Abu Dhabi, United Arab Emirates: Abu Dhabi Islamic Bank, the leading Islamic financial services group, announced the provision of a sustainable facility worth one billion dirhams to Aldar Properties PJSC (Aldar). This is to support Aldar’s strategic transformation towards sustainable financing to finance its projects and investments. This deal contributes to raising the company’s total environmental, social and institutional financing facilities to AED 4.8 billion. This agreement also confirms the commitment of Abu Dhabi Islamic Bank and Aldar to support projects that are beneficial to the environment and society, and that are in line with national ambitions and goals, including the UAE’s strategic initiative to achieve climate neutrality by 2050.
Abu Dhabi Islamic Bank led this transaction as the sole facility provider; Aldar intends to use the proceeds to finance sustainable projects such as green buildings and property upgrades to enhance energy efficiency, sustainable water management, pollution control measures, and renewable energy sources.
Commenting on this achievement, Mohammed Al Fahim, Acting Chief Executive Officer of Corporate Banking at Abu Dhabi Islamic Bank, said: “Our provision of facilities worth one billion UAE dirhams to Aldar Properties confirms Abu Dhabi Islamic Bank’s commitment to sustainability, and reflects the vital role that the banking sector plays in accelerating the transformation to Low-carbon economy. We look forward to sharing Aldar’s efforts aimed at decarbonizing the real estate sector, and strengthening our partnership to support its contribution to achieving a low-carbon economy. The bank will continue its efforts to enable companies to adopt more sustainable practices, which in turn contribute to addressing change. climate change, and support financing for sustainable projects and initiatives, in line with our ESG strategy and our sustainable finance framework.”
For his part, Faisal Falaknaz, CEO of Finance and Sustainability at Aldar, said: “Aldar follows a transformational growth strategy and is working on implementing a rigorous program to achieve climate neutrality by 2050. Our approach focuses on partnership, and sustainable financing plays a crucial role in achieving our goals. We are pleased to expand our relationship with Abu Dhabi Islamic Bank in support of our ambitions to achieve further progress in sustainability in the coming years.”
In addition to providing these facilities to Aldar, ADIB has participated in several sustainable financing solutions designed for companies of different sectors and sizes; As part of its journey towards integrating sustainability into its business, the bank launched the Sustainable Finance Framework, which sets financing eligibility criteria and requirements for projects labeled “green,” “social,” or “sustainable.” The framework determines the eligibility of projects that ADIB will finance or refinance, including the issuance of green, social and sustainable sukuks.
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2023-12-20 12:23:54
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