11 billion dirhams to support Abu Dhabi's non-oil exports

11 billion dirhams to support Abu Dhabi's non-oil exports

02 Mar 2020
Industrial Development Bureau, DED - Abu Dhabi

The Union Export Credit Company allocated 3 billion dollars ll billion dirhams) to support Abu Dhabi's non-oil exports for a period of 3 years, at a rate of one billion dollars annually, and expected to achieve revenues from exports of 10 billion dollars (30.67 billion dirhams) during the same period, according to what the Economic Department announced in Abu Dhabi during a press conference held yesterday, following the signing of an agreement with the "Union for Export Credit", to support and protect Abu Dhabi's exports.

The Economic Department in Abu Dhabi revealed during the conference that 284 factories in the emirate export their products to a number of countries of the world, and that 66 new establishments entered the UAE last year, with investments amounting to 3.6 billion dirhams. The agreement was signed at the headquarters of the Abu Dhabi Economic Media Club in the department, Rashid Abdul Karim Al Balushi, the department's undersecretary, and Massimo Falcioni, CEO of Union Export Credit Company, in the presence of a number of officials from both sides. "We aim from the agreement to double the emirate's non-oil exports by 100% during the current year," Rashid Al-Balushi said, pointing out that providing guarantees to factories is linked to several conditions, foremost among which is the quality of the product and its conformity with the agreed standards, and the presence of a headquarters for the facility manufacturing the product.

The agreement aims to increase the contribution of the manufacturing industries sectors to the gross domestic product of Abu Dhabi, support the emirate’s foreign exports, support the local product, empower the industrial sector, promote corruption “with the public sector, enhance the protection of private sector companies’ dealings with foreign markets, and secure exports of the emirate’s domestic product in foreign markets.

The agreement provides companies in Abu Dhabi with the opportunity to enter new markets and expand globally, by providing companies with the necessary knowledge and making wise decisions when entering foreign markets, as well as protection against the risk of default, as trade credit protection protects companies from commercial risks , Such as default or bankruptcy. The agreement also provides cash flow support, when the buyer suffers bankruptcy, or the inability to pay on time, and provide effective solutions to the cost of debt collection and facilitate bank financing.

For his part, Falcioni said, “Abu Dhabi is working to continue to create A knowledge-based economy and strengthening the global competitiveness of the UAE, in addition to its contribution to increasing national non-oil exports. ”He added Valseuni said that the partnership with the Industrial Development Bureau focuses on strengthening and supporting active factories by giving them competitive advantages for growth in the local and international markets, stressing his confidence that this cooperation will allow factories to benefit from a wide range of innovative trade credit solutions provided by the Union Export Credit Company that helps Promote trade and investments, and advance sustainable economic development in the Emirates.