Abu Dhabi sets up Dh550m fund to help out local exporters
05 May 2020
Abu Dhabi: The Abu Dhabi Exports Office is setting up a Dh550 million fund to support the export sector, by helping out cash-strapped overseas buyers of UAE merchandise and the national companies that sell them.
“This is not only a difficult time for UAE exporters, but it’s also a challenging time for their overseas buyers," said Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development and Chairman of Adex. "Both are dealing with liquidity and cashflow issues, delayed supplier payments and limited access to financing.
"Adex provides a solution to these challenges that enables both the exporter and foreign importer to quickly and easily fund mutually beneficial transactions.”
How can this fund be tapped?
When a qualified overseas buyer certifies the successful completion of an Adex-funded transaction, Adex will then make a direct payment to the UAE exporter. The allocated funds will only be used for export transactions that are approved and qualify under the programme.
“We need all companies in the UAE to know how to access the full range of Adex financial products and services available to advance their business development efforts,” Al Suwaidi said. Adex is also working to establish partnerships with departments of economic development and chambers of commerce across all emirates to raise awareness on the new programme.
“We all share a responsibility to support the financial health and development of our national companies," said Saeed Al Dhaheri, acting Director-General of Adex. "We can ensure our national companies are fully aware of how to access and use the services available to them to build their business during this challenging time and beyond.”
Source: Gulf News