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Wednesday, October 4, 2023

Boosting UAE Exports: Abu Dhabi Exports Office and Egyptian Bank Seal $100 Million Agreement

As per the deal, a $100 million revolving lending facility has been formed to aid UAE export deals with Egypt

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UNITED ARAB EMIRATES: The Abu Dhabi Exports Office has signed a $100 million revolving financing facility with the National Bank of Egypt (NBE) to strengthen economic and commercial ties between the UAE and Egypt.

According to the agreement, a $100 million revolving lending facility has been formed to aid UAE export deals with Egypt.

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According to a report by the Emirates News Agency, the project is deliberately intended to support commercial activity and cross-border interactions, further boosting the trading landscape between the two countries.  

ADEX, a leading exporter, has secured funding from the National Bank of Egypt to boost domestic exports.

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This move aligns with ADEX’s goal of strengthening strategic partnerships and advancing trade relations between the two nations. The financial arrangement also serves as a stimulus for ADEX’s ambitions to penetrate emerging regional and global markets.

Director general of ADFD and chairman of the exports executive committee of ADEX, Mohamed Saif Al-Suwaidi, said that the ADEX agreement aims to enhance Emirati exporters’ global visibility and competitiveness, thereby boosting their economic contribution.

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He added that this is a significant turning point in ADEX’s efforts to enhance cooperation with international partners and Egypt, as it is the result of separate unilateral agreements signed by each party.

The main responsibility of ADEX is to provide loans and guarantees to Emirati exporters in order to increase their revenue and promote international trade. This important relationship demonstrates a strategic alignment intended to support the export industry.

ADEX is partnering with a UAE-based agribusiness Al-Dahra to provide Egypt with $500 million worth of fresh grain, aiming to increase revenue and promote international trade.

Egypt will receive imported wheat at reasonable costs under the arrangement over a five-year period in exchange for $100 million in supply each year. 

Also Read: UAE to Celebrate Emirati Women’s Day on August 28


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