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Al Etihad
19-05-2025
- Business
- Al Etihad
ADEX–EDB partnership to unlock Dh1 billion in export financing for UAE industries
19 May 2025 21:42 ABU DHABI (WAM)Abu Dhabi Exports Office (ADEX), part of Abu Dhabi Fund for Development (ADFD), and Emirates Development Bank (EDB), the UAE's key financial engine for economic diversification and industrial transformation, have signed a strategic partnership agreement to deploy Dh1 billion over the coming years to UAE-based exporters and agreement was witnessed by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office. It was signed by Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, and Khalil Fadel Al Mansoori, Executive Director of the Abu Dhabi Exports during the Make it in the Emirates, the agreement marks a strategic partnership between two of the country's most important export enablers. It will enable UAE companies, particularly private-sector manufacturers, to expand into global markets by supporting capital expenditure, accelerating export-led growth, and contribute to the UAE's economic diversification strategic initiative is directly aligned with the UAE's National Strategy for Industry and Advanced Technology, which aims to increase the industrial sector's contribution to GDP, accelerate the adoption of advanced technologies and transform the UAE into a regional and global hub for future this partnership, both institutions will combine their expertise and resources to deliver innovative financing tools tailored to the needs of local exporters, ensuring a robust support system that fosters long-term growth and global Mohamed Al Naqbi, CEO of Emirates Development Bank, said: 'This partnership with ADEX gives UAE manufacturers with export ambitions the scale, certainty, and strategic backing they need to grow beyond borders. At EDB, we've already committed more than Dh18.7 billion in financing since 2021, helping to catalyse Dh64 billion in capital expenditure and supporting over 32,000 industrial jobs across the country. This agreement builds on that momentum, reinforcing our role as a national enabler of sustainable industrial growth and extending our support to the export-ready businesses shaping the next chapter of the UAE's economic story.'Khalil Al Mansouri, Executive Director of Abu Dhabi Exports Office, added: 'Our vision at ADEX has always been to position the UAE as a trusted and competitive global trade partner. This collaboration with Emirates Development Bank will directly support that goal by empowering UAE exporters with the financing required to access new markets and scale their operations. "We are grateful to EDB for their partnership, and proud that this initiative reflects the UAE's growing maturity as an exporting nation where government entities work hand-in-hand to build the foundations of a diversified and resilient economy.' The initiative will be available exclusively to UAE-based private-sector corporates, with funding eligibility contingent on a core set of strategic criteria designed to maximise national impact. To qualify, companies must operate within the manufacturing sector and either generate or demonstrate a clear pathway toward export-based income, reinforcing the partnership's shared goal of accelerating the UAE's non-oil export growth. Make it in the Emirates Continue full coverage
Gulf Insider
30-04-2025
- Business
- Gulf Insider
Dubai Starts Awarding Contracts for Al Maktoum International
Al Maktoum International Airport Dubai has started awarding contracts for Al Maktoum International – which will be the world's largest airport upon completion. 'We did assign contracts and work has really started since His Highness gave the go-ahead over a year ago,' said Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, approved the airport with a final capacity of 260 million. All operations at Dubai International (DXB) will be transferred to Dh128-billion Al Maktoum International (DWC) which will 'fully absorb' DXB's operations in 10 years. 'DXB will continue to serve as the primary hub to meet the needs of 100 million plus guests', the operator of both airports said in a previous press release. 'When we talk about airports of that size, we have to think about how complex that can be. In Dubai, we have been engaging with teams of our two local airlines, airports and dnata and also other airlines that operate here and putting together the plan that lets us make it perfect on the day of the opening. That will, of course, take an extensive programme ahead of the opening date,' said Sheikh Ahmed. 'Just because of the size (of the airport), on the training side, opening for that day, maybe we need about 12 months,' he said, adding that even for the existing terminals, it took around 3-4 months preparations for opening day. 'Because we don't want to see any hiccups on that day.' In an interview with selected local media outlets on Tuesday, Sheikh Ahmed said 2024-25 will be 'another record year' for Emirates Group in terms of numbers. Emirates Group reported its best-ever financial performance with a record profit of Dh18.7 billion last year, up 71 per cent from last year. The group revenue increased 15 per cent to a new high of Dh137.3 billion, driven by strong customer demand across its businesses. It ended 2023-24 highest-ever cash balance of Dh47.1 billion. 'We are very satisfied when it comes to our cash reserves on the airline side,' he said. He noted that the airline also did very well when it comes to hedging fuel. On the retrofitting of the aircraft, he said that the world's largest international carrier is refitting 90 per cent of its fleet. 'We have 261 aircraft, we have over 300 as a new order coming to the team,' he said, hinting that the airline may place an order for more aircraft at the upcoming Dubai Airshow later this year. 'There will be some new announcements at the Dubai Airshow. We are thinking along those lines,' he said. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group during the press conference at Emirates Pavillion during the second day of the Arabian Travel Market at Dubai World Trade Centre on April 29, 2025. Photo: Muhammad Sajjad In reply to a question about the impact of the global tariff row, Sheikh Ahmed said it is a 'bit early for me to prejudge as we speak today. But I always remain very optimistic. I don't think it affects business. Business is as usual.' He said that some companies and countries are shipping cargo from one place to another due to tariff issues. 'I think sometimes it could be because of a proactive approach by them in a way before things happen. There is nothing wrong with that, not to wait after things happen. I remain optimistic things will be clear and it will be a good 2025.' Emirates chief said the airline is doing 'very well in terms of traffic and seat factor on every point on the whole network. People want to fly. I didn't see any shift in terms of decline in number of people as of today.' While talking about the impact of geopolitical tension, Sheikh Ahmed said airlines are quick and are used to 'quick reaction.' 'The world would never be free from issues that we will always need to be alert all the time. We're seeing this lately within the region and Europe. You have to deal with it,' he added. Also read: Dubai Gold Price Drops – Again – Ahead of April 30's 'Akshaya Trithiya'
