Abu Dhabi's ADFD launches ECA

(The National, Abu Dhabi, 9 September 2019) Abu Dhabi has launched an export credit agency that will provide guarantees and finance to overseas buyers of UAE goods and services, as the emirate looks to diversify its economy and develop non-oil revenue lines. Abu Dhabi Fund for Development (ADFD), an autonomous national entity affiliated with the emirate’s government, will own and operate Abu Dhabi Exports Office (Adex), which was established through consultation with the Export–Import Bank of Korea. The UAE, which accounts for about 4.5 per cent of the global oil production, is transforming its economy by strengthening its non-oil exports to generate new revenue.