ECI and ADEX partner to drive tech sector growth in Angola
Top officials during the signing ceremony in Abu Dhabi.
The collaboration, which is in line with the shared objectives of both parties, aims to secure funding projects awarded to UAE-based companies. One such example is ‘Presight’ which successfully secured crucial funding from ADEX backed by ECI Insurance for the implementation of a project, which promises to boost the technology sector in Angola.
Additionally, this strategic initiative, which holds the potential for substantial returns, amplifies the UAE’s in-country value.
The policy was formally signed by Raja Al Mazrouei, CEO of ECI and Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and Chairman of the Exports Executive Committee of ADEX. This policy is set to provide substantial support for the platform’s implementation and its associated infrastructure. It also reaffirms ECI’s commitment to enhancing the UAE’s GDP through the export of specialized services, thus contributing significantly to the domestic economy.
Raja Al Mazrouei said, “The UAE continues to pave its path as a global pioneer, and this collaboration with UAE industry champions reinforces our combined vision for the future. and to empower UAE-based companies for global prominence. This venture is a testament to the unwavering global trust in the UAE’s dynamic economy and the pivotal role ECI plays within.”
Mohamed Saif Al Suwaidi said, “The signing of this policy highlights ADEX’s unwavering commitment to drive the technological progress of Angola while bolstering our national companies. This collaboration not only enables companies like ‘Presight’ to expand beyond the UAE’s borders, but it also fuels our mission to enhance the national economy and solidify the Emirates’ position as a global business hub.” Showcasing its expanding business engagement in Africa, ECI has recently formalised three MoUs with top-tier banks and insurance companies in Ethiopia. These collaborations are strategically designed to unlock a multitude of trade and investment possibilities, driving the adoption of inventive insurance solutions, and positioning UAE enterprises at the forefront of global market growth. These partnerships underscore ECI’s focus on nurturing economic alliances, enriching trade, and catalyzing sustainable business expansion across Africa.
In February this year, the Abu Dhabi Exports Office signed two green finance agreements with the government of Angola, valued at Dhs445 million. The financing is provided in cooperation with Standard Chartered Bank.
One agreement, valued at Dhs330 million (US$90 million), relates to the acquisition of an analytical platform, main data centre, backup data centre and national cloud platform to strengthen the Angolan IT sector.
The project will be carried out by Presight, a G42 company, which specialises in big data analysis powered by artificial intelligence and cloud computing.
The other agreement, valued at Dhs115 million (, will allow Mark Cables, a UAE company specialised in manufacturing cables, lighting, water, and electrification projects, to install and maintain street lights in the cities of Luanda, Malanje, N’dalatando and Uíge.
The two agreements were signed by Mohamed Saif Al Suwaidi, Vera Esperança dos Santos Daves De Sousa, Minister of Finance in Angola; Thomas Pramotedham, CEO of Presight; and Faruq Muhammad, Global Head of Structured Export Finance of Standard Chartered Bank.
The ceremony was attended by Khalifa Al Qubaisi, ADFD Deputy Director-General; Alexis Bayigamba, Chairman of Mark Cables; Khalil Al Mansouri, ADEX Acting Director-General; and several other officials.
Al Suwaidi said, “The two agreements constitute an important starting point for a new phase of developmental cooperation with the government of Angola. They contribute to building efficient partnerships to support the development of modern, environment-friendly infrastructure in Angola in cooperation with well-established UAE companies, as well as companies based in Angola. These activities will also contribute to the efforts to diversify the UAE’s economy.”
He expressed hope that ADEX’s cooperation with the Angolan government would exponentially develop in the future, which would economically benefit both the UAE and Angola, as well as UAE enterprises through accelerated commercial and economic activities.
Abu Dhabi Exports Office has signed recently a financing agreement with the National Bank of Egypt (NBE), reinforcing trade and economic relations between the UAE and Egypt. This landmark collaboration solidifies the longstanding bond between the two nations and showcases their commitment to mutual prosperity and growth.
Under the terms of the agreement, a revolving loan facility of US$100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. This initiative seeks to bolster economic activities and promote cross-border trade relations, further enhancing the already fertile trade landscape between the two nations.
Mohamed Saif Al Suwaidi said, “The agreement with the National Bank of Egypt aligns with our leadership’s vision, demonstrating its dedication to strengthening national exports. The financing extended by ADEX represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries.”
He added that the agreement would bolster ADEX’s ambitions to tap into emerging regional and global markets, noting, “Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increase their contribution to the economy.”
The agreement marks a milestone in ADEX’s ongoing efforts to strengthen cooperation with Egypt and other countries. The partnership was a result of unilateral signings by each party, which were subsequently combined to cement the collaboration’s foundation.
The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion. The agreement reflects a strategic collaboration designed to strengthen the export sector, aligning with mutual interests.
