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Mid East Info
14-04-2025
- Business
- Mid East Info
Abu Dhabi Exports Office signs $235 million syndicated loan agreement to boost UAE trade with Trafigura - Middle East Business News and Information
In a strategic move to empower UAE exporters and advance the nation's economic diversification goals, the Abu Dhabi Exports Office (ADEX) has signed a US$ 235 million (AED 863 million) syndicated loan agreement with Japan's Sumitomo Mitsui Banking Corporation (SMBC) and Commercial Bank of Dubai (CBD) to support Trafigura, a market leader in the global commodities industry, to acquire commodities originating from the UAE. The agreement underscores ADEX's commitment to strengthening the UAE's position as a globally competitive trade hub while accelerating the country's sustainable economic development. Under the agreement, ADEX spearheaded the financing with US$ 150 million, supporting Trafigura's acquisition of UAE-produced commodities across strategic sectors such as energy, metals and minerals. CBD contributed US$ 65 million, while SMBC coordinated the syndication with a contribution of US$ 20 million. This collaboration will amplify access to Emirati products in international markets, directly aligning with the UAE's vision to diversify its economy and build resilient trade partnerships. The agreement was signed by Khalil Fadel Al Mansoori, Executive Director of the Abu Dhabi Exports Office, alongside representatives of Trafigura, SMBC, and CBD. Officials from Abu Dhabi Fund for Development and other participating entities also attended the signing ceremony. His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office, said: 'This agreement is a testament to ADEX's mission of empowering UAE businesses to compete globally. By providing flexible financial solutions, we are unlocking opportunities for national companies to expand into new markets, drive sustainable economic growth, and strengthen the UAE's role as a bridge between regional and global trade networks.' Laurent Christophe, Group Treasurer for Trafigura emphasized the transformative potential of the agreement: 'This collaboration allows us to integrate high-quality UAE commodities into our global supply chains, reaching fast-growing markets while supporting the UAE's economic ambitions. Together with ADEX, SMBC and CBD, we are further integrating the country's resources into international supply chains and contributing to the UAE's vision of long-term prosperity.' Highlighting the UAE's strategic significance, Jonathan Joseph-Horne, Co-Head of Global Trade Finance Department, EMEA at Sumitomo Mitsui Banking Corporation n, said: 'As a global financial leader, we recognize the UAE's growing influence in shaping international trade. This agreement reflects confidence in the UAE's export capabilities and its commitment to sustainable development. We are proud to support initiatives that enhance cross-border economic resilience and align with the UAE's diversification agenda.' Fahad Al Muhairi, General Manager – Institutional Banking, at Commercial Bank of Dubai also emphasised the strategic impact of the agreement, stating, 'By streamlining innovative financing solutions, we are strengthening the UAE's position as a global trade hub. This partnership exemplifies our dedication to fostering economic progress, both locally and internationally, through forward-thinking collaborations that drive job creation and technological advancement.' The agreement marks a milestone in the UAE's journey towards a diversified, future-ready economy. By connecting UAE exporters to Trafigura's global networks, ADEX continues to champion sustainable trade practices while supporting the UAE's broader economic objectives enshrined in the Abu Dhabi Economic Vision 2030 and We the UAE 2031, while also highlighting the power of public-private partnerships in achieving shared economic success. About ADEX: Established by Abu Dhabi Fund for Development (ADFD) in 2019, the Abu Dhabi Exports Office (ADEX) offers financing solutions to Emirati exporters to help increase the country's export volume and promote UAE export business in the global markets. ADEX's mandate includes providing credit facilities to overseas buyers and importers via direct and indirect loans and guarantees, thereby enhancing the export sector's pivotal economic role and promoting its global competitiveness. This is in line with the UAE's economic diversification strategy. The entity also seeks to expand the range of locally made exported goods and services, being among the main pillars of the country's sustainable development.
