Clyde & Co Advised Etihad Credit Insurance On Agreement With UAE Financial Institutions
Clyde & Co Advised Etihad Credit Insurance On Agreement With UAE Financial Institutions
Clyde & Co has advised Etihad Credit Insurance (ECI), the UAE’s Federal export credit agency, in a pivotal joint agreement involving the Abu Dhabi Exports Office (ADEX), First Abu Dhabi Bank (FAB), and Natixis Corporate and Investment Banking (Natixis CIB). This collaboration is designed to support Trafigura, a leading global commodities company, in enhancing its portfolio of non-hydrocarbon commodities sourced from the UAE.
Acting as lead counsel for ECI, Clyde & Co played a crucial role in negotiating the contractual arrangements with ADEX, FAB, and Natixis CIB to facilitate Trafigura's operations. The team was spearheaded by Partner and Head of Middle East Insurance, Michael Morris, along with financial services consultant Marko Stamenković, based in Dubai.
This partnership underscores ECI’s dedication to fostering strategic collaborations that not only promote economic growth within the UAE but also elevate the country’s position in the global non-oil commodities market.
As part of this agreement, Trafigura will be granted a USD 150 million Revolving Credit Facility for a two-year term to finance its acquisitions of non-hydrocarbon commodities originating from the UAE. These commodities are aimed at export and re-export, reinforcing the UAE’s role as a critical hub in global trade networks. The partnership among ADEX, FAB, and Natixis CIB further highlights the stability of the UAE's investment climate and the strategic importance of its non-hydrocarbon sectors.
Marko Stamenković commented on the deal, stating, “Clyde & Co is proud to support ECI in this key collaboration, which highlights the UAE’s growing role in both global trade and the non-hydrocarbon commodities sectors. Our strong relationship with ECI has enabled us to facilitate strategic partnerships that drive sustainable growth and reinforce the UAE’s position as a vital hub for international commerce”.
