The Abu Dhabi Exports Office (ADEX) and a consortium of UAE banks, led by First Abu Dhabi Bank (FAB), have significantly expanded a financing arrangement for global energy trader BGN. Initially set at $100 million, the oversubscribed facility has now grown to $232.5 million, ADEX confirmed on Wednesday, reflecting strong investor confidence in the deal.
The syndicate includes Abu Dhabi Commercial Bank, National Bank of Fujairah, Commercial Bank of Dubai, Mashreqbank, Arab Bank, National Bank of Ras Al Khaimah, Emirates NBD, and Ajman Bank. This revolving credit facility is expected to provide essential liquidity to BGN, enabling the company to procure and trade energy commodities sourced from the UAE. The move aligns with the UAE’s broader strategy to strengthen its position as a key global energy hub and expand its export-driven economic activities.
By increasing the financing arrangement, ADEX and its banking partners demonstrate their commitment to supporting international trade and fostering the growth of UAE-based exporters. This initiative is also in line with the UAE’s ongoing efforts to enhance its economic diversification and bolster the competitiveness of its financial sector on a global scale.
