Abu Dhabi Fund for Development launches exports office

Abu Dhabi Fund for Development (ADFD) announced the launch of the Abu Dhabi Exports Office (ADEX) on Sept 9, 2019, it said in a statement.

The office aims to support the national economy and enhance its competitiveness through the provision of financing and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from the UAE.

ADEX also aspires to contribute to raising the volume of national exports and facilitate entry into new markets.

In addition to boosting national exports, ADEX aims to manage accompanying trade risks, the statement said.

“Adhering to global best practices, ADEX seeks to expand the variety of UAE-made products and services for export, and raise the volume of national exports through providing financing and guarantee facilities,” Mohammed Saif Al Suwaidi, director general of ADFD, said.

ADEX’s financing ratio holds the potential to reach 100 percent, depending on the type of funding and the nature of each transaction and the associated risks.

To be eligible for financing, the products and services must be of UAE origin and meet creditworthiness requirements.

The financing does not apply to crude-oil exports.