UAE’s Etihad Credit Insurance (ECI), First Abu Dhabi Bank (FAB) and Natixis have agreed to support Trafigura, a market leader in the global commodities industry, to expand its global acquisitions of non-hydrocarbon commodities originating from the UAE.
The partnership highlights ECI’s dedication to developing strategic alliances that boost the UAE’s economy, increase the global visibility of its non-oil commodities, and solidify the UAE’s standing as a hub for the same.
“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,” said Hana Al Rostamani, Group CEO of FAB.
“As the largest bank in the country with an international network covering more than 60% of global GDP, FAB’s expertise and leadership in international trade finance, coupled with our financial strength, underpin our role in this important transaction that further boosts the UAE’s status as a global export hub for non-oil commodities.”
Trafigura will receive a $150 million revolving credit facility for two years to finance its acquisitions of non-hydrocarbon commodities from the UAE. The commodities are intended for export and re-export, thus cementing the UAE’s position as a vital hub in global trade networks.
The partnership between Abu Dhabi Exports Office (ADEX), FAB and Natixis CIB highlights the UAE’s stable investment climate and the strategic significance of its non-hydrocarbon sectors.
All lenders serve as the mandated lead arranger, with Natixis CIB acting as bookrunner, facility coordinator, facility agent and ECA agent. This ensures that the interests of the participating banks are aligned and aids in structuring and coordinating the financing.
FAB’s significant global and regional reach lends substantial financial stability and strength to the partnership, bolstering the team’s collective efforts to assist Trafigura in its sourcing endeavours.
By bringing these leading financial institutions together to assist Trafigura in sourcing commodities from the UAE, ECI has made significant advancements in the country’s export capacities, thereby solidifying its position as a major player in international trade, while also fostering sustainable economic growth.
