Abu Dhabi Exports Office, the export-financing arm of Abu Dhabi Fund for Development, has signed a financing agreement worth $100 million with the National Bank of Egypt to boost UAE exports to the nation.
“The financing extended by Adex represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries,” Mohamed Al Suwaidi, director general of ADFD and chairman of the exports executive committee of the Adex, said on Wednesday.
“Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increase their contribution to the economy.”
Set up in 2019, Adex offers financing solutions to exporters to help increase the UAE’s trade volumes and promote its export business in global markets.
It provides credit facilities to overseas buyers and importers through direct and indirect loans and guarantees.
Last year, Adex signed a similar deal with the Capital Bank of Jordan to strengthen trade relations with Amman and increase UAE exports.
As part of the deal, a credit line of about Dh73.4 million ($19.9 million) will be opened to “support collaborative efforts” and boost the UAE’s exports to the region, Adex said at the time.
It is also partnering with Japan’s Sumitomo Mitsui Financial Banking Corporation to provide $135 million worth of financing to global commodities trader Trafigura to support its working capital needs, including for exports of metals, minerals and refined hydrocarbons from the UAE.
The latest initiative comes as UAE's trade with other countries continues to rise amid the signing of new trade agreements.
The UAE's non-oil foreign trade hit a record Dh1.24 trillion in the first half of 2023, up 14.4 per cent year on year, as the country's non-oil exports during the period exceeded the annual level recorded five years ago.
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Schedule for show courts
Centre Court - from 4pm UAE time
Johanna Konta (6) v Donna Vekic
Andy Murray (1) v Dustin Brown
Rafael Nadal (4) v Donald Young
Court 1 - from 4pm UAE time
Kei Nishikori (9) v Sergiy Stakhovsky
Qiang Wang v Venus Williams (10)
Beatriz Haddad Maia v Simona Halep (2)
Court 2 - from 2.30pm
Heather Watson v Anastasija Sevastova (18)
Jo-Wilfried Tsonga (12) v Simone Bolelli
Florian Mayer v Marin Cilic (7)
Russia's Muslim Heartlands
Dominic Rubin, Oxford
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
The biog
Name: Maitha Qambar
Age: 24
Emirate: Abu Dhabi
Education: Master’s Degree
Favourite hobby: Reading
She says: “Everyone has a purpose in life and everyone learns from their experiences”
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