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UAE government body ADEX approves Dhs550m to finance exports in 2020

UAE government body ADEX approves Dhs550m to finance exports in 2020

The amount is available as direct loans to foreign buyers and as lines of credit to international financial institutions importing goods and services from UAE companies

On Saturday, the Executive Committee of the Abu Dhabi Exports Office (ADEX) approved the allocation of Dhs550m ($150m) to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy, reported news agency WAM.

ADEX was set up in 2019 as a means to grow the volume and value of exports by supporting businesses across non-oil sectors in the UAE by providing direct loans and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from the UAE.

Mohammed Saif Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the Executive Committee of ADEX, said that the Dhs550m allocation was designed “to facilitate direct loans to foreign buyers as well as lines of credit for international financial institutions exclusively available to importers of goods and services from UAE companies.”

“The ADEX Executive Committee is focused on developing a wide range of innovative financial products and tools that better enable UAE exporters to successfully compete for new business growth opportunities in rapidly expanding emerging markets across Africa, Asia and around the world,” said Al Suwaidi.

ADEX is collaborating with chambers of commerce and economic development departments across the UAE to help national export companies understand how to leverage the power of ADEX.

Read: Dubai’s non-oil foreign trade rises 6 per cent to Dhs1.37 trillion in 2019

The news of the approved loans to support exports comes a week after Dubai reported that its non-oil foreign trade in 2019 grew 19 per cent from 91 million tons in 2018 to 109 million tons last year.

Dubai’s foreign trade in 2019 was Dhs1.371 trillion, up 6 per cent from Dhs1.299 trillion in 2018.

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