Both parties formally sealed their cooperation during the recent signing of a Memorandum of Understanding (MoU) which advances the UAE’s economic diversification efforts in line with the country’s preparations for the next 50 years.
The MoU is part of ADEX’s commitment to contribute to national efforts to enhance the level of the country’s competitiveness in line with the economic diversification policy and a fundamental pillar of its sustainable development goals. The agreement will also expand the range of the country’s exports and enable local exporters to explore new opportunities in global markets.
The agreement was signed by Saeed Hamad Al Dhaheri, Acting Director-General of ADEX, and Mohamed Hassan Al Sabab, Acting Director of the RAK Chamber of Commerce and Industry.
As part of the MoU, the two parties agreed to unite their efforts to enhance the global competitiveness of the UAE’s exports, whether goods or services, as well as provide support to national companies that would ensure their sustainable growth as they enter new regional and international markets.
The agreement also includes enhancing the knowledge and awareness of local companies and manufacturers regarding the availability of ADEX’s financing services and how they can benefit from it. Furthermore, both parties will share relevant export strategies that enhance investor confidence, support local goods and their market position, as well as empower local exporters to optimise business prospects.
Mohammed Saif Al Suwaidi, Director-General of the ADFD and Chairman of the Executive Committee of ADEX, said, “Our MoU with the RAK Chamber is a major step towards strengthening our cooperation with all stakeholders. Together, we will support national endeavours and provide effective solutions to enhance the competitiveness of UAE exports and increase the contributions of our local exporters to the country’s sustainable economic development.”
“We are committed to optimising all available resources and capabilities to build an economic support system that will help reinforce the UAE’s leading position in export and import trading. Moreover, we will work towards further developing the country’s presence on the global commercial and trade map according to its vision for the next 50 years, which will represent a new era of progress and growth for the nation.”
Al Dhaheri said, “We are pleased to sign a strategic partnership with the RAK Chamber of Commerce and Industry. This forms part of our efforts to utilise our resources to expedite the growth of the export sector according to our government’s initiatives to diversify the economy. We are confident that the new collaboration will have a significant and positive impact on all fronts. We reaffirm our commitment to provide an integrated package of financing services to importers of UAE products and services, whether they are a public or a private entity. Through these initiatives, ADEX is well-positioned as an organisation to help increase the volume of national exports and find new markets for them.”
Commenting on the agreement, Al Sabab said, “ADEX will help stimulate new activities in key sectors which can bring about positive impact to our national economy. This new agreement is a significant development in our strategic partnerships which will enable the business sector to implement programmes and plans that are relevant to the UAE’s comprehensive economic programme. We will also help create an ideal environment that will strengthen the private sector’s socio-economic contributions. We look forward to working with ADEX and share our expertise, best practices and latest data to develop an environment that stimulates business and investment activities in line with UAE Centennial 2071.”
Apart from data sharing, the two parties will also hold regular meetings to implement and follow up on the agreed programmes. In addition, they will host workshops and seminars as well as conduct workshops and training to increase awareness about ADEX’s financing services.
For 2021, ADEX has allocated AED735 million (US$200 million) to finance qualified export transactions of national companies. Through its direct and indirect funding programme, ADEX provides loans and guarantees to qualified foreign buyers of the UAE’s goods and services with payment made directly from ADEX to the UAE exporter, reducing their risk of delayed payment or non-payment.