ADEX approves $150m to finance UAE exports

The committee discussed a number of requests to finance exports during the meeting.
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Updated 17 March 2020

ADEX approves $150m to finance UAE exports

The Executive Committee of the Abu Dhabi Exports Office (ADEX) approved the allocation of 550 million dirhams ($150 million) to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy.
During a meeting, the committee discussed a number of requests to finance exports, as well as reviewed the strategies developed to promote services provided by ADEX locally and globally for the coming period.
Mohammed Saif Al-Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the Executive Committee of ADEX, said: “The committee approved the allocation of 550 million dirhams to facilitate direct loans to foreign buyers as well as lines of credit for international financial institutions exclusively available to importers of goods and services from UAE companies.”
“The ADEX Executive Committee is focused on developing a wide range of innovative financial products and tools that better enable UAE exporters to successfully compete for new business growth opportunities in rapidly expanding emerging markets across Africa, Asia and around the world. Allocating these funds in support of our national export companies represents a major step advancing the ADEX mandate to increase the volume and value of UAE exports and drive sustainable national economic expansion,” said Al-Suwaidi.
In addition to approving the budget allocation, the Executive Committee discussed the operational framework for how to utilize the financial solutions offered by ADEX to support UAE exporters to encourage national companies to increase their share of exports and promote broader UAE economic expansion.
Saeed Al-Dhaheri, ADEX acting director general, said: “ADEX is collaborating with chambers of commerce and economic development departments across the UAE in a unified effort to help national export companies understand how to leverage the power of ADEX to safely and securely expand into strategic international growth markets. We want all UAE exporters and their foreign buyers to know that the UAE stands behind them as a financial catalyst for mutually beneficial business development.”


Future Hospitality Summit eyes tourism recovery

Updated 28 September 2020

Future Hospitality Summit eyes tourism recovery

Future Hospitality Summit, a hybrid virtual conference to explore big ideas and tackle the challenges facing the hospitality industry, is set to take place live from Riyadh and around the world, on Oct. 26 and 27. It is organized by the Saudi Ministry of Tourism and the G20 Saudi Secretariat, as part of the International Conferences’ Programme, honoring the G20 Saudi presidency year 2020.

The event, which promises to be one of the most impactful gatherings of the world’s hospitality community, will be delivered on Bench Digital’s tried-and-tested digital event platform, providing an immersive live experience, including a virtual exhibition, one-to-one video networking, and integrated chat features for all participants.

A comprehensive three-pillar program has been developed in collaboration with industry creators, innovators and mentors, with particular focus on understanding the new landscape, collaborating and assessing opportunities, and innovating to recreate the industry’s future. Arne Sorenson, president and CEO, Marriott International; Arnold Donald, CEO, Carnival Corporation; Gloria Guevara, CEO and president, WTTC; Jerry Inzerillo, CEO, Diriyah Gate Development Authority; and Anita Mendiratta, special advisory to the secretary general, UNWTO; are lined up as featured speakers, along with over 100 other speakers and thousands of attendees.

“As a country that is at the forefront of the tourism sector’s response and recovery plans through the G20 presidency, Saudi Arabia is leading the conversation on the future of tourism and will provide an international platform to bring the industry together at the Future Hospitality Summit. Together, we will map out the rebuilding of the tourism and travel sector and strategically plan a sustainable future for stakeholders at every level,” said Mahmoud Abdulhadi, deputy minister for investment at the Saudi Ministry of Tourism.

Jonathan Worsley, chairman and founder of Bench Digital, added: “During this difficult time, it is vital that hospitality professionals across the globe come together as a community to work toward the recovery of our industry. Future Hospitality Summit will not only provide a powerful platform to network virtually, showcase best practice and demonstrate thought leadership, but it will also prove invaluable in ensuring that the industry emerges stronger as a whole from these unprecedented challenges.”

Empowering tomorrow’s workforce and attracting talent into the hospitality sector — imperative factors in sustaining the industry — will be two of the key focus points of the hybrid summit. Developing a skilled workforce is paramount in order to quickly evolve and keep pace with the demand being created from the hospitality sector. In Saudi Arabia, for example, 253 new hotels are coming online by 2030. Consequently, Future Hospitality Summit is a forum to engage with the hospitality workforce of the future and promote the sector as an attractive career path.