Abu Dhabi: Abu Dhabi Exports Office (ADEX), the export financing arm of Abu Dhabi Fund for Development (ADFD), and its strategic partners in the banking field Mashreq and Abu Dhabi Commercial Bank (ADCB), have partnered with the global energy and commodities trading company BGN.
The strategic collaboration sets the stage for a financing arrangement, offering up to $100 million to facilitate the export of energy commodities from the UAE.
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 Mashreq Bank.
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 Mashreq Bank.
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.”
This strategic collaboration marks a step forward in ADEX’s efforts to strengthen the UAE’s position in the global energy and commodities market as well as reinforces the commitment of the organization and its contributing partners to driving economic growth through strategic partnerships for financial support.