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9/24/24, 8:54 AM Etihad Credit Insurance signs financing deal to support Trafigura's exports from UAE. - Free Online Library
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The Free Library > Date > 2024 > September > 18 > Arab News Releases

Etihad Credit Insurance signs financing deal to support Trafigura's
exports from UAE.

Link/Page Citation

ABU DHABI -- 18 Sep 2024 (Wam) 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), 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.

The financing deal was announced during a signing ceremony between ECI and the relevant parties, which took place
recently, at Rixos Marina Hotel, Abu Dhabi.

Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of the Exports Executive Committee of ADEX, said, 'This
collaboration is part of ADEX's core mission to empower UAE businesses and enable them to expand their global footprint.
Strategic partnerships between local and international banks - public and private - such as this one help us increase our
national exports and strengthen the UAE's role as a key player in international trade, in alignment with the UAE strategies and
Visions. Our commitment remains focused on creating lasting economic value for our country while enabling our companies to
compete and thrive on the world stage.'
Raja Al Mazrouei, CEO of Etihad Credit Insurance, stated, '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. More importantly, we believe this
association not only increases in-country value but also strengthens the UAE's reputation as a trusted source of essential
commodities on a global scale. The equitable participation of ADEX, FAB and Natixis CIB, in this transaction reflects ECI's
vision of fostering collaboration, which lays the groundwork for a harmonious and mutually beneficial partnership.'

This collaboration 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. It also demonstrates the
commitment of Abu Dhabi Exports Office (ADEX), First Abu Dhabi Bank (FAB), and Natixis CIB, to supporting Trafigura in
securing vital non-oil commodities such as metals and minerals from the UAE, further integrating the country's resources into
international supply chains.
In line with the collaboration, Trafigura will receive a USD 150 million 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.
With Trafigura's expertise in supplying its customers with metals, minerals and bulk commodities across the world, its choice to
source from the UAE demonstrates both its dedication to the region and the nation's increasing significance as a supplier of
quality, non-hydrocarbon resources. The company's extensive global network, and in-depth market knowledge, combined with
its competence in managing complex supply chains, positions this initiative as a significant turning point in the UAE's export
landscape.

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. As a division of the Abu Dhabi Fund for Development, ADEX makes a substantial contribution by utilising its
mandate to support exports from the UAE, thus amplifying the transaction's economic effect. Similarly, 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.
In addition to the strategic roles played by the financial institutions, Allen Overy Shearman Sterling (AandO) and Clyde and Co.
also provided expert legal counsel for the new alliance. Their expertise helped to strengthen the foundation of the partnership,
protecting the interests of all parties involved and ensuring the transaction's overall integrity.

Khalil Al Mansoori, Director General of ADEX, remarked, 'The agreement is a continuation of our effort to expand the scope of
partnerships, so we can further unify our initiatives to support and develop national exports by providing flexible and reliable
financing. This partnership with National and international banks and other financial institutions aligns with the UAE economic

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