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
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
