Clyde & Co advises Etihad Credit Insurance on first-of-a-kind financing deal to support UAE exports

Global law firm Clyde & Co has advised Etihad Credit Insurance (ECI), the UAE’s Federal export credit agency, on a joint agreement with the Abu Dhabi Exports Office (ADEX), First Abu Dhabi Bank (FAB), and Natixis Corporate and Investment Banking (Natixis CIB). The agreement supports Trafigura, a leading global commodities company, in expanding its global portfolio of non-hydrocarbon commodities originating from the UAE.

This collaboration underscores ECI’s commitment to fostering strategic partnerships that not only bolster the UAE’s economic growth but also enhance its global standing in the non-oil commodities sector.

In line with the collaboration, Trafigura will receive a USD 150 million Revolving Credit Facility for two years to finance its acquisitions of non-hydrocarbon commodities originating from the UAE. These commodities are intended for export and re-export, thus cementing the UAE's position as a vital hub in global trade networks. This partnership between ADEX, FAB and Natixis CIB highlights the UAE’s stable investment climate and the strategic significance of its non-hydrocarbon sectors.

Clyde & Co acted as lead counsel to ECI, negotiating the contractual arrangements between ECI, and ADEX, FAB, and Natixis CIB to support Trafigura. The team was led by partner and Head of Middle East Insurance, Michael Morris (Dubai), and financial services consultant Marko Stamenković (Dubai). 

Commenting on the deal, Marko Stamenković says: “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”.

With over 30 years of experience in the Middle East and Africa (MEA), Clyde & Co is one of the largest international law firms with over 80 partners and over 540 staff operating through 10 offices and associated offices in Abu Dhabi, Cairo, Cape Town, Dar es Salaam, Doha, Dubai, Jeddah, Johannesburg, Nairobi, and Riyadh. Clyde & Co supports international and local organisations throughout the wider region with a full-service offering of local specialists across most business sectors and services of law, including commercial, commercial disputes, corporate, cyber risk, data protection & privacy, employment & immigration, finance, global recoveries, insolvency & reorganisation, intellectual property, international arbitration, projects & construction, real estate, regulatory & investigations, and technology, outsourcing & data.