Etihad Credit Insurance (ECI), the UAE Federal export credit company, in collaboration with Abu Dhabi Exports Office (ADEX), First Abu Dhabi Bank (FAB), and Natixis Corporate and Investment Banking (Natixis CIB), recently signed a joint agreement to support Trafigura, a market leader in the global commodities industry, to expand their global acquisitions of non-hydrocarbon commodities originating from the UAE.
“Our commitment remains focused on creating lasting economic value for our country while enabling our companies to compete and thrive on the world stage,” stated Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of the Exports Executive Committee of ADEX.
“It gives us great pleasure to facilitate this strategic alliance between Abu Dhabi Exports Office (ADEX), First Abu Dhabi Bank (FAB), and Natixis CIB to support Trafigura. This collaboration exemplifies the UAE’s stable investment climate and effective focus on non-oil sectors,” remarked Raja Al Mazrouei, CEO, Etihad Credit Insurance.
Revolving credit facility
In line with the collaboration, Trafigura will receive a US$ 150mn Revolving Credit Facility for two years to finance its acquisitions of non-hydrocarbon commodities originating from the UAE.
These commodities are intended for export and re-export, thus cementing the UAE’s position as a vital hub in global trade networks. This partnership between ADEX, FAB and Natixis CIB highlights the UAE’s stable investment climate and the strategic significance of its non-hydrocarbon sectors.
“This partnership with National and international banks and other financial institutions aligns with UAE economic diversification goals and underscores our belief that united efforts lead to transformative success,” said Khalil Al Mansoori, Director General, ADEX.
Convening power
“We appreciate the significance of Etihad Credit Insurance’s convening power to bring together the Abu Dhabi Exports Office, First Abu Dhabi Bank and Natixis to deliver the first financing of its kind to a commodity trading company, supporting the UAE’s increasing significance as a producer of non-hydrocarbon resources,” noted Stephan Jansma, Trafigura Group Chief Financial Officer.
“This financing further solidifies Natixis CIB’s position as a key global financial player to lead landmark transactions,” observed Barbara Riccardi, MD and Regional Head Middle East – Caucasus and Central Asia, Natixis Corporate and Investment Banking DIFC.
“FAB is the UAE’s global bank and we are uniquely positioned to support transactions that facilitate the development of the UAE’s international trade and investment landscape,” stated Hana Al Rostamani, Group Chief Executive Officer, FAB.
