Abu Dhabi Exports Office (ADEX) and the Sharjah Chamber of Commerce and Industry (SCCI) are partnering together on a strategic initiative to help boost exports from one of the leading manufacturing hubs in the region that provides a significant contribution to the UAE’s GDP.
ADEX, the UAE-wide export financing entity founded by Abu Dhabi Fund for Development (ADFD), and SCCI, represented by the Sharjah Exports Development Centre (SEDC), signed a memorandum of understanding today (MoU) to partner together to support marketing and promotion of the emirate as a strategic international trade partner while empowering SCCI members to explore new international export markets and business growth opportunities by tapping into the unique suite of financial products and services provided by ADEX.
The signing ceremony was held in the presence of His Excellency Abdullah Sultan Al Owais, Chairman, SCCI, His Excellency Mohammed Saif Al Suwaidi, Director General, ADFD, and Abdul Aziz Shattaf, SCCI Assistant Director General, Members Services Sector and Director of Sharjah Exports Development Center, while the MoU was signed by His Excellency Mohammad Ahmed Amin Al-Awadi, SCCI Director General, and Mr. Saeed Al Dhaheri, Acting Director General of ADEX.
With the support of ADEX, Sharjah manufacturing and business leaders can access new sources of funding to directly finance transactions with overseas buyers and increase export business as the UAE and international markets continue to open up after the COVID-19 lockdowns.
As one of the first joint activities, ADEX and SCCI are preparing to host a special online education workshop for all export companies in Sharjah. The workshop will help SCCI companies better understand how to access AED 550 million (USD $150 million) in ADEX funding allocated to directly support national exports in non-crude oil sectors in order to expand their export business.
Welcoming the signing, His Excellency Abdullah Sultan Al Owais said: “This partnership is part of SCCI’s effort to cooperate with government entities like ADEX that can support our national companies with innovative new models that better enable them to develop their businesses and diversify their export markets, thus contributing to the economic performance of the Emirate of Sharjah and its business community. Working with ADEX, we will promote the advantages of investing in the UAE and in Sharjah by highlighting the emirate’s attractive environment and the innovative facilities and services provided by SCCI and our UAE government partners.”
Said His Excellency Mohammed Saif Al Suwaidi: “Sharjah has long served as a strategically important economic centre in the UAE and a major contributor to the national export economy. Through our partnership with SCCI, ADEX can play a key role in the short-term supporting Sharjah companies in their recovery from the current economic challenges. But more importantly, this is a long-term partnership to help continue to expand the Sharjah economy and contribute to our national economic diversification strategy.”
ADEX provides direct financing and credit guarantees to overseas buyers from the public and private sectors seeking to import goods and services from UAE companies. Financing is provided in the form of direct loans to overseas buyers from UAE companies as well as payment guarantees to financial institutions for loans offered to their buyers for procurement of goods and services from UAE companies.
Funding export transactions through ADEX enables companies to safely and securely enter new international markets. While the loans are made to the overseas buyer, upon successful delivery of goods or services ADEX makes payment direct to the UAE exporter, eliminating payment delays and risk of non-payment. ADEX funding and guarantees are available to national businesses across the UAE in all non-crude oil sectors.
ADEX and SCCI are working on developing a mechanism that will drive the planning and implementation of joint export market development projects. The mechanism will provide easy access for Sharjah business community to approach ADEX and avail their services. This is expected to enhance the competitiveness of the commercial enterprises operating in Sharjah and empower them to develop their businesses, thereby reinforcing the emirate’s position as a distinctive export destination to the regional and Middle East markets.
Mr. Saeed Al Dhaheri said: “ADEX provides highly valuable strategic products and services for UAE companies to be more competitive and attractive as business partners in the global marketplace. It’s important that we work closely with the Sharjah Chamber to ensure its members understand how to most effectively leverage ADEX as a strategic partner that can add value to their overseas buyers. Working together with SCCI, we will continue to ensure that Sharjah is strongly positioned to play an important role building our nation’s future economy.”
The ADEX/SCCI joint webinar will provide Sharjah business leaders with detailed background on specific ADEX products and services immediately available to companies and how to work with the entities financial services support team to qualify and apply for export funding support. Sharjah exporters wanting to participate in the joint ADEX/SCCI webinar to learn more about how to access ADEX support can contact SCCI directly for details.