The Abu Dhabi Exports Office (ADEX) has signed an agreement with the Capital Bank of Jordan that will allow a $20 million line of credit for exports from the United Arab Emirates. The move is believed to have a significant impact on the economies of both countries.
The Abu Dhabi Exports Office is part of the Abu Dhabi Fund for Development (ADFD)and aims to facilitate the access of companies based in the United Arab Emirates to overseas markets. Mohamed Saif Al Suwaidi, the Director-General of the Abu Dhabi Fund for Development said that the strategic partnership would provide an impetus to exports from the United Arab Emirates and accelerate diversification of the economy, which is in line with the vision of the leaders of the United Arab Emirates.
Basem Khalil Al Salem, the Chairman of the Board of Directors at the Capital Bank of Jordan, remarked that the signing represented an important step in trade cooperation between the two countries. The agreement was jointly signed by Khalil Al Mansouri, the acting Director-General of the Abu Dhabi Exports Office and Daoud Al Ghoul, the Chief Executive Officer of the Capital Bank of Jordan at the bank’s headquarters in Amman, Jordan.
Commenting on the agreement, Khalil Al Mansouri said that the Abu Dhabi Exports Office would open a line of credit with the Capital Bank of Jordan, which would enable financing of Jordanian importers to purchase Emirati goods and services. For his part, Daoud Al Ghoul announced that the trade financing would be done at preferential rates, which would help Jordanian clients to buy from the United Arab Emirates in a safer, easier way. He added that this would strengthen their business relations with the UAE.
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