The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed an agreement with Capital Bank of Jordan to open a credit line of approximately AED 73.4 million ($20 million).
Khalil Al Mansouri, interim director-general of the Abu Dhabi Exports Office, and Daoud Al-Ghoul, CEO of Capital Bank Group, inked the deal at the bank’s headquarters in Jordan.
The credit line of $20 million will be used to support collaborative efforts to increase UAE exports to the region and boost the economies of the two countries. The goal is to provide a comprehensive supervision and monitoring framework for their financial and banking services businesses.
Last week, the central bank governors of the UAE, Egypt, and Jordan gathered to discuss their economic collaboration as a part of the Industrial partnership for Sustainable Economic Growth between the three countries.
The director-general of the Abu Dhabi Fund for Development and the chairman of the Executive Committee for Exports, Mohamed Saif Al Suwaidi said in a statement, “We are delighted to sign the agreement with Capital Bank of Jordan. It will enable us to work towards fulfilling the vision of our leadership to develop Emirati export and accelerate the pace of UAE’s economic diversification.
Al Suwaidi also emphasized ADEX’s aspirations to expand into new and lucrative regional and global markets. “This strategic partnership is in line with the UAE Centennial 2071, which aims to take the UAE economy to new heights and double the country’s gross domestic product. The agreement also supports contributes to the consolidating the country’s position as an epicenter of global trade.”
Basem Khalil Al Salem, Chairman of the Board of Directors of Capital Bank, who was also present at the ceremony, expressed his delight with the relationship, calling it an essential step toward increasing economic and trade cooperation between the two sides.
Daoud Al-Ghoul, the CEO of Capital Bank Group concluded, “We are proud to sign the agreement with the Abu Dhabi Exports Office, as it will allow us to offer additional financing to our corporate clients at preferential rates, which will strengthen their business with the UAE. The agreement will enable Jordanian companies to benefit from the competitive advantage offered by ADEX to its customers to purchase Emiratis products in a safer and easier way.”
