Abu Dhabi will establish an export promotion agency by the end of next year as a first step towards creating its own export bank to help diversify the emirate's economy, officials say.
The news comes as the UAE and other Gulf countries face down accusations that they have unfairly benefited from cheap financing provided by western export credit agencies to buy aircraft built in the US and Europe. Industrialised countries are now considering a proposal to limit the amount of export financing they make available to Middle East carriers.
Abu Dhabi's export promotion agency will provide incentives and give advice to local companies that plan to export goods and services. It would pave the way for the launch of an export-import bank, also known as an export credit agency, to issue loans to overseas companies that import goods produced in the emirate.
The export promotion agency is expected to be set up before the end of next year, said a Government source close to the plans, who would not be quoted by name.
Representatives of the Department of Economic Development last week met the management of the US Export-Import (Ex-Im) Bank, which officials see as a model for the emirate's own export credit agency.
"We are moving forward with both the export promotion agency and the export-import bank," the Government source said. "The time frame we are working towards is to have the export promotion agency in place and operational by the end of next year."
The promotion agency would supply exporting companies with information on potential markets and help to connect them with interested buyers, as well as advertise the "Made in Abu Dhabi" brand internationally through trade shows. The money available for loans through the export credit agency was not disclosed.
Export credit is used by governments to stimulate economic growth by providing financial assistance to foreign buyers of goods and services. Such agencies became especially important in the aftermath of the global recession by helping to sustain funding for exports at a time when bank financing and other sources of loans dried up.
Export credit came under fire last week from airline executives in Canada and Europe who said they were giving competing Gulf carriers access to low-cost financing.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
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Favourite quote: Failing to prepare is preparing to fail
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