Mohammed Saif Al Suwaidi, Special to Gulf News
Government leaders across the UAE have taken quick and decisive actions to mobilize all necessary public and private resources to efficiently and effectively contain the spread of coronavirus, protect the nation’s people, and provide a wide range of direct support to those most directly impacted by this global pandemic.
We can all say with pride our leaders have truly lived up the core values that make us a great, compassionate and optimistic nation with a shared vision for the “Next 50” as a prosperous, unified UAE. Now is the time for UAE business and industry leaders to follow the path forged by our leadership.
We need to unite to pave the road to recovery for companies across the UAE that are essential to our national economy today and that are the backbone of our economic future.
Abu Dhabi Exports Office (ADEX) is focusing on building partnerships across the UAE to directly support our national export companies. The ADEX mandate is to help expand the UAE economy by driving sustainable growth and economic diversification of non-crude oil exports. We have developed a comprehensive suite of specially designed financial products to help UAE national export companies be more competitive and successful in the global marketplace.
Making relief readily available
The ADEX has allocated Dh550 million ($150 million) in guaranteed funding to directly support UAE national export companies to strategically expand their business. Those funds are immediately available through export credit products and services to support COVID-19 recovery efforts. They are available to all UAE national export companies large and small, including SOEs (state-owned enterprises), public and private companies, SMEs and start-ups.
And our team of financial services experts are available and equipped to work with businesses remotely to help UAE exporters better understand how, when and why to most effectively use ADEX products to expand their businesses.
ADEX is partnering with government economic development agencies and Chambers of Commerce across the UAE. We are working together using every channel available to educate export companies on how to most effectively use export credit facilities as a strategic and powerful business development tool.
In the best of times, we all share a mandate and a responsibility to support the growth of our national export companies and drive our leadership’s long-term vision for sustainable economic diversification in line with UAE Vision 2021, Abu Dhabi strategic objectives and UAE Centennial 2071. In the face of the current COVID-19 crisis, that responsibility is magnified.
We all must take action together to lead the road to recovery for our businesses and our people. We must work together now to ensure they know how to effectively use the full resources of the UAE to support their businesses during this crucial time.
Make exports work
There is no better time to leverage the services of ADEX. Emerging markets across Africa, Southeast Asia and around the globe will face greater struggles to access traditional commercial capital markets to fund the import of essential goods and services during this global pandemic. ADEX can provide critical safe and secure financial support to help fund transactions with UAE exporters.
Once we qualify the foreign buyer, upon successful delivery of all goods and services, ADEX will provide payment direct to the UAE export company on behalf of that buyer, assuming full financial risk for repayment.
The ADEX support team will work directly with the UAE exporter and their foreign buyer through every step of the process to help quickly and easily facilitate mutually beneficial transactions. Our experts will work with UAE export companies and their buyers to establish highly competitive and favourable terms to help make important deals come to life.
We recognize this is a challenging time for all, but we are a resilient nation. Our leadership and our people have truly embraced the ideal that united we will emerge from the COVID-19 crisis stronger and better prepared than ever to realize the future vision of the UAE.
ADEX and our export community partners share that ideal. We will unite to ensure this is only a temporary disruption and not an enduring economic challenge. United, we will put our national export companies on the road to a fast and prosperous recovery.
- Mohammed Saif Al Suwaidi is Director-General of Abu Dhabi Fund for Development and Chairman of the Export Executive Committee of Abu Dhabi Exports Office.