The Department of Economic Development in Abu Dhabi stated that it has a plan aimed at increasing exports of the industrial sector in Abu Dhabi by 100% this year, to increase from 17.8 billion dirhams last year to 35.6 billion dirhams this year.

In addition, the Union Export Credit Company, affiliated with the Federal Government, has announced the provision of credit to secure commercial and non-commercial risks associated with exports to the industrial sector in Abu Dhabi, at a value of three billion dollars for a period of three years. The company considered that the Corona virus highlights the need to provide export guarantees, more than ever, in light of the possibility that Emirati exporters may get their payments quickly.

In detail, the Department of Economic Development in Abu Dhabi and the Union Export Credit Company signed an agreement whereby industrial companies in Abu Dhabi obtain export credit to secure commercial and non-commercial risks associated with export operations, amounting to three billion dollars (11 billion dirhams), for a period of three years, to enhance Abu Dhabi exports , And to strengthen its competitive position globally, and support its contribution to GDP.

"284 source factories in the emirate can benefit from this agreement," said Rashid Abdul Karim Al Balushi, Undersecretary of the Department of Economic Development in Abu Dhabi, explaining that these factories carried out 6,490 exports during the past year, at a value of 17.8 billion dirhams, and that there is a plan for the department aimed at increasing exports The industrial sector is at 100%, to exceed 35.6 billion dirhams, by taking advantage of this agreement and other initiatives during the current year.

Al-Balooshi revealed that three companies account for 70% of the exports of the industrial sector in the emirate.

Al-Balooshi noted that there are several rules and conditions for industrial sector companies to obtain credit loans through the agreement, the most prominent of which is that the production of factories takes into account the required quality conditions, that the factory has at least two years of experience in the industrial sector, and that it has the financial solvency necessary to obtain credit, With a good study of the company's history, to ensure protection of the rights of the various parties.

For his part, Massimo Falcioni, CEO of Etihad Export Credit Company, said that “Abu Dhabi's economic statistics indicate that the number of industrial establishments in Abu Dhabi increased 66 industrial establishments during 2019, an increase of 57% over 2018, and their total investments amounted to 7.3 billion dirhams.” He pointed out that there are more than 800 factories producing in Abu Dhabi by the end of 2019.

Valcyone said that the agreement provides credit guarantees to secure commercial and non-commercial risks associated with the export operations of companies, with a value of three billion dollars for the targeted factories within three years, noting that the expected return of these guarantees is to increase exports by 10 billion dollars during this period.

Falcioni said that the Corona virus, which is spread in many countries of the world, currently highlights the need to provide export guarantees more than ever, in light of the possibility that Emirati exporters will get their payments quickly.

Export guarantees

"The company last year supported many companies through export guarantees to increase their exports," said Massimo Falcioni, CEO of Etihad Export Credit Company, noting that the export numbers of these companies confirm achieving an increase in their exports, and entering new markets that they had not entered from Before.

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Billions of dollars in credit to secure export risks for 3 years.