The Abu Dhabi Fund for Development allocated Dh735 million ($200m) in export support for this year to spur economic diversification and win over buyers in target markets.
The fund approved an additional allocation of Dh184m, up 33 per cent from a year ago, to the budget of Abu Dhabi Exports Office, or Adex, the Abu Dhabi Government Media Office said in a statement on Sunday.
The money will be used to support transactions with overseas buyers of UAE goods and services, in addition to boosting the country's export economy.
“National export companies can leverage the financial support and protection of Adex to grow their international operations at a time when overseas buyers continue to face supply chain disruption and liquidity challenges,” said Mohammed Al Suwaidi, director general of the fund and chairman of Adex’s executive committee.
Adex's acting director general Saeed Al Dhaheri said the UAE's successful vaccination campaign and the economy's clear signs of growth put exporters in a strong position to succeed.
“We are very confident that our national export economy will continue to grow and prosper in 2021 and long into the future,” he said.
He said Adex is encouraging businesses to partner with the export office to boost their appeal to overseas buyers and win market share in key markets.
Adex was set up by the ADFD to provide loans and credit guarantees to foreign importers of non-oil goods and services from UAE companies, with payments made directly to the local company upon delivery.
In its first full year of operation in 2020, it committed Dh500m to help UAE exporters meet the procurement needs of foreign buyers.
The UAE is backing local manufacturing to help diversify its economy, attract foreign investment and create high-skilled jobs.
The country plans to increase the manufacturing sector's contribution to gross domestic product from the current Dh133 billion to Dh300bn over the next decade.
The sector produces a diverse range of goods – from aircraft parts to bathroom fittings.
Many of the established producers trace their origins back to the 1970s and have set up shop across the GCC.
“With competitive national products we take pride in, our mission is to double our success, increase the in-country value and build an export ecosystem that enhances the global competitiveness of local products,” said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, last week.
The Abu Dhabi Department of Economic Development's Industrial Development Bureau signed an agreement in February to help local companies play a bigger role in international trade.
The UAE, the second-biggest Arab economy, has taken several steps to support local exports during the coronavirus-induced slowdown.
The Etihad Credit Insurance, the Emirates’ federal export credit agency, unveiled measures last April to support affected exporters and ease payment and supply chain disruptions.
The ECI extended Dh420m worth of trade credit support to small and medium enterprises in the first 11 months of 2020 to boost their liquidity positions.
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
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Fuel economy, combined: 12.3L / 100km (estimate)
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
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Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
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Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
GROUP RESULTS
Group A
Results
Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs
Group B
Results
Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
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