Abu Dhabi: The Abu Dhabi Exports Office (ADEX) has finalized a US$235 million (AED863 million) syndicated loan agreement with Sumitomo Mitsui Banking Corporation (SMBC) of Japan and the Commercial Bank of Dubai (CBD) to support Trafigura, a leading entity in the global commodities industry, in acquiring commodities originating from the UAE.
According to Emirates News Agency, this strategic agreement aims to empower UAE exporters and advance the nation's economic diversification goals, reinforcing ADEX's commitment to bolstering the UAE's position as a globally competitive trade hub while promoting sustainable economic development.
Under the terms of the agreement, ADEX has taken the lead by providing US$150 million to aid Trafigura's acquisition of UAE-produced commodities across key sectors such as energy, metals, and minerals. CBD has contributed US$65 million to the initiative, while SMBC coordinated the syndication with a contribution of US$20 million.
This collaboration is set to enhance access to Emirati products in international markets, aligning directly with the UAE's vision of diversifying its economy and building resilient trade partnerships. The agreement was signed by Khalil Fadel Al Mansoori, Executive Director of the Abu Dhabi Exports Office, alongside representatives from Trafigura, SMBC, and CBD, with attendance from officials of the Abu Dhabi Fund for Development and other participating entities.
Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at ADEX, remarked that the agreement underscores ADEX's mission of empowering UAE businesses to compete on a global scale by providing flexible financial solutions that unlock opportunities for national companies to expand into new markets and drive sustainable economic growth.
Laurent Christophe, Group Treasurer for Trafigura, highlighted the transformative potential of the collaboration, stating that it allows the integration of high-quality UAE commodities into global supply chains, thereby supporting the UAE's economic ambitions and contributing to the country's vision of long-term prosperity.
Jonathan Joseph-Horne, Co-Head of Global Trade Finance Department, EMEA at SMBC, emphasized the UAE's strategic significance in shaping international trade, noting that the agreement reflects confidence in the UAE's export capabilities and commitment to sustainable development.
Fahad Al Muhairi, General Manager - Institutional Banking at CBD, also emphasized the strategic impact of the agreement, highlighting how innovative financing solutions are strengthening the UAE's position as a global trade hub and driving economic progress through forward-thinking collaborations.
This agreement marks a significant milestone in the UAE's journey towards a diversified, future-ready economy, connecting UAE exporters to Trafigura's global networks and championing sustainable trade practices. It supports the UAE's broader economic objectives as outlined in the Abu Dhabi Economic Vision 2030 and We the UAE 2031, while showcasing the power of public-private partnerships in achieving shared economic success.