First Abu Dhabi Bank, the UAE's largest lender by assets, provided a multimillion-dollar green trade credit line to wind turbine maker Senvion India, as part of the bank's efforts to advance its net zero ambitions.
The environmental, social and governance (ESG)-compliant trade product will help Senvion procure raw materials to manufacture wind turbine generators, FAB said on Friday.
“Our sustainable financing solutions through trade help underpin the bank’s commitment to support the United Nations’ Sustainable Development Goals and the UAE Net Zero by 2050 strategic initