Signing the agreement
Abu Dhabi Exports Office (ADEX), Mashreq and Abu Dhabi Commercial Bank (ADCB), have signed a financing facility with BGN offering up to $100 million to facilitate the export of energy commodities from the UAE.
The syndicated financing arrangement, which is a revolving credit line, is embedded with an accordion feature whereby regional banks and their overseas affiliates can contribute additional funding.
The agreement was signed by Khalil Al Mansoori, Acting Director General of the Abu Dhabi Exports Office; Rüya Bayegan, Group CEO of BGN; Asif Karmally, Executive Head of International Corporate Banking at ADCB; and Joel Van Dusen, Senior Executive Vice President and Group Head of Corporate and Investment Banking Group of Mashreqbank. The event was witnessed by Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office; Abdulla AlShamsi, Chief Business Officer of ADCB Group; as well as other senior officials from ADEX, BGN, ADCB and Mashreqbank.
Boosting exports sector
Al Suwaidi said: “This initiative reflects our commitment to strengthening the UAE’s export sector through collaborative efforts and partnering with local banks such as ADCB and Mashreq to support local businesses in their expansion efforts worldwide. ADEX believes in partnering with banks and other financial institutions towards a common goal, which is rooted in the understanding that collective efforts produce results. Our collaboration with BGN is part of our endeavor to create opportunities for establishments that contribute significantly to our national economy.”
He highlighted the potential of the UAE’s advanced energy sector saying that expansion in export volumes in this domain can significantly boost the economy.
Luce said: “We are pleased to collaborate with ADEX, and with leading banks in the UAE, to assist the country with the strategic export of energy and other commodities to global markets. As BGN continues to grow and diversify its trading activity across various commodity classes and geographies, so our financing needs will continue to expand and evolve. This new up to $100 million syndicated revolving credit facility will complement our existing strong liquidity base and healthy banking relationships across the Middle East, Asia, North America, Europe and Africa.”
Range of commodity classes
Al Shamsi said: “As a leading banking institution in the UAE, ADCB is proud to be working alongside partners such as ADEX to facilitate the export of UAE commodities around the world. Through this deal, we are pleased to be able to provide BGN with financing solutions to expand their global reach across a range of commodity classes. ADCB’s commodity franchise has grown significantly over the last four years; we are looking forward to building on this momentum by deepening our partnership with ADEX and, in doing so, further strengthening the UAE’s export sector.”
Van Dusen said: “As Mashreq, we are pleased to support BGN’s growth story and expansion in the UAE through the delivery of this multi-institution financing package, the first for BGN in the region. We are also proud to partner with ADEX in support of the strategic objective of UAE’s economic diversification and strengthen UAE’s position as a global leader in the Trade, Energy and Commodities.”--TradeArabia News Service