The Abu Dhabi Exports Office (Adex), the export-financing arm of the Abu Dhabi Fund for Development, has signed a new financing agreement with the Capital Bank of Jordan as the UAE and Jordan continue to strengthen trade relations.
As part of the deal, a credit line of about Dh73.4 million ($19.9m) will be opened to "support collaborative efforts" and boost the UAE’s exports to the region, Adex said on Tuesday.
“This strategic partnership is in line with the UAE Centennial 2071, which aims to take the UAE economy to new heights and double the country’s gross domestic product,” said Mohamed Al Suwaidi, director general of the Abu Dhabi Fund for Development.
The agreement will also strengthen strategic collaboration to bolster the export sector "in a way that fulfils mutual interests", he said.
The UAE, the Arab world’s second-largest economy, and Jordan are collaborating to strengthen their economic relationship.
The UAE, Jordan and Egypt entered into an industrial partnership last month aimed at boosting sustainable growth and exploring opportunities for joint investments in priority sectors.
A $10 billion investment fund has also been set up to accelerate work in five priority sectors – petrochemicals; metals, minerals and downstream products; textiles; pharmaceuticals; and agriculture, food and fertilisers.
“This agreement marks a new phase in our effort to develop national exports, advance trade relations between the two countries and create opportunities for Emirati companies to expand and access the global market, all of which helps achieve state policies and diversify the economy,” said Khalil Al Mansoori, acting director general of Adex.
Set up in 2019, Adex offers financing solutions to exporters to help increase the UAE’s trade volumes and promote its export business in global markets. The entity provides credit facilities to overseas buyers and importers through direct and indirect loans and guarantees.
The agreement with Adex "will allow us to offer additional financing to our corporate clients at preferential rates, which will strengthen their business with the UAE", said Daoud Al Ghoul, chief executive of Capital Bank Group.