Khaleej Times
14-04-2025
- Business
- Khaleej Times
Abu Dhabi Exports Office signs $235m syndicated loan agreement to boost UAE trade with Trafigura
The Abu Dhabi Exports Office (ADEX) has signed a $235 million (AED 863 million) syndicated loan agreement with Japan's Sumitomo Mitsui Banking Corporation (SMBC) and Commercial Bank of Dubai (CBD) to support Trafigura, a market leader in the global commodities industry, to acquire commodities originating from the UAE. Under the agreement, ADEX spearheaded the financing with $150 million, supporting Trafigura's acquisition of UAE-produced commodities across strategic sectors such as energy, metals and minerals. CBD contributed $65 million, while SMBC coordinated the syndication with a contribution of $20 million. This collaboration will amplify access to Emirati products in international markets, directly aligning with the UAE's vision to diversify its economy and build resilient trade partnerships. The agreement was signed by Khalil Fadel Al Mansoori, Executive Director of the Abu Dhabi Exports Office, alongside representatives of Trafigura, SMBC, and CBD. Officials from Abu Dhabi Fund for Development and other participating entities also attended the signing ceremony. Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office, said: 'This agreement is a testament to ADEX's mission of empowering UAE businesses to compete globally. By providing flexible financial solutions, we are unlocking opportunities for national companies to expand into new markets, drive sustainable economic growth, and strengthen the UAE's role as a bridge between regional and global trade networks.' Laurent Christophe, Group Treasurer for Trafigura emphasized the transformative potential of the agreement: 'This collaboration allows us to integrate high-quality UAE commodities into our global supply chains, reaching fast-growing markets while supporting the UAE's economic ambitions. Together with ADEX, SMBC and CBD, we are further integrating the country's resources into international supply chains and contributing to the UAE's vision of long-term prosperity.' Highlighting the UAE's strategic significance, Jonathan Joseph-Horne, Co-Head of Global Trade Finance Department, EMEA at Sumitomo Mitsui Banking Corporation n, said: 'As a global financial leader, we recognize the UAE's growing influence in shaping international trade. This agreement reflects confidence in the UAE's export capabilities and its commitment to sustainable development. We are proud to support initiatives that enhance cross-border economic resilience and align with the UAE's diversification agenda.' Fahad Al Muhairi, General Manager - Institutional Banking, at Commercial Bank of Dubai also emphasised the strategic impact of the agreement, stating, 'By streamlining innovative financing solutions, we are strengthening the UAE's position as a global trade hub. This partnership exemplifies our dedication to fostering economic progress, both locally and internationally, through forward-thinking collaborations that drive job creation and technological advancement.' The agreement marks a milestone in the UAE's journey towards a diversified, future-ready economy. By connecting UAE exporters to Trafigura's global networks, ADEX continues to champion sustainable trade practices while supporting the UAE's broader economic objectives enshrined in the Abu Dhabi Economic Vision 2030 and We the UAE 2031, while also highlighting the power of public-private partnerships in achieving shared economic success.
Al Etihad
14-04-2025
- Business
- Al Etihad
Abu Dhabi Exports Office signs $235 million syndicated loan agreement to boost UAE trade with Trafigura
14 Apr 2025 16:28 ABU DHABI (ALETIHAD)The Abu Dhabi Exports Office (ADEX) has signed a $235 million (Dh863 million) syndicated loan agreement with Japan's Sumitomo Mitsui Banking Corporation (SMBC) and Commercial Bank of Dubai (CBD) to support Trafigura, a market leader in the global commodities industry, to acquire commodities originating from the agreement, which comes as a strategic move to empower UAE exporters and advance the nation's economic diversification goals, underscores ADEX's commitment to strengthening the UAE's position as a globally competitive trade hub while accelerating the country's sustainable economic the agreement, ADEX spearheaded the financing with $150 million, supporting Trafigura's acquisition of UAE-produced commodities across strategic sectors such as energy, metals, and minerals. CBD contributed $65 million, while SMBC coordinated the syndication with a contribution of $20 collaboration will amplify access to Emirati products in international markets, directly aligning with the UAE's vision to diversify its economy and build resilient trade agreement was signed by the Executive Director of the Abu Dhabi Exports Office, Khalil Fadel Al Mansoori, alongside representatives of Trafigura, SMBC, and CBD. Officials from the Abu Dhabi Fund for Development and other participating entities also attended the signing of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office, Mohamed Saif Al Suwaidi, said, 'This agreement is a testament to ADEX's mission of empowering UAE businesses to compete globally. By providing flexible financial solutions, we are unlocking opportunities for national companies to expand into new markets, drive sustainable economic growth, and strengthen the UAE's role