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 finance 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.

In recent years, the UAE's robust trade finance sector has evolved into a highly sophisticated enabler for global players such as BGN, emboldening them to optimize capital and drive sustained growth. In 2024, UAE trade levels surged to an all-time high of $800 billion. Central to this economic vitality is the UAE's position as one of the world's top oil producers, with the energy sector contributing approximately 30% to the country’s GDP. Furthermore, oil and gas exports account for nearly 13% of the UAE's total export value, reinforcing its fundamental role in the global marketplace.

The expanded facility clearly reflects this strength, driven by the convening power and agile structuring spearheaded by ADEX and FAB. Abu Dhabi Commercial Bank (ADCB) also played a key role as Facility Agent for this collaboration, along with the National Bank of Fujairah, the Commercial Bank of Dubai, Mashreqbank, the Arab Bank, the National Bank of Ras Al Khaimah, Emirates NBD Bank, and Ajman Bank.

To commemorate this milestone, 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 formalised the agreement.

His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of the Exports Executive Committee of ADEX, said: “This landmark cooperation, facilitated by ADEX, underscores the UAE’s leadership in designing financial frameworks that revolutionise international trade. By seamlessly integrating both conventional and Islamic banks into a single, innovative financing structure, ADEX is supporting the UAE’s dynamic trade finance ecosystem, solidifying our nation’s position as a competitive global hub for commerce. This alliance sets a new standard for cross-border financing, propelling the UAE to the forefront of the evolving financial landscape.”

 “This expanded RCF demonstrates the UAE financial sector's robust confidence in BGN's strategic role within the region's energy trading complex. 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.

The oversubscription of the BGN lending facility highlights ADEX’s growing influence in catalysing trade finance solutions that boost the UAE’s economy through coordinated local action, in close collaboration with banking partners.

HFW, legal counsel for BGN, and Reed Smith, legal counsel for the lenders, advised the transaction.

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About ADEX 

Established by the Abu Dhabi Fund for Development (ADFD) in 2019, the Abu Dhabi Exports Office (ADEX) offers financing solutions to Emirati exporters to help increase the country’s export volume and promote UAE export business in the global markets. ADEX’s mandate includes providing credit facilities to overseas buyers and importers via direct and indirect loans and guarantees, thereby enhancing the export sector’s pivotal economic role and promoting its global competitiveness. This is in line with the UAE’s economic diversification strategy. The entity also seeks to expand the range of locally made exported goods and services, being among the main pillars of the country’s sustainable development. To learn more about our services and solutions, please visit our website or get in touch via  @AbuDhabiexports 

About BGN

BGN is an international, partnership-focused energy and commodity trading business. The company has offices in key hubs such as Dubai, Geneva, Houston, Rotterdam and Singapore, and counts more than 750 staff at its 22 locations around the world. As well as trading traditional energy products – and being widely known for its prominence in the international trade of LPG (liquefied petroleum gas) – BGN has more recently made strides into the LNG (liquefied natural gas), SAF (Sustainable Aviation Fuel) and carbon markets. Altogether, BGN’s annual commodity movement approaches 50 million metric tons.

To learn more about BGN, please visit the website and follow us on LinkedIn.

Media enquiries:  mediabgn@bgn-int.com