The Abu Dhabi Export Office (Adex), the export finance arm of the Abu Dhabi Fund for Development (ADFD), has signed a financing agreement of AED73.4 million ($20 million). dollars) with the Capital Bank of Jordan to increase UAE exports to the region.

The agreement, aimed at boosting the economies of both countries, was signed at the bank’s headquarters in Jordan by Khalil Al Mansoori, acting managing director of the Abu Dhabi export office; and Daoud Al Ghoul, CEO of Capital Bank Group.

The ceremony was attended by Mohamed Saif Al Suwaidi, Managing Director of the Abu Dhabi Fund for Development and Chairman of the Executive Committee for Exports; Basem Khalil Al Salem, Chairman of the Board of Capital Bank; and other officials from both sides.

Develop Emirati exports

Al Suwaidi said: “The agreement will enable us to work towards the realization of our leaders’ vision of developing Emirati exports and accelerating the pace of economic diversification in the UAE. This strategic partnership is part of the United Arab Emirates Centenary 2071, which aims to take the UAE’s economy to new heights and double the country’s gross domestic product. The agreement also supports contributes to the consolidation of the country’s position as a epicenter of world trade.

He also highlighted Adex’s plans to target promising new regional and global markets. “We provide loans and guarantees to Emirati exporters to increase their contributions to the economy, increase their ability to expand their global footprint and help them become globally competitive. The agreement will strengthen strategic collaboration to strengthen the export sector in a way that meets mutual interests,” he added.

Al-Salem expressed satisfaction with this partnership, which is an important step towards the development of economic and trade cooperation between the two parties. He hopes the agreement will contribute to sustainable development in both countries and fulfill other common goals.

New phase

Al Mansouri said: “This agreement marks a new phase in our efforts to develop national exports, advance trade relations between the two countries and create opportunities for Emirati businesses to grow and access the global market, which which contributes to carrying out the policies of the State and to diversifying the market. economy.”

He added that the agreement will allow Adex to open a line of credit with Capital Bank which will be able to re-lend to importers on competitive terms to purchase Emirati goods and services.

Al-Ghoul said, “The agreement with us will allow us to offer additional financing to our corporate clients at preferential rates, which will strengthen their business with the UAE. The agreement will allow Jordanian companies to benefit from the competitive advantage offered by Adex to its customers to buy Emirati products in a safer and easier way. »– TradeArabia Press Service