Abu Dhabi plans new export agency

17 October 2010

Abu Dhabi to set up export bank to help diversify the emirate’s economy

Abu Dhabi officials said that the emirate plans to set up an export promotion agency by the end of next year as a first step towards creating its own export bank to help diversify the emirate’s economy, the National has reported. The news comes as the UAE and other Gulf countries face down accusations that they have unfairly benefited from cheap financing provided by western export credit agencies to buy aircraft built in the US and Europe. Industrialised countries are now considering a proposal to limit the amount of export financing they make available to Middle East carriers.

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