Dubai Exports, Abu Dhabi Exports Office and Etihad Credit Insurance unite over 270 exporters and buyers from 35 countries
More than 270 UAE exporters and potential international buying partners came together recently for the UAE’s major buyers and exporters forum since the pandemic shut down global trade events to discuss how the UAE national export community can help them overcome the significant financial challenges and expedite economic recovery and business growth.
The virtual trade promotion event was co-hosted by Dubai Exports, Abu Dhabi Exports Office (ADEX) and Etihad Credit Insurance (ECI) to help stimulate sustainable economic growth while diversifying the UAE export economy, according to a press release.
The forum provided a platform for a vibrant discussion of the challenges both UAE exporters and their foreign buyers are facing today in an uncertain economic and political environment as well as solutions to those challenges available through ADEX and ECI.
“Access to working capital and increased financial risk of exporting are at the top of the list of the challenges we as exporters as well as our international buyers are dealing with,” commented Bharat Krishnan, Head of Sales & Marketing, National Food Industries.
Financial incentives
“The availability of export credit financing and insurance in today’s cash strapped environment gives our exporters a powerful competitive advantage and increases the attractiveness of UAE companies as international trading partners,” asserted Eng. Saaed Al Awadi, CEO, Dubai Exports, an agency of Dubai Economic Development.
Both ADEX and ECI were established within the past three years with similar mandates to help drive diversification and growth of the UAE export economy as a core pillar of the nation’s post crude oil economy.
ADEX was established by Abu Dhabi Fund for Development to provide direct and indirect financing and credit guarantees to overseas buyers from the public and private sectors seeking to import goods and services from UAE companies in all non-crude oil sectors.
ECI was established as the UAE Federal export credit company to provide guarantees and insurance solutions to mitigate the political and commercial risks arising from financing or refinancing export transactions on behalf of the UAE government.
Export credit
ADEX and ECI have also established a strategic partnership to work together to combine their highly complementary suite of financial and insurance products and services to help stimulate growth and maximize the competitiveness of UAE companies in the global marketplace.
The entities are also working on developing new joint products to help UAE companies and their overseas buyers address the immediate liquidity and cash flow issues threatening the global supply chain.
“The strength and reach of Dubai Exports to bring high-value buyers from key markets around the world to the doorstep of UAE’s top exporters enabled us to deliver a strong and clear message that the UAE stands behind our exporters and their foreign buyers,” noted Saeed Al Dhaheri, Acting Director General, ADEX.
