ADGM, ADEX sign deal to boost UAE’s exports, economic growth

Business Bureau, Gulf Today

Abu Dhabi Global Market (ADGM), the award-winning international financial centre, and Abu Dhabi Exports Office (ADEX), the UAE-wide export financing entity founded by Abu Dhabi Fund for Development, have signed a memorandum of understanding (MoU) to develop the exports climate in the UAE, solidifying their commitment to expanding the nation’s exports reputation and ensuring local economic growth across the UAE.

The MoU was signed in a virtual setting by Juma Al Hameli, Senior Executive Director of Strategy and Business Development at ADGM, and Saeed Al Dhaheri, Acting Director General of ADEX. Through the partnership, the two entities will collaborate on numerous activities in an effort to achieve their shared objectives, including hosting joint workshops for ADGM members and the broader Abu Dhabi business community as well as the continuous exchange of expertise, resources and knowledge.

Commenting on the partnership, Juma Al Hameli, Senior Executive Director of Strategy and Business Development at ADGM, said: “We are pleased to partner with ADEX as we strive to make a positive contribution to the UAE’s exports landscape and ultimately augment the state of the local economy. At ADGM, we continuously look to partner with like-minded institutions in an effort to progress the UAE’s agenda for greater economic growth, including the Abu Dhabi Economic Vision 2030, through the development of key sectors. Serving as the Mena region’s epicentre of financial activity and investment, Abu Dhabi is located at the fore of the exports industry and we are keen to leverage the Emirate’s unique position to achieve our shared objectives. We look forward to actioning this fruitful partnership and are confident that our joint efforts will make a significant impact on reinforcing Abu Dhabi’s stature as a leading financial hub.”

Saeed Al Dhaheri, Acting Director General of ADEX, said: “ADEX can bring immediate value and impact for ADGM and its member companies to expand their export businesses as the UAE and global markets continue to open up. Just as important is the long-term impact our organizations can make together driving the expansion of the Abu Dhabi export economy. ADGM is recognized for innovation and creativity in how it supports its member companies. Working together, we can explore a wide range of potential innovations in product and service initiatives that can have a sustainable impact on export growth across the emirate and the UAE.”

Under the agreement, ADGM and ADEX have committed to a series of collaborative efforts, including providing financing to ADGM-related companies overseas for procuring goods and services from the UAE and offering banks whose representative offices are registered in ADGM with lines of credit to promote UAE exports. In addition, subject to UAE content criteria, ADEX will offer facilities to buyers of ADGM registered companies with local operating offices to support exports from the UAE, Similarly, both authorities will cooperate to allow for learning, benchmarking, staff training and sharing best export practices.

Both authorities have also agreed to promote the efforts undertaken by one another, including the introduction of products, services and initiatives, to ensure optimum support through each authorities’ endeavours. To that end, ADGM and ADEX will participate in consolidating efforts and coordination around joint initiatives and projects to enhance the exports landscape in Abu Dhabi and the wider UAE.

As a leading International Financial Centre located in the capital of the United Arab Emirates, ADGM aims to serve as a facilitator of greater economic development for the Emirate and the wider nation and secure the UAE’s standing as a premier investment hub. Through numerous partnerships, various progressive initiatives and first-of-their-kind innovations, ADGM is committed to serving as a key contributor to the repute of Abu Dhabi’s investment landscape and aims to augment the UAE’s renowned financial services offering.

ADEX provides direct financing and guarantees to overseas buyers from the public and private sectors seeking to import goods and services from UAE companies. Financing is provided in the form of direct loans to overseas buyers from UAE companies as well as payment guarantees to financial institutions for loans to purchase goods and services from UAE companies.

Funding export transactions through ADEX enables companies to safely and securely enter new international markets. While the loans are made to the overseas buyer, upon successful delivery of goods or services ADEX makes payment direct to the UAE exporter, eliminating payment delays and risk of non-payment. ADEX funding and guarantees are available to national businesses across the UAE in all non-crude oil sectors.