UAE to Provide $100 Million Credit for Energy Goods Exports

The Abu Dhabi Export Office, a subsidiary of the Abu Dhabi Development Fund, has signed a credit facility agreement worth up to $100 million with its strategic banking partners, Abu Dhabi Commercial Bank and Mashreq Bank, in order to facilitate the export of energy and commodity goods by the BGN Energy Trading Company from the UAE to global markets, according to UAE’s newspaper, Al-Bayan.

The agreement was signed by Khalil Fadel Al Mansoori, Acting General Manager of Abu Dhabi Exports Office. And Ruya Bayjan, CEO of BG IN; and Asef Karmali, CEO of International Corporate Banking at Abu Dhabi Commercial Bank; and Joel Van Doosen, Senior Executive Vice President and Head of Corporate and Investment Banking Group at Mashreq Bank.

The signing ceremony was attended by Mohammed Saif Al Suwaidi, the Director General of Abu Dhabi Development Fund, Executive Chairman of the Export Promotion Office in Abu Dhabi, and Abdullah Al Shamsi, the CEO of Commercial Bank of Abu Dhabi, as well as several officials from partner banks.

Mohammed Saif Al Suwaidi stated that “This agreement reflects our commitment to developing the export sector in the UAE through joint efforts with local banks, such as Abu Dhabi Commercial Bank and Mashreq Bank, which enhances the ability of Emirati companies to access various global markets.

He emphasized that the Abu Dhabi Export Office believes in the necessity of partnerships with banks and other financial institutions to achieve common goals, and our collaboration with PG&IN is part of our efforts to create opportunities for institutions that make a significant contribution to our national economy.”

Shining a spotlight on the advanced energy sector in the UAE, he believes that improving export levels in the energy sector significantly enhances the competitiveness of the national economy.

Yanik Loss, the financial director of PJ IN, said, “We are pleased to cooperate with Abu Dhabi Exports Office and Abu Dhabi Commercial Bank and Mashreq Bank, which are leading banks in the UAE.

These banks contribute to supporting national exports of strategic goods in the energy sector, facilitating their access to global markets.”

He also pointed out that the credit facilities aim to support PJ IN, as well as work towards achieving sustainable growth, expansion, and development in its global trade activities of goods. Moreover, these facilities, which amount to $100 million, will enhance financial liquidity and support the company’s position in the Middle East, Asia, North America, Europe, and Africa regions.

Abdullah Al Shamsi stated that this initiative contributes to providing financial solutions that support the expansion of BGN’s global commodity trade.

He pointed out that the financing of essential commodities at Abu Dhabi Commercial Bank has witnessed significant growth over the past four years, and the bank looks forward to this initiative to deepen its partnership with the Abu Dhabi Exports Office, thus enhancing the competitiveness of the export sector in the country.

Joel van Dusen said, “We at Al-Mashreq are delighted to contribute to supporting the expansion of PGing in the United Arab Emirates 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 Export Office and supporting the strategic goal of achieving economic diversification for the UAE and enhancing its global leadership in trade, energy, and commodities.”