAE exporters and further grow the country's exports.
The two parties will organize introductory workshops, educational seminars and other training programs to familiarize the licensed economic enterprises in Ajman with the services of ADEX. They will also promote the solutions and facilities ADEX offers to national enterprises.
H.E. Abdullah Ahmed Al-Hamrani said that the agreement aims to strengthen cooperation between the two entities and consolidate efforts to support Ajman's economy in line with the vision of the UAE leadership and the country's economic diversification strategy. The agreement will establish foundations for sustainable development through expanding the range of goods and services for export and open new markets. In addition, it seeks to enable foreign importers and buyers to purchase the UAE's goods and services and significantly drive up the contribution of exports.
Al-Hamrani expressed his keenness in partnering with ADEX, a move that would benefit all stakeholders, build the department's capabilities and help it redouble its efforts in achieving its strategic direction of deepening the emirate's economic diversification targets. The synergy will also stimulate mechanisms to enhance the export environment in the emirate while ensuring additional value from exports to Ajman's GDP. Furthermore, it will significantly accelerate foreign trade between the emirate and the world.
H.E. Mohamed Saif Al Suwaidi said that the MoU with Ajman DED comes at a critical time and will assist companies in the UAE to identify new export opportunities for their products and services and increase dividends from the integrated financial solutions on offer, thereby expanding the growth horizons for exports.
He noted that ADEX seeks through its financing solutions to further enhance the attractiveness of the UAE and boost its credentials as a reliable international business partner. He also pointed out that today due to the pandemic, several companies worldwide are facing supply chain disruptions and liquidity challenges. Through ADEX's financing mechanism, he was confident that the UAE could facilitate international buyers with access to financing that may not have been available in the past. In doing so, the UAE's exporters will be able to foray into new markets with minimal risks and financial concerns.
For his part, Sheikh Abdullah bin Nasser Al Nuaimi said that Ajman DED was keen to step up cooperation with ADEX, a move he believed would benefit all concerned stakeholders.
He said: "The MoU covers several areas of cooperation between the two sides, most notably geared to protect the UAE's exporters from the risks of non-payment by importers and overseas buyers. In addition, it also contributes to increasing national exports and offering us access to new markets."
Mr. Saeed Al Dhaheri said: "We are proud of our partnership with Ajman DED, which paves the way for a new stage of strategic cooperation that protects national companies and exports. We are confident this will positively impact the economy of Ajman, in particular, and of the wider UAE."
He added: "At ADEX, in cooperation with our strategic partners, we work to increase and diversify national exports, in line with the objectives of the UAE Vision 2021. Our efforts also contribute to supporting the Ajman DED's own vision to shape a competitive, diversified and sustainable economy based on knowledge and innovation.
"The cooperation with Ajman DED is a major step towards ensuring sustainable economic development. As part of our shared responsibility, we aim to expand the contribution of national and non-oil exports and provide competitive solutions and advantages to national companies to enhance their business and widen the geographical reach of the UAE's goods and services to international markets."
