ADEX and Dubai Exports to host trade forum to boost economy

Business Bureau, Gulf Todoay

Dubai Exports announced they will co-host the UAE’s major virtual international buyers forum in the COVID-19 era in partnership with Abu Dhabi Exports Office (ADEX) and Etihad Credit Insurance (ECI) in a unified effort to boost the emirate’s export economy and increase foreign business to drive economic recovery for Dubai businesses.

The announcement of the forum which will be held on July 2, 2020 was made in conjunction with the signing of a new Memorandum of Understanding between ADEX, the UAE-wide export financing entity founded by Abu Dhabi Fund for Development and Dubai Exports, an agency of Dubai Economic Department (DED), which specializes in developing and promoting the growth of the Dubai’s economy through the development and promotion of exports and industry. The MOU, signed by Eng. Saed Al Awadi, CEO of Dubai Exports, and Saeed Al Dhaheri, Acting Director General of ADEX, represents a commitment to collaborate on a range of strategic initiatives and data sharing to strengthen, unite and increase access to the broad range of financial and support services available to Dubai exporters.

The inaugural activation of the partnership will be a digital education forum bringing together leading exporters from across the Dubai business community with international buyers from around the world. Dubai Exports is activating on-the-ground resources from its 24 international offices to invite buyers to join in the UAE’s first significant international trade promotion event since the global lockdown.

Participating companies will learn about the full range of financial support services, buyers credit facilities available through ADEX and credit insurance available through ECI to stimulate transactions with foreign buyers of made in the UAE goods and services.

Eng. Saed Al Awadi said: “We are leveraging the full resources of the UAE national export community to help ensure Dubai exporters and their foreign buyers keep goods and services flowing across our borders to continue to stimulate economic recovery and long-term growth. Through Dubai Exports, we have the access and resources to bring buyers from around the world together with our leading export companies. Through ADEX, we have highly competitive, world-class direct and indirect financing products that can help make transactions happen efficiently and effectively on behalf of both our exporters and their foreign buyers.”

Mr. Saeed Al Dhaheri said: “The UAE has invested in building an incredibly comprehensive and powerful network of strategic financial products and services as well as support entities that together effectively increase access to international markets around the world and greater strengthen the competitive positioning of exporters across the world. This international buyers forum is among many initiatives ADEX is undertaking to deliver on our commitment to work with partners across our national export community to ensure our business leaders know how to access and most effectively leverage the power of ADEX and the entire export support network to enter new markets, expand their businesses and drive a robust, growing UAE export economy.”

In the MOU, ADEX and Dubai Exports will work together to support exporters to diversify the export markets for local businesses by introducing them to the facilities provided by the corporation. Starting with the international buyers forum, these joint activities aim to increase awareness of how to access and most effectively use the full suite of financial products and services available through ADEX to help UAE companies safely enter new international markets and drive export growth.

ADEX was established in 2019 by ADFD with a mandate to drive diversification and growth of the UAE export economy. ADEX provides direct financing and credit guarantees to overseas buyers from the public and private sectors seeking to import goods and services from UAE companies. ADEX funding and guarantees are designed to support national businesses across the UAE in all non-crude oil sectors. ADEX has allocated Dhs550 million ($150 million) in funding for qualifying export transactions of national companies. Through its direct funding programme, ADEX provides loans to qualifying foreign buyers of UAE goods and services with payment made directly from ADEX to the UAE exporter, reducing their risk of delayed or non-payment.

Dubai Exports is an agency of Dubai Economy - Government of Dubai, commenced operations in 2007. As part of the Economic Development Department of Dubai, its mandate is to facilitate trade from Dubai and establish itself as a world-class export development and promotion body by creating an enabling environment for Dubai’s exporters. Dubai Exports has developed a range of value-added trade support services to UAE-based firms exporting through Dubai, for accelerated and profitable expansion of their businesses in foreign markets.