Abu Dhabi – Abu Dhabi Exports Office (ADEX), the export finance arm of the Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with Capital Bank of Jordan, whereby a line of credit from approximately AED73.4 million ($20 million) will be opened to support collaborative efforts to increase UAE exports to the region and boost the economies of both countries.
The agreement was signed at the bank’s headquarters in Jordan by Khalil Al Mansoori, acting managing director of the Abu Dhabi export office; and Daoud Al Ghoul, CEO of Capital Bank Group. The ceremony was attended by Mohamed Saif Al Suwaidi, Managing Director of the Abu Dhabi Fund for Development and Chairman of the Executive Committee for Exports; Basem Khalil Al Salem, Chairman of the Board of Capital Bank; and other officials from both sides.
AlSuwaidi said: “We are delighted to sign the agreement with Capital Bank of Jordan. This will enable us to work towards realizing our leaders’ vision of expanding Emirati exports and accelerating the pace of economic diversification in the UAE. This strategic partnership is part of the UAE Centenary 2071, which aims to take the UAE’s economy to new heights and double the country’s gross domestic product. The agreement also supports contributes to the consolidation of the country’s position as an epicenter of world trade.
He also highlighted ADEX’s plans to target promising new regional and global markets. “We provide loans and guarantees to Emirati exporters to increase their contributions to the economy, increase their ability to expand their global footprint and help them become globally competitive. The agreement will strengthen strategic collaboration to strengthen the export sector in a way that meets mutual interests,” he added.
Basem Khalil Al Salem welcomed this partnership which constitutes an important step towards the development of economic and trade cooperation between the two parties. He hopes the agreement will contribute to sustainable development in both countries and fulfill other common goals.
Khalil Al Mansouri said: “This agreement marks a new phase in our efforts to develop national exports, advance trade relations between the two countries and create opportunities for Emirati companies to grow and access the global market, which contributes to achieving state policies and the diversification of the economy”.
He added that the agreement will allow ADEX to open a line of credit with Capital Bank which can re-lend to importers on competitive terms to purchase Emirati goods and services.
Daoud Al-Ghoul said: “We are proud to sign the agreement with the Abu Dhabi Export Office as it will allow us to offer additional financing to our corporate clients at preferential rates, which will strengthen their business with the Arab Emirates. United. The agreement will allow Jordanian companies to benefit from the competitive advantage offered by ADEX to its customers to buy Emirati products in a safer and easier way.
Established by the Abu Dhabi Fund for Development (ADFD) in 2019, the Abu Dhabi Export Office (ADEX) offers financing solutions to Emirati exporters to help increase the country’s export volume and promote UAE export activities in world markets. ADEX’s mandate includes providing credit facilities to foreign buyers and importers through direct and indirect loans and guarantees, thereby enhancing the central economic role of the export sector and promoting its global competitiveness. This is in line with the UAE’s economic diversification strategy. The entity also seeks to expand the range of exported goods and services manufactured locally, being among the main pillars of the country’s sustainable development. To learn more about our services and solutions, please visit our website or contact us via Facebook, Twitter and Instagram.
About Capital Bank Group in Jordan
The Capital Bank Group is considered one of the leading financial institutions operating in the Jordanian and regional markets, with assets of 6 billion JOD (8.4 billion USD), while the total equity of its shareholders is around 472 million JOD (665 million USD). Capital Bank Group comprises Capital Bank, which since its inception in 1995 has become one of Jordan’s leading financial institutions, offering the Jordanian market a comprehensive set of commercial and investment banking services and solutions tailored to the needs of individuals and companies. like-minded customers.https://www.capitalbank.jo/en/profile-page