Abu Dhabi Exports Office, the export-financing arm of Abu Dhabi Fund for Development, has signed a financing agreement worth $100 million with the National Bank of Egypt to boost UAE exports to the nation.
“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,” Mohamed Al Suwaidi, director general of ADFD and chairman of the exports executive committee of the Adex, said on Wednesday.
“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.”
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.
It provides credit facilities to overseas buyers and importers through direct and indirect loans and guarantees.
Last year, Adex signed a similar deal with the Capital Bank of Jordan to strengthen trade relations with Amman and increase UAE exports.
As part of the deal, a credit line of about Dh73.4 million ($19.9 million) will be opened to “support collaborative efforts” and boost the UAE’s exports to the region, Adex said at the time.
It is also partnering with Japan’s Sumitomo Mitsui Financial Banking Corporation to provide $135 million worth of financing to global commodities trader Trafigura to support its working capital needs, including for exports of metals, minerals and refined hydrocarbons from the UAE.
The latest initiative comes as UAE's trade with other countries continues to rise amid the signing of new trade agreements.
The UAE's non-oil foreign trade hit a record Dh1.24 trillion in the first half of 2023, up 14.4 per cent year on year, as the country's non-oil exports during the period exceeded the annual level recorded five years ago.