as a bridge between regional and global trade networks.'Group Treasurer for Trafigura, Laurent Christophe, emphasised the transformative potential of the agreement, 'This collaboration allows us to integrate high-quality UAE commodities into our global supply chains, reaching fast-growing markets while supporting the UAE's economic ambitions. Together with ADEX, SMBC and CBD, we are further integrating the country's resources into international supply chains and contributing to the UAE's vision of long-term prosperity.'Jonathan Joseph-Horne, Co-Head of Global Trade Finance Department, EMEA at Sumitomo Mitsui Banking Corporation, highlighted the UAE's strategic significance saying, 'As a global financial leader, we recognise the UAE's growing influence in shaping international trade. This agreement reflects confidence in the UAE's export capabilities and its commitment to sustainable development. We are proud to support initiatives that enhance cross-border economic resilience and align with the UAE's diversification agenda.'General Manager - Institutional Banking, at Commercial Bank of Dubai, Fahad Al Muhairi, also emphasised the strategic impact of the agreement, stating, 'By streamlining innovative financing solutions, we are strengthening the UAE's position as a global trade hub. This partnership exemplifies our dedication to fostering economic progress, both locally and internationally, through forward-thinking collaborations that drive job creation and technological advancement.' The agreement marks a milestone in the UAE's journey towards a diversified, future-ready economy. By connecting UAE exporters to Trafigura's global networks, ADEX continues to champion sustainable trade practices while supporting the UAE's broader economic objectives - enshrined in the Abu Dhabi Economic Vision 2030 and We the UAE 2031 - while also highlighting the power of public-private partnerships in achieving shared economic success.
Zawya
14-04-2025
- Business
- Zawya
Abu Dhabi Exports Office signs $235mln syndicated loan agreement to boost UAE trade with Trafigura
Abu Dhabi – In a strategic move to empower UAE exporters and advance the nation's economic diversification goals, the Abu Dhabi Exports Office (ADEX) has signed a US$ 235 million (AED 863 million) syndicated loan agreement with Japan's Sumitomo Mitsui Banking Corporation (SMBC) and Commercial Bank of Dubai (CBD) to support Trafigura, a market leader in the global commodities industry, to acquire commodities originating from the UAE. The agreement underscores ADEX's commitment to strengthening the UAE's position as a globally competitive trade hub while accelerating the country's sustainable economic development. Under the agreement, ADEX spearheaded the financing with US$ 150 million, supporting Trafigura's acquisition of UAE-produced commodities across strategic sectors such as energy, metals and minerals. CBD contributed US$ 65 million, while SMBC coordinated the syndication with a contribution of US$ 20 million. This collaboration will amplify access to Emirati products in international markets, directly aligning with the UAE's vision to diversify its economy and build resilient trade partnerships. The agreement was signed by Khalil Fadel Al Mansoori, Executive Director of the Abu Dhabi Exports Office, alongside representatives of Trafigura, SMBC, and CBD. Officials from Abu Dhabi Fund for Development and other participating entities also attended the signing ceremony. His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office, said: 'This agreement is a testament to ADEX's mission of empowering UAE businesses to compete globally. By providing flexible financial solutions, we are unlocking opportunities for national companies to expand into new markets, drive sustainable economic growth, and strengthen the UAE's role as a bridge between regional and global trade networks.' Laurent Christophe, Group Treasurer for Trafigura emphasized the transformative potential of the agreement: 'This collaboration allows us to integrate high-quality UAE commodities into our global supply chains, reaching fast-growing markets while supporting the UAE's economic ambitions. Together with ADEX, SMBC and CBD, we are further integrating the country's resources into international supply chains and contributing to the UAE's vision of long-term prosperity.' Highlighting the UAE's strategic significance, Jonathan Joseph-Horne, Co-Head of Global Trade Finance Department, EMEA at Sumitomo Mitsui Banking Corporation n, said: 'As a global financial leader, we recognize the UAE's growing influence in shaping international trade. This agreement reflects confidence in the UAE's export capabilities and its commitment to sustainable development. We are proud to support initiatives that enhance cross-border economic resilience and align with the UAE's diversification agenda.' Fahad Al Muhairi, General Manager - Institutional Banking, at Commercial Bank of Dubai also emphasised the strategic impact of the agreement, stating, 'By streamlining innovative financing solutions, we are strengthening the UAE's position as a global trade hub. This partnership exemplifies our dedication to fostering economic progress, both locally and internationally, through forward-thinking collaborations that drive job creation and technological advancement.' The agreement marks a milestone in the UAE's journey towards a diversified, future-ready