ADFD to raise the competitiveness of UAE products in global markets

A delegation from Abu Dhabi Fund for Development (ADFD) and its export-financing arm, the Abu Dhabi Exports Office (ADEX), visited Abu Dhabi Ship Building (ADSB), an entity within EDGE.

The delegates held discussions with ADSB officials about promoting Emirati companies with ADFD’s support and raising the competitiveness of UAE products in global markets.

Mohamed Saif Al Suwaidi, Director-General of ADFD and Chairman of the Exports Executive Committee of Abu Dhabi Exports Office (ADEX), led the delegation that included Rashid Al Kaabi, Director of the Investments Department; Khalil Al Mansouri, Acting Director-General of the Abu Dhabi Exports Office; and other officials. They were received by David Massey, CEO of ADSB; Mariam Al Moosawi, Director of Finance at ADSB; and Maktoom Al Shehhi, Director of MRO, ADSB.

The officials were briefed about the company’s leading facilities for the design, new build, maintenance and repair of an extensive range of warships and commercial vessels. Al Suwaidi expressed his pride at the advanced level of shipbuilding in the UAE, stressing the importance of the meeting to strengthen strategic co-operation with one of the leading national entities that support our local economy.

Al Suwaidi said that ADFD had established ADEX and launched special programmes to support the UAE’s private sector to increase the volume of Emirati exports worldwide and achieving the UAE’s strategic objective to diversify the economy. He reaffirmed the Fund’s ambition to support the national companies affiliated with EDGE Group, including ADSB, a leading organisation that strengthens the UAE’s position as a global hub for future industries.

Massey expressed appreciation for ADFD over the visit, saying that ADSB is keen to build strategic relations with national financial institutions such as ADFD, which plays a vital role in driving sustainable development at a global level, in addition to supporting Emirati companies and the national economy. He also shed light on ADSB’s wide range of services, including the end-to-end design and new build of a wide range of vessels, and maintenance, systems upgrade and conversions of ships for military, commercial, and luxury applications.

Meanwhile the Abu Dhabi Fund for Development (ADFD) continued its support and investment activities across developing economies in 2021, despite the challenges posed by COVID-19. The Fund stepped up its efforts to strengthen the local private sector and promote exports as part of its priority to bolster the national economy.

ADFD’s annual report for 2021 highlights its achievements since its inception 50 years ago. The report gives an overview of the 10 key development projects it implemented last year with a total outlay of Dhs743.9, including six soft loans worth Dhs642.5 million allocated to five countries.

The Fund also earmarked Dhs101.4 million in government grants for four strategic projects in four countries. This takes the cumulative value of the loans and government grants provided by ADFD till the end of last year to Dhs52 billion and Dhs52.9 billion respectively.

ADFD’s investments totalled Dhs11 billion allocated to four different segments in 22 countries covering a wide range of sectors. This includes strategic contributions to 12 companies in various countries. Additionally, ADFD contributed to the foreign reserves of countries by depositing a total of AED41 billion with their central banks.

Together, ADFD’s finances, investments and bank deposits stood at Dhs156.9 billion by December, 2021, articulating the UAE’s futuristic vision and pioneering model to achieve comprehensive development.

In the foreword of the annual report, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of the Presidential Court, and Chairman of the ADFD Board of Directors, said, “Fifty years have passed since the establishment of the Abu Dhabi Fund for Development, which coincided with the historic decision of the late Sheikh Zayed Bin Sultan Al Nahyan that led to the formation of the State of the Union.

On July 15, 1971, the Abu Dhabi Fund began its journey creating remarkable socioeconomic impacts at the local and global levels along the way through developmental work, eventually carving out a place for itself among the most prominent development institutions in the world. Today, the organisation is widely recognised for its contributions to social and economic successes of many developing countries and as a catalyst of sustainable development and diversification of the UAE’s economy.”

He added, “The success of the Abu Dhabi Fund owes to the late President, Sheikh Khalifa Bin Zayed Al Nahyan; as well as President His Highness Sheikh Mohamed Bin Zayed Al Nahyan. Their care and support enabled and encouraged the Fund to work tirelessly towards consolidating the UAE’s global position as the largest donor for development assistance.