Abu Dhabi Exports Office (ADEX) has launched a national campaign to enable businesses to use financial products and services in an effort to strengthen the UAE export community. In turn, this will help the UAE to recover from the serious implications of the Cover-19 pandemic.
ADEX was established in 2019 by the Abu Dhabi Fund for Development. The reason behind establishing ADEX is to reinforce export business expansion and boost economic diversification. Currently, ADEX is closely working with Departments of Economic Development and Chambers of Commerce to establish partnerships.
In essence, this move will enable the UAE export community to gain a competitive advantage while expanding into international markets. Mohammed Saif Al Suwaidi, Director-General of ADFD and Chairman of the ADEX Export Executive Committee, told the media, “This is not only a difficult time for the UAE exporters, but it’s also a challenging time for their overseas buyers. Both are dealing with liquidity and cash flow issues, delayed supplier payments, and limited access to financing. ADEX provides a solution to these challenges that enable both the exporter and foreign importer to quickly and easily fund mutually beneficial transactions.”
It is reported that ADEX has allocated $150 million in funding to support eligible export transactions of national companies. In March, the executive committee of ADEX had the allocation to support businesses’ strategic expansion.
It is important for businesses in the UAE to be fully aware of how to access ADEX’s broad range of financial products and services. The organisation intends to support businesses and drive diversification during the ongoing pandemic and in a post-pandemic world.