Abu Dhabi Department of Economic Development (ADDED) has completed the first phase of the financial ecosystem program for industrial facilities in the emirate, under which nine companies secured credit insurance to boost their business.
The program, which is carried out by the Industrial Development Bureau, an affiliate of ADDED, aims to boost the credit environment for the industrial and commercial sectors by motivating banks to compete and offer prominent financing services and products to economic sectors across Abu Dhabi.
In cooperation with the Etihad Credit Insurance, the UAE’s federal export credit agency, the program has succeeded in its first phase to allow 9 industrial facilities in 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 $580 million since March 2020, with $430 million for metal industries, $99 million for the plastic and glass industries, $27 million for construction industries, $19 million for chemical industries, and $5.7 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 $2 billion, including metal, electrical, chemical, plastic, glass, construction, food, wood, paper, machinery and equipment industries.
The Industrial Development Bureau is working, in cooperation with the Abu Dhabi Digital Authority, to offer 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 aims to improve 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.
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