Etihad Credit Insurance (ECI), in collaboration with the Abu Dhabi Exports Office (ADEX), First Abu Dhabi Bank (FAB), and Natixis Corporate and Investment Banking (Natixis CIB), signed a joint agreement to support Trafigura, a global leader in the commodities industry, in expanding its acquisitions of non-hydrocarbon commodities sourced from the UAE. The financing deal, announced during a signing ceremony at Rixos Marina Hotel in Abu Dhabi, underscores the UAE’s growing role as a key player in international trade.
H.E. Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD) and Chairman of the Exports Executive Committee of ADEX, emphasized that this partnership is aligned with ADEX’s mission to empower UAE businesses and expand their global footprint. “Strategic collaborations between local and international banks, both public and private, play a critical role in boosting our national exports and enhancing the UAE’s standing in global trade, in line with national strategies and visions,” he stated.
The collaboration will provide Trafigura with a USD 150 million Revolving Credit Facility to finance its acquisition of non-oil commodities, such as metals and minerals, from the UAE for export and re-export, further positioning the UAE as a vital hub in global trade networks. This financing arrangement marks a significant step in the UAE’s export landscape, integrating the country's resources into international supply chains.
Stephan Jansma, Trafigura Group CFO, acknowledged ECI's role in bringing together the key stakeholders and emphasized the importance of this financing in supporting the UAE’s growing significance as a producer of non-hydrocarbon resources. He noted that Trafigura’s extensive global network and expertise in supply chain management position this initiative as a landmark achievement for the UAE.
The agreement also involves expert legal counsel from firms Allen Overy Shearman Sterling and Clyde & Co., who provided legal oversight to ensure the integrity and success of the partnership. Khalil Al Mansoori, Director General of ADEX, reiterated the importance of expanding partnerships to develop UAE exports, aligning with the country's economic diversification goals.
