Abu Dhabi Fund for Development facilitated Dh16.5bn of deals for UAE companies
Total of 20 UAE companies have partnered with the fund
The Abu Dhabi Fund for Development, a government-funded aid finance institution, has facilitated Dh16.5 billion of business deals for UAE companies in developing countries in the past decade.
The fund has partnered with 20 UAE-based companies on development projects overseas during the 10-year period, and provided funding including loans and Abu Dhabi government-awarded grants to other partners in developing countries to address economic challenges and improve standard of living, ADFD said in a statement on Monday.
Industry sectors in which ADFD-financed deals have been stuck include infrastructure, health, education and renewable energy, the statement added. In particular, the fund has sought to create investment opportunities in developing countries to build economic sustainability.
The fund has amended its tendering system for projects financed by ADFD-managed government grants, the statement added. In line with new directives from Sheikh Mansour bin Zayed, Deputy Prime Minister of the UAE, Minister of Presidential Affairs and ADFD chairman, an up to 10 per cent preference will be given to national UAE companies that pass the technical assessment and financial qualification stage outlined in the fund’s tender policy.
This "will help enhance their competitiveness in line with the Abu Dhabi Economic Vision 2030, which aims to build a diversified and sustainable economy and ensure a balanced approach to economic and social development,” said Mohammed Al Suwaidi, director general of ADFD.
“The fund seeks to strengthen the presence of UAE companies in developing countries through establishing long-term strategic relationships, especially with economies that enjoy competitive advantages."
A total of 20 UAE companies have worked or are working on our projects, “and we look forward to an increase in participation in future”, he said.
In 2013, the UAE passed a law increasing the fund’s capital to Dh16bn and expanding its activities to include assisting private sector economic development projects in the UAE and overseas.
ADFD is also working to establish a national export financing programme to provide financing and guarantee facilities to boost export rates and open new markets, the statement said.
Updated: April 2, 2019 12:44 AM