Abu Dhabi’s leading export credit agency discusses role of local ECAs in expanding economic activities in both region.
The Abu Dhabi Exports Office (ADEX) took part in a two-day TXF Middle East and Africa conference, which sought to enhance export and finance collaboration between the two regions. The participation is part of ADEX’s effort to strengthen the Emirati export sector and support the drive to diversify the national economy.
The TXF Middle East & Africa: Export Project Finance 2022 conference, held in a hybrid mode at the Grand Habtoor Resort on March 15-16, discussed developments in trade collaboration in Africa and the Middle East that have been paving the way for a new regional trade corridor. This event featured key players from exports credit agencies (ECAs), corporates, export promotion councils (EPCs), as well as lenders, investors, exporters, and project financers, who highlighted the emergence of new ECAs in the Middle East and their role in boosting the exports growth in both regions.
Mr. Khalil Al Mansoori, Acting Director General of Abu Dhabi Exports Office, said that the event was beneficial for the export sector as it came at a time when businesses are facing considerable challenges due to the COVID-19 pandemic. “Through our partnership in the event, we wanted to advance our vision to support the national economy and boost its competitiveness by strengthening the export sector in line with the UAE’s strategies to diversify economy as a pillar of sustainable development,” he added.
Reiterating ADEX’s commitment to partner with relevant entities to explore innovative ways to support local exporters. Al Mansoori noted: “We are working on introducing innovative and unique financial solutions and facilities. The intention of ADEX is to pave the way for UAE companies to broaden their reach overseas as we try to advance their interest and play an integral part in the UAE’s bid to establish itself as the one of the top business destinations in the world.”
At a panel discussion titled “Celebrating Collaboration: Local ECAs Facilitating Growth in the Middle East and Africa”, Natasha Saleh, Project Manager, ADEX, highlighted the objective of the Abu Dhabi Exports Office and elaborated on its commitment to creating trust among governments around the world so they can choose the UAE as a strategic import partner.
Ms. Saleh said that the ADEX is perfectly aligned with all the initiatives launched by the government last year under ‘Projects of the 50’, aimed at strengthening UAE’s ability to keep pace with the even-evolving global economy.
Talking about ‘Operation 300 billion’ that was also launched last year by the government to raise the industrial sector’s contribution to UAE’s GDP from AED 133 billion to AED 300 billion by 2031, Ms. Saleh explained that such measures will help build the reputation of UAE’s industrial products through the promotion of exports to global markets.
ADEX was established in 2019 by the Abu Dhabi Fund for Development (ADFD) and provides an array of financial solutions to enhance the UAE exports. ADEX offers ‘Buyers Credit Facilities’ to overseas buyers of Emirati products and services, paving the way for UAE companies to find new markets for their products while reducing potential payment risk.