ABU DHABI, Nov. 28, 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 assets in the emirate of Abu Dhabi, which is currently being carried out by the Industrial Development Bureau, a subsidiary by ADDED. The program aims to improve the credit environment for the industrial and commercial sectors by motivating banks to compete and providing excellent financial services and products to the economic sectors in the Emirate of Abu Dhabi.
In this context, the program succeeded in a first phase, in cooperation with the Etihad Credit Insurance Company, a credit insurance company founded by the federal government of the UAE, to enable 9 industrial plants in the emirate of Abu Dhabi to take out export credit insurance on their sales after several have conducted training workshops organized by the Bureau of Industrial Development for exporting industrial companies.
In addition, the total value of the insured sales of the beneficiary industrial facilities since March 2020 was AED 2.144 billion, of which AED 1.588 billion for the metal industry, AED 367 million for the plastics and glass industry, AED 100 million for the construction industry, 70 AED million for the chemical industry and AED 19 million for the electrical and electronics industry.
In its second phase, which will begin early next year, the Financial Ecosystem Program aims to obtain export credit insurance for 28 industrial plants in Abu Dhabi with total sales of 7.5 billion plastics, glass, construction, food, Wood, paper, machine and equipment industries.
He explained that the Industrial Development Bureau is working with the Abu Dhabi Digital Authority to provide a digital platform through which the financial ecosystem program will be implemented through the integrated service system “Tamm”. The integration will facilitate the process for business owners to obtain the funding appropriate for their businesses in a simple and accessible manner that is compatible with the nature of their economic activity. The program in its first phase is currently available on the Abu Dhabi Department of Economic Development website www.added.abudhabi.ae.
The program aims to improve the financial ecosystem that helps promote and stimulate investment in the local industrial sector, thus creating a smooth investment environment for foreign direct investment, with the aim of strengthening the supply chains associated with the local industrial sector, including logistics services , Delivery, marketing, transportation and packaging activities.