Abu Dhabi development fund sees financing, investments cross Dhs189.7bn in 2022

The Abu Dhabi Fund for Development (ADFD) has achieved major milestones related to its financing and investments, which totalled more than Dhs189.7bn last year.

These investments benefitted 104 nations across continents, according to the fund’s annual report 2022.

According to the report, the total investment reached Dhs12.58bn across seven investment instruments. The investments have been made in key sectors such as industry, tourism, agriculture and services, according to a report published by the state news agency, WAM.

Through these investments, ADFD has contributed towards the economic stability of the beneficiary nations. So far, the fund has invested in 15 companies.

Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Minister of Presidential Court and chairman of the fund’s Board of Directors, stated in the report that:”’With relentless efforts and unwavering commitment, ADFD has achieved remarkable successes that have cemented the UAE’s position as a global leader and role model for development. We are proud to have brought about societal regeneration across developing countries, driven economic growth, and improved the quality of life. ADFD has also played a vital role locally, through a comprehensive strategy that supports the UAE government’s ambitious vision for the national economy’s growth and sustainability.”

He added: “By empowering the private sector and prioritising national companies, ADFD has boosted national exports and enhanced the competitiveness of Emirati products in the global market.”

Mohammed Saif Al Suwaidi, the fund’s director general, said:” In 2022, ADFD adopted a policy to focus its attention on supporting partner nations, boosting the national economy, and enhancing its competitiveness, a culmination of over 51 years of exceptional efforts in sustainable development and economic growth.

“The strategic projects it funded have contributed to the economic and social development of partner nations. The UAE’s visionary leadership has been instrumental in expanding ADFD’s activities and charting new paths for development and progress. These paths include supporting our national economy, enhancing the competitiveness of UAE exports in global markets, and stimulating the private sector’s role as a strategic partner in ADFD’s developmental efforts.’

‘’ We look forward with confidence to the next year as we continue our journey of economic and social development, locally and in developing nations. Our goal is to achieve our strategic objectives and future aspirations to ensure that ADFD remains among the most prominent global developmental and economic institutions.”

ADFD: Highlights of 2022

Concessionary loans: The fund maintained its commitment in 2022 to providing concessionary loans to developing nations so they could achieve their developmental agendas. The five loans totaling Dhs2.56bn benefitted Bahrain, Argentina, Uzbekistan, Nigeria and ADFD-funded infrastructure projects focused on sustainable economic development in partner nations.

Development grants: Managed by ADFD, development grants provided by the UAE government are key to enabling partner countries to utilise the power of sustainable economic development. In 2022, ADFD provided four such grants totaling Dhs674.7m to Azerbaijan, Somalia, Uzbekistan and the Maldives.

They supported key economic sectors in these countries including transport, energy, housing, and agriculture. Their impact was directly evident in the improvement of the quality of life.

UAE government contribution to the Gulf Development Fund: The strategic projects, funded by the UAE and managed by ADFD as part of the Gulf Development Fund programme included Jordan, Morocco, and Bahrain. These initiatives helped achieve economic and social development in these countries. The total value of the projects amounted to Dhs18.4bn ($67.5bn).

Renewable energy: By 2022, ADFD financed 73 renewable energy projects with a total value of more than Dhs4.7bn, which benefited 52 partner countries by enabling them to meet the growing energy demand in a safe and sustainable manner, according to WAM.

The projects that harnessed hydel, solar and wind energy also helped improve the economy and quality of life in developing countries, reduce CO2 emission and achieve sustainable development goals, especially SDG13, which also calls for action to tackle climate change.

ADFD has also been supporting the UAE’s efforts to focus on clean-energy investments and other solutions to address climate change, boost economic growth and build a more sustainable and resilient future for the global community.

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