economy. By connecting UAE exporters to Trafigura's global networks, ADEX continues to champion sustainable trade practices while supporting the UAE's broader economic objectives enshrined in the Abu Dhabi Economic Vision 2030 and We the UAE 2031, while also highlighting the power of public-private partnerships in achieving shared economic success. About ADEX Established by Abu Dhabi Fund for Development (ADFD) in 2019, the Abu Dhabi Exports Office (ADEX) offers financing solutions to Emirati exporters to help increase the country's export volume and promote UAE export business in the global markets. ADEX's mandate includes providing credit facilities to overseas buyers and importers via direct and indirect loans and guarantees, thereby enhancing the export sector's pivotal economic role and promoting its global competitiveness. This is in line with the UAE's economic diversification strategy. The entity also seeks to expand the range of locally made exported goods and services, being among the main pillars of the country's sustainable development. To learn more about our services and solutions, please visit our website or get in touch via @AbuDhabiexports
Khaleej Times
04-03-2025
- Business
- Khaleej Times
UAE: Up to 50% off on local fresh produce at Ramadan market in Umm Al Quwain
Locally grown vegetables and fruits, UAE-produced dates and confectioneries, and home-bred meat—now available at discounts of up to 50 per cent—are drawing shoppers to a special Ramadan market at the Umm Al Quwain Chamber of Commerce and Industry. Bringing together the best of UAE-made food products, the 'Make it in the Emirates' Ramadan Market was launched by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with local entities. This platform supports local manufacturers and consumers and will run during the first two weeks of Ramadan. It aims to enhance the competitiveness and consumer confidence in UAE-made products, by directly promoting them and encouraging local consumption. The initiative also aims to grow the F&B sector, enhancing its contribution to the national economy. Osama Amir Fadhel, Assistant Undersecretary of the Industry Accelerators Sector at MoIAT told Khaleej Times that launching Make it in the Emirates Ramadan Market reflects the ministry's commitment to supporting local industries and enhancing their consumer reach. 'This market is part of a broader initiative to support local manufacturers, enhance consumer confidence in UAE-made products, and boost economic diversification. It also aligns with the UAE's goal of increasing self-reliance in food production.' 'This initiative serves as an interactive platform where local manufacturers can connect directly with consumers, fostering greater trust in UAE-made products while supporting sustainable industrial growth. As part of MoIAT's efforts during the Year of Community, the market promotes local consumption and offers competitively priced domestic products.' The Ramadan Market, which is open to the public, offers exclusive deals on food items, catering to the growing demand for affordable and locally sourced products during the holy month. The event also provides a platform for small and medium-sized enterprises (SMEs) to expand their reach, giving them direct access to consumers. Hany M Haneef, an FMCG businessman and owner of Flour Master, brought his unique range of tortillas to the Ramadan Market. Having lived in the US for years and running businesses there, he recognized the growing demand for tortillas in the UAE and decided to establish a local manufacturing unit. 'We offer a variety of flavoured tortillas, including spinach, beetroot, corn, and tomato, catering to the evolving tastes of consumers,' said Hany. 'Around 75 per cent of tortillas in the UAE are currently imported, while local manufacturers hold only 25 per cent of the market share. However, demand is rising, and we see significant potential for growth. In the near future, we expect tortillas made in the UAE to be exported to neighboring countries, making the UAE a key player in the region's tortilla industry,' said Hany. 'We are offering special discounts at the market to encourage more consumers to try locally made tortillas. This Ramadan market is a great opportunity for people to experience high-quality, homegrown products at competitive prices,' added Hany. Locally grown vegetables took centre stage at the Ramadan market, highlighting the UAE's efforts in farming and food security. From fresh cucumbers and tomatoes to leafy greens, the market showcased range of high-quality, homegrown produce at competitive prices. 'The UAE's agricultural sector is growing rapidly, and more consumers are recognizing the value of fresh, locally grown vegetables. By reducing dependency on imports, we are not only ensuring food security but also promoting sustainability in the region,' said Sunder from Elite Agro. 'Our farming practices focus on sustainability and purity, using organic methods. Consumers can trust that they are getting fresh vegetables that are not only healthier but also support local agriculture,' added Sunder. Shoppers can explore a variety of discounted goods, from traditional Ramadan essentials to innovative food products made by UAE-based companies. The MoIAT official confirmed that the Ramadan market could become an annual event, with plans to expand its scope and reach in the coming years.
