DUBAI: The Abu Dhabi Fund for Development (ADFD) allocated 735 million dirhams ($200 million) to support the country’s export economy, it said in a statement.
The budget allocation, which is up by a third from last year, goes to Abu Dhabi Exports Office (ADEX) – a state-owned credit facilities provider for foreign importers. It was established to boost and open new markets for UAE exports.
“National export companies can leverage the financial support and protection of ADEX to grow their international operations at a time when overseas buyers continue to face supply chain disruption and liquidity challenges,” Mohammed Saif Al-Suwaidi, director general of ADFD, said.
He said boosting ADEX’s budget was part of a long-term strategy for the country’s export economy, and the wider push for economic diversification.
The exports office has been training local companies on how to better use export financing to overcome cash flow challenges, particularly during the COVID-19 pandemic.
“Our nation’s exporters are now better equipped to understand how to leverage this new AED735 million in export financing to expand international operations,” Saeed Al-Dhaheri, acting director general of ADEX, said.
ADEX committed about $136 million to overseas buyers in 2020.
Abu Dhabi fund allocates $200m budget for export financing
https://arab.news/8fh95
Abu Dhabi fund allocates $200m budget for export financing
- ADEX committed about $136 million to overseas buyers in 2020
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
