Day: September 8, 2021

ABU DHABI, The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has entered into a strategic partnership with Ras Al Khaimah (RAK) Chamber of Commerce and Industry as part of its efforts to support Emirati exporters and build a diverse and sustainable national economy.

Both parties formally sealed their cooperation during the recent signing of a Memorandum of Understanding (MoU) which advances the UAE’s economic diversification efforts in line with the country’s preparations for the next 50 years.

The MoU is part of ADEX’s commitment to contribute to national efforts to enhance the level of the country’s competitiveness in line with the economic diversification policy and a fundamental pillar of its sustainable development goals. The agreement will also expand the range of the country’s exports and enable local exporters to explore new opportunities in global markets.

The agreement was signed by Saeed Hamad Al Dhaheri, Acting Director-General of ADEX, and Mohamed Hassan Al Sabab, Acting Director of the RAK Chamber of Commerce and Industry.

As part of the MoU, the two parties agreed to unite their efforts to enhance the global competitiveness of the UAE’s exports, whether goods or services, as well as provide support to national companies that would ensure their sustainable growth as they enter new regional and international markets.

The agreement also includes enhancing the knowledge and awareness of local companies and manufacturers regarding the availability of ADEX’s financing services and how they can benefit from it. Furthermore, both parties will share relevant export strategies that enhance investor confidence, support local goods and their market position, as well as empower local exporters to optimise business prospects.

Mohammed Saif Al Suwaidi, Director-General of the ADFD and Chairman of the Executive Committee of ADEX, said, “Our MoU with the RAK Chamber is a major step towards strengthening our cooperation with all stakeholders. Together, we will support national endeavours and provide effective solutions to enhance the competitiveness of UAE exports and increase the contributions of our local exporters to the country’s sustainable economic development.”

“We are committed to optimising all available resources and capabilities to build an economic support system that will help reinforce the UAE’s leading position in export and import trading. Moreover, we will work towards further developing the country’s presence on the global commercial and trade map according to its vision for the next 50 years, which will represent a new era of progress and growth for the nation.”

Al Dhaheri said, “We are pleased to sign a strategic partnership with the RAK Chamber of Commerce and Industry. This forms part of our efforts to utilise our resources to expedite the growth of the export sector according to our government’s initiatives to diversify the economy. We are confident that the new collaboration will have a significant and positive impact on all fronts. We reaffirm our commitment to provide an integrated package of financing services to importers of UAE products and services, whether they are a public or a private entity. Through these initiatives, ADEX is well-positioned as an organisation to help increase the volume of national exports and find new markets for them.”

Commenting on the agreement, Al Sabab said, “ADEX will help stimulate new activities in key sectors which can bring about positive impact to our national economy. This new agreement is a significant development in our strategic partnerships which will enable the business sector to implement programmes and plans that are relevant to the UAE’s comprehensive economic programme. We will also help create an ideal environment that will strengthen the private sector’s socio-economic contributions. We look forward to working with ADEX and share our expertise, best practices and latest data to develop an environment that stimulates business and investment activities in line with UAE Centennial 2071.”

Apart from data sharing, the two parties will also hold regular meetings to implement and follow up on the agreed programmes. In addition, they will host workshops and seminars as well as conduct workshops and training to increase awareness about ADEX’s financing services.

For 2021, ADEX has allocated AED735 million (US$200 million) to finance qualified export transactions of national companies. Through its direct and indirect funding programme, ADEX provides loans and guarantees to qualified foreign buyers of the UAE’s goods and services with payment made directly from ADEX to the UAE exporter, reducing their risk of delayed payment or non-payment.

Source: Emirates News Agency

DUBAI, Dubai’s food and beverage (F&B) trade, excluding tobacco, reached US$13.9 billion during the 2015-2020 period, while the sector has been identified as a key factor expected to drive bilateral trade in the short-term, new Dubai Chamber analysis has revealed.

In 2020, the value of food and beverage trade (excluding tobacco) between Dubai and Africa amounted to US$2.4 billion in food and beverage trade, marking a growth rate of 18 percent compared to the previous year and the highest level since 2017.

Dubai’s food and beverage trade with Africa accounted for around 13% of the emirate’s total trade volume with the continent, over the same period, excluding trade in gold, jewellery and precious stones. Dubai’s exports in this category amounted to 31 percent of the trade volume, and re-exports represented 23 percent.

The analysis was released in the lead up to the 6th Global Business Forum Africa, organised by Dubai Chamber in partnership with Expo 2020 Dubai. The study highlighted Dubai-Africa F&B bilateral trade trends by region, as well as the potential avenues for future cooperation.

In 2020, North Africa accounted for the largest share of Dubai-Africa F&B trade, reaching a value of $971.2 million, followed by East Africa ($828.3 million). Southern Africa ranked third among Dubai’s largest food and beverage trading partners, with a total value of $362.9 million.

According the United Nations Conference on Trade and Development (UNCTAD) data, Africa registered a negative trade balance of $20.1 billion in F&B products with the world, and this trend was most prevalent in North, Middle, and Western Africa, indicating sizeable business opportunities in those regions.

The study concluded with a positive outlook for Dubai-Africa F&B bilateral trade, given Africa’s expanding urban F&B market, which offers vast opportunities for Dubai investors in warehousing and cold storage for agricultural outputs, farm equipment, transport, and repair services, among others.

GBF Africa 2021 will be organised at Dubai Exhibition Centre at Expo 2020 Dubai under the theme Transformation Through Trade, with the forum bringing government and business leaders from the UAE, Africa and other markets together to explore new prospects for economic cooperation and investment opportunities in promising African markets.

As the Official Business Integration Partner for Expo 2020 Dubai, Dubai Chamber is organising several high-level business fora at the mega event, with the 6th GBF Africa taking place 13-14th October, at Expo 2020 Dubai, followed by the inaugural GBF ASEAN and the 4th GBF Latin America.

Source: Emirates News Agency

VIENNA, The price of OPEC basket of thirteen crudes stood at US$71.35 a barrel on Tuesday, 7th September, compared with US$71.30 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: Emirates News Agency

DUBAI, Dubai Economy and Emirates Integrated Telecommunications Company PJSC (du), have signed a Memorandum of Understanding (MoU) to launch the ‘Start @ du’ initiative to facilitate doing business in Dubai.

The MoU is in line with the joint commitment to promote excellence in providing smart services and initiatives that contribute to raising the competitiveness and sustainability of businesses in the emirate, which leads to strengthening Dubai’s position as a global business hub.

The ‘Start @ du’ initiative will guide and assist the business community. Valuable fixed and mobile telecom solutions will enable business minds to launch their companies fast and pursue ideas through a comprehensive digital portal, helping achieve successful outcomes.

The MoU was signed by Abdulla Hassan, CEO of Support Services sector in Dubai Economy, and Fahad Al Hassawi, CEO, EITC.

“We are breaking new frontiers in our level of service excellence and contributing to the enhanced competitiveness of our economy. Dubai Economy is committed to following the directives of our leadership in leveraging the latest technology tools innovatively and creatively to provide advanced services that add to the happiness of our customers,” said Hassan.

Abdulla Hassan added, “We are pleased to partner with du as the telecommunications sector is a fundamental fabric of modern society and, as businesses begin their journeys in Dubai, those involved can pursue their objectives with the infrastructure and solutions that du provides.”

Fahad Al Hassawi said, “Ever since our establishment, du has abided by several imperative principles that have guided us in supporting societal progression and the business sector. Today, our enduring pledge to deliver ICT for all and proudly contribute to the transformation of our community is being demonstrated once more. Through the infrastructure, services, and guidance we provide, the business community can take great enthusiasm knowing telco platforms are immediately there for them to drive growth and realise business objectives. This move promises to boost both economic development and the Emirate’s status as an investment hub.”

Customers who have acquired business licences from Dubai Economy will be presented with telco services and several non-telco digital enablers through startup packs, including domain registration and business enabling tools. For the mobile startup packs, fast and reliable network speeds and national minutes are among the benefits.

Source: Emirates News Agency