UAE leadership has dispatched congratulatory messages to Chinese President Xi Jinping on the occasion of China's National Day. Similar greetings were also sent to Chinese Premier Li Qiang by UAE vice presidents. The communications reflect ongoing diplomatic relations between the UAE and China.
Trafigura Group has closed an upsized USD 4.4 billion syndicated revolving credit and term loan facility with 40 financial institutions. The package features heavy participation from Chinese and Middle Eastern lenders, including Abu Dhabi Commercial Bank, and includes a USD 1.6 billion-equivalent offshore renminbi tranche. Funds will refinance existing debt maturing in 2023 and 2025 and support general corporate operations.
Binance founder Changpeng Zhao is living in Abu Dhabi following the completion of a four-month U.S. prison sentence and a presidential pardon from Donald Trump. According to The New York Times, Zhao retains majority ownership of Binance and a net worth exceeding $10 billion. The report notes UAE leadership is seeking his collaboration in expanding the country's technology powerhouse ambitions.
Global commodity trader Trafigura has closed US$4.4 billion in syndicated credit facilities, upsized from an initial US$3.5 billion equivalent. The facility includes a US$1.6 billion-equivalent offshore renminbi tranche and was backed by 40 lenders across Asia and the Middle East, including UAE banks ADCB and FAB alongside leading Chinese institutions.
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