Nine industrial facilities obtained credit insurance on their exports with AED 2 billion

Nine industrial facilities obtained credit insurance on their exports with AED 2 billion

ABU DHABI, 28th November, 2021 (WAM) -- The Abu Dhabi Department of Economic Development (ADDED) has announced the completion of the first phase of the financial ecosystem program for industrial facilities in the Emirate of Abu Dhabi, which is being carried out by the Industrial Development Bureau, an affiliate of ADDED. The program aims at enhancing the credit environment for the industrial and commercial sectors by motivating banks to compete and provide prominent financing services and products to economic sectors across the Emirate of Abu Dhabi.

In this context, the program succeeded in its first phase, in cooperation with the Etihad Credit Insurance Company, a credit protection company established by the federal government of the UAE, to enable 9 industrial facilities in the Emirate of Abu Dhabi to obtain export credit insurance on their turnovers, after conducting several educational workshops organized by the Industrial Development Bureau for exporting industrial companies.

Furthermore, the total value of insured turnover for the benefited industrial facilities amounted to AED 2.144 billion since March 2020, with AED 1.588 billion for metal industries, AED 367 million for the plastic and glass industries, AED 100 million for construction industries, AED 70 million for chemical industries, and AED 19 million for electrical and electronic industries.

The financial ecosystem program, in its second phase that commences with the start of the next year, aims to secure export credit insurance for 28 industrial facilities in Abu Dhabi, with a total turnover value of AED 7.5 billion, including metal, electrical, chemical, plastic, glass, construction, food, wood, paper, machinery and equipment industries.

He stated that the Industrial Development Bureau is working, in cooperation with the Abu Dhabi Digital Authority, to provide a digital platform through which the financial ecosystem program is implemented through the integrated services system "Tamm". The integration will ease the process for business owners to obtain the appropriate financing for their entities, in an easy and accessible manner that is compatible with the nature of their economic activities. The program, in its first phase, is currently available through the website of the Abu Dhabi Department of Economic Development

The program seeks to enhance the financial ecosystem, which contributes to promoting and stimulating investment in the local industrial sector, thus creating a smooth investment environment for foreign direct investment, with the aim of strengthening supply chains associated with the local industrial sector, including logistical services, supply, marketing, transportation and packaging activities.