The Abu Dhabi Exports Office, affiliated with the Abu Dhabi Fund for Development, in cooperation with its strategic banking partners, Abu Dhabi Commercial Bank and Mashreq Bank, signed a credit facility agreement worth up to $100 million for BGN Energy and Commodities Trading Company, with the aim of facilitating the export of energy commodities from the UAE to global markets. .
The agreement was signed by Khalil Fadel Al Mansouri, Acting Director General of the Abu Dhabi Exports Office. Roya Bajan, CEO of BGN; Asif Karmali, CEO of International Corporate Banking at Abu Dhabi Commercial Bank; and Joel Van Dusen, Senior Executive Vice President and Head of Corporate and Investment Banking Group at Mashreq Bank.
The signing ceremony was witnessed by Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, Chairman of the Executive Committee for Exports at the Abu Dhabi Exports Office, and Abdullah Al Shamsi, Chief Business Officer of the Abu Dhabi Commercial Bank Group; Along with a number of officials from partner banks.
Mohammed Saif Al Suwaidi said: “This agreement reflects our commitment to developing the export sector in the Emirates through joint efforts with local banks, such as Abu Dhabi Commercial Bank and Mashreq Bank, which enhances the ability of Emirati companies to reach various world markets, stressing that the Abu Dhabi Export Office believes in the necessity of establishing partnerships.” With banks and other financial institutions to achieve common goals, our cooperation with BGN also forms part of our endeavor to create opportunities for institutions that make an important contribution to our national economy.”
He highlighted the prospects for the advanced energy sector in the UAE, considering that raising the levels of exports in the energy sector contributes to enhancing the competitiveness of the national economy to a large extent.
Yank Loos, Chief Financial Officer of BGN, said: “We are pleased to cooperate with the Abu Dhabi Exports Office, and Abu Dhabi Commercial and Mashreq Banks, which are among the leading banks in the Emirates, and which contribute to supporting national exports of strategic commodities in the energy sector to facilitate their access to global markets,” noting. The credit facilities aim to support BGN Company, and will work to achieve sustainable growth, expansion and development in its commercial activities of commodities around the world. In addition, these facilities, with a value of up to $100 million, will enhance the value of financial liquidity and support the company’s position in the regions. Middle East, Asia, North America, Europe and Africa.
Abdullah Al Shamsi said: “This initiative contributes to providing financing solutions that support the expansion of BGN’s commodity trade on a global level, pointing out that financing of basic commodities at Abu Dhabi Commercial Bank has witnessed remarkable growth over the past four years. The bank looks forward to this initiative to deepen its partnership with the Abu Dhabi Exports Office, which contributes to enhancing the competitiveness of the export sector in the country.”
Joel Van Dusen said: “We at Mashreq are pleased to contribute to supporting BGN’s expansion in the UAE through this partnership aimed at providing credit facilities, the first of its kind, to support the company’s activities in the region. We are also proud of our partnership with the Abu Dhabi Exports Office and support the strategic goal of achieving economic diversification in the UAE and enhancing its global leadership position in trade, energy and commodities.”
