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ADEX Signs $100M Line of Credit Agreement with National Bank of Egypt

Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM
Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM
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ADEX Signs $100M Line of Credit Agreement with National Bank of Egypt

Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM
Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM

Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with the National Bank of Egypt (NBE), reinforcing trade and economic relations between the UAE and Egypt, Emirates News Agency (WAM) reported on Wednesday.

“This landmark collaboration solidifies the longstanding bond between the two nations and showcases their commitment to mutual prosperity and growth”, it said.

Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. This initiative seeks to bolster economic activities and promote cross-border trade relations, further enhancing the already fertile trade landscape between the two nations.

The agreement “aligns with our leadership’s vision, demonstrating its dedication to strengthening national exports,” said Director-General of ADFD and Chairman of the Exports Executive Committee of ADEX Mohamed Saif Al Suwaidi.

“The financing extended by ADEX represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries.”

He added that the deal would bolster ADEX’s ambitions to tap into emerging regional and global markets.

“Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increase their contribution to the economy,” said Al Suwaidi.

The agreement marks a milestone in ADEX’s ongoing efforts to strengthen cooperation with Egypt and other countries. The partnership was a result of unilateral signings by each party, which were subsequently combined to cement the collaboration’s foundation, WAM reported.

The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion. The agreement reflects a strategic collaboration designed to strengthen the export sector, aligning with mutual interests.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.