New ADEX deal to provide UAE exports $20mln credit line

New ADEX deal to provide UAE exports $20mln credit line

The Abu Dhabi Exports Office (ADEX) has secured a financing deal with the Capital Bank of Jordan that will help boost the UAE’s export industry.

As part of the agreement, a credit line of approximately 73.4 million dirhams ($20 million) will be opened to “support collaborative efforts” that seek to enhance exports from the emirates, as well as boost the economic activities of the UAE and Jordan.

In a statement, Khalil Al Mansouri, Acting Director General of ADEX, said the credit line with Capital Bank can re-lend importers on competitive terms to buy Emirati goods and services.

The deal will also allow ADEX to offer additional financing to its corporate clients at preferential rates, which will help strengthen their business with the UAE, added Daoud Al-Ghoul, CEO of Capital Bank Group.

“We offer loans and guarantees to Emirati exporters… The agreement will strengthen strategic collaboration to bolster the export sector in a way that fulfils mutual interests,” said Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Executive Committee for Exports.

He also noted that the agreement will support the strategy to further develop Emirati exports and “accelerate the pace of UAE’s economic diversification”.

(Writing by Cleofe Maceda; editing