The Abu Dhabi Fund for Development (ADFD) financed 10 key development projects worth Dh743.9 million ($202.55m) in 2021 as part of its efforts to support new programmes in developing countries, despite the challenges posed by the coronavirus pandemic.
The fund, owned by the Abu Dhabi government, provided six soft loans worth Dh642.5m in total to five projects in Rwanda, Turkmenistan, the Maldives, Lesotho and Guinea-Conakry last year, it said in its annual report on Thursday.
The fund also allocated Dh101.4m in government grants to develop four projects in the Comoros, Ethiopia, Uzbekistan and Mauritania during the period.
The ADFD was set up in 1971 with the aim of helping developing countries through the provision of concessionary loans for development projects to strengthen their economies, as well as making long-term investments and direct contributions.
Overall, the fund’s total loans, grants, investments and deposits at central banks to shore up foreign reserves in developing economies stood at Dh156.9 billion by the end of last year.
“The various strategic projects ADFD financed and programmes it launched in partnership with governments, national institutions and regional funds contributed to the realisation of sustainable development goals for 103 countries, improvement of the quality of life, and achievement of the objectives of the 2030 development plan,” said Sheikh Mansour bin Zayed, Deputy Prime Minister, Minister of the Presidential Court and chairman of the ADFD.
“The fund actively pursued the UAE’s policy of economic diversification through a strategic partnership with the private sector and enhanced the global competitiveness of national exports.”
The fund's projects — which are expected to help countries to “advance their economies and raise the quality of life” — are in various sectors such as infrastructure, transport, housing, agriculture and water, industry, renewable energy, education, health and tourism, the report said.
The fund is also supporting the development of the private sector in the UAE and has allocated Dh3bn for the 2021-2025 period to provide financing for projects that have a “tangible impact on the economy”, the report said.
The UAE, the Arab world's second-largest economy, is seeking to diversify its economy away from oil and has unveiled a number of new initiatives to support other sectors.
Last year, the UAE launched the Operation 300bn strategy to increase the industrial sector's contribution to the country's gross domestic product to Dh300bn by 2031, from Dh133bn in 2021.
Abu Dhabi also recently unveiled a new industrial strategy that aims to more than double the size of the emirate’s manufacturing sector to Dh172bn by 2031.
The Abu Dhabi Exports Office, the export-financing arm of the ADFD, is also working to support Emirati companies and help them to expand their businesses in international markets.
“Over five decades, the fund has made great strides in fulfilling its developmental mandate,” said Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation and vice chairman of the ADFD.
“The fund’s flexible strategies and proactive initiatives have also contributed significantly to the diversification and competitiveness of the national economy.”
ADFD’s total investments in 22 countries since its inception stood at Dh11bn while bank deposits at central banks hit Dh41bn in 2021, it said.
The total value of loans and government grants disbursed by the fund stood at Dh52bn and Dh52.9bn, respectively, by the end of 2021.
“The fund created opportunities for national companies by enabling them to develop and implement projects in beneficiary countries,” ADFD director general Mohamed Al Suwaidi said.
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UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
UAE currency: the story behind the money in your pockets
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Results
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
Winner: Ziyadd, Richard Mullen (jockey), Jean de Roualle (trainer).
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
Winner: Barney Roy, William Buick, Charlie Appleby.
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
Winner: Secret Advisor, Tadhg O’Shea, Charlie Appleby.
8.15pm: Handicap (TB) $175,000 (D) 1,600m
Winner: Plata O Plomo, Carlos Lopez, Susanne Berneklint.
8.50pm: Handicap (TB) $135,000 (T) 1,600m
Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
Winner: Gladiator King, Mickael Barzalona, Satish Seemar.
UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
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The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
UAE currency: the story behind the money in your pockets
