Stock - ADEX and EDB partnership
Ahmed Mohamed Al Naqbi, CEO of EDB: “We seek to empower companies by improving access to financial solutions, which they were previously deprived of." Image Credit: Supplied

Dubai: Emirates Development Bank (EDB) said it signed a cooperation agreement with Abu Dhabi Exports Office (ADEX) to boost local companies’ exports and support manufacturers. The agreement was in line with EDB's strategy to play a “pivotal” role in the country’s post-COVID recovery by “supporting the country’s manufacturing and SME sectors.”

EDB and ADEX will host workshops to increase awareness among the UAE exporters and overseas buyers about the products and financial solutions. They will exchange data, market information, develop plans for joint finance and create financial solutions so these buyers can obtain financing from ADEX.

Saeed Al Dhaheri, Acting Director-General of ADEX, said the partnership was coming at an “opportune” time. “We can offer highly competitive and flexible products and services that will enable our exporters to make successful deals with their buyers that can access direct credit financing and lines of credit from ADEX,” said Al Dhaheri.

Globally competitive

According to Mohammed Saif Al Suwaidi, Director-General of ADFD and Chairman of ADEX, "Our aim is to increase their competitiveness in the global marketplace because their success will have a great impact on the national economy. EDB and ADEX are committed to supporting the exporters in the UAE as they recover from the disruption created by the pandemic,” said Ahmed Mohamed Al Naqbi, CEO of EDB.