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ADEX Executive Committee Discusses Financing Procedures, 2020 Operational Framework |
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Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development, ADFD, and Chairman of the Executive Committee of the Abu Dhabi Exports Office, ADEX, chaired the first ADEX Executive Committee meeting for 2019, which approved financing procedures, and discussed the ADEX 2020 annual operational framework, as well as its proposed business strategy. The members of the executive committee, who participated in the meeting, examined the ADEX target and priority markets, and goods and services sectors, in addition to deliberating on the latest developments in the global commercial markets and export banks. Al Suwaidi said, "During its first meeting, the ADEX Executive Committee addressed several priority matters for the upcoming phase, including the ADEX strategy and plans to enhance national exports and their competitiveness." "We successfully identified the UAE's economic sectors of focus for ADEX in line with phase one, as well as the proposed budget. The ADEX financing support will extend to overseas buyers looking to purchase goods and services of UAE origin, after assessing their overall contribution to the growth of our national economy," he added. Speaking about the priority sectors, Al Suwaidi said, "UAE goods and services exports to Asian and African markets are a priority for the ADEX. Both markets offer notable opportunities for UAE companies, which have proven their ability and best-in-class efficiency standards that comply with leading international specifications." The ADEX supports the national economy and enhances its competitiveness by providing financing and guarantees to overseas buyers seeking to import goods and services from the UAE, thereby raising the volume of national exports and facilitating their entry into new markets. Launched by the ADFD in September 2019, the ADEX aims to support national exports and protect exporters from potential non-payment risks, while encouraging sustainable economic growth. The ADEX financing ratio holds the potential to reach 100 percent, depending on the type of funding, as well as 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. |
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