Rashid Al Balushi: 17.8 billion dirhams, the value of exports of 284 factories in Abu Dhabi last year

Rashid Al Balushi: 17.8 billion dirhams, the value of exports of 284 factories in Abu Dhabi last year

02 Mar 2020
Industrial Development Bureau, DED - Abu Dhabi

The Department of Economic Development in Abu Dhabi announced that 284 factories in the emirate recorded 6,490 exports, worth 178 billion dirhams, during the past year.

His Excellency Rashid Abdul Karim Al-Balushi, Undersecretary of the Department, said that the Kingdom of Saudi Arabia was the most important partner for non-oil foreign commodity trade to Abu Dhabi with a total of 4 billion and 935 million dirhams, then the United States of America with one billion and 278 million, followed by China with one billion and 162 million, Kuwait and Japan, respectively, with 933 million dirhams and 844 million.

 

This came during the signing of a partnership agreement between the Department of Economic Development in Abu Dhabi represented by the Industrial Development Office and the Union Export Credit Company, in the presence of Massimo Falcioni, CEO of the Union Export Credit Company and a number of officials in the department, with the aim of providing trade credit protection solutions for exports of industrial sector companies registered in the Emirate of Abu Dhabi, including It enhances its competitive position and the growth of its contribution to the emirate's GDP. The agreement aims to increase the contribution of the manufacturing industries sectors to the gross domestic product of the Emirate of Abu Dhabi, support the emirate's foreign exports, support the local product, enable the public sector and strengthen its partnership with the public sector, in addition to enhancing the level of protection of private sector companies ’dealings with foreign markets and securing exports of the emirate’s domestic product in the markets.

External and strengthening local supply chains. The Undersecretary of the Department of Economic Development in Abu Dhabi stated that the standards that must be met by the 281 target factories within the agreement in order to obtain trade credit protection solutions should have good financial fortunes and take into account in their production meeting international manufacturing standards in addition to the passage of two years since the factory’s production since the start of operation. This would positively affect the export growth of these factories and national companies.

He pointed out that the agreement aims at doubling the percentage of exports to reach more than 35 billion dirhams during the period of the agreement ... while Abu Dhabi is constantly working to create a knowledge-based economy and enhance the global competitiveness of the UAE, in addition to its contribution to increasing the volume of national non-oil exports in line with With the UAE Vision 2021 and Abu Dhabi Economic Vision 70.

And the UAE Centennial 2071, which aligns with the long-term objectives of Etihad Export Credit. He said that this agreement for factories to benefit comes from a wide range of innovative trade credit solutions provided by Al Etihad Export Credit Company, which help to enhance trade and investments and accelerate sustainable economic development in the UAE. The Undersecretary of the Department added that the industrial sector plays a pivotal role in the economic development process of the Emirate of Abu Dhabi. Therefore, through the pivotal role and the head of the Industrial Development Office, we attach special importance to supporting local factories and companies and helping them to open new markets and urging them to export their quality products and services outside the country with the need to insure these exports.

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