Energy trader BGN obtains $233 million in financing
ABU DHABI
Abu Dhabi Exports Office (ADEX) and First Abu Dhabi Bank (FAB), leading a syndicate of nine UAE lenders, have successfully more than doubled a financing facility for global energy trader BGN to $232.5 million.
Originally set at $100 million with a $120 million target, the oversubscribed facility marks a watershed in regional trade finance by incorporating an innovative Murabaha tranche to accommodate Islamic banks alongside conventional financing.
A signing ceremony was held in Abu Dhabi. Khalil Al Mansoori, director general of ADEX, Rüya Bayegan, Group CEO of BGN, and senior representatives of all banks involved formalized the agreement.
“The flexible terms and innovative structure of this facility provide a welcome addition to our diversified international liquidity base. We are committed to further strengthening financial partnerships in the GCC, and in other regions, to empower our global business expansion and trading growth,” said Rüya Bayegan, group CEO of BGN.
“We are committed to further strengthening financial partnerships in the GCC, and in other regions, to empower our global business expansion and trading growth,” she added.
“This landmark cooperation, facilitated by ADEX, underscores the UAE’s leadership in designing financial frameworks that revolutionize international trade," said Mohamed Saif Al Suwaidi, director general of ADFD and chairman of the Exports Executive Committee of ADEX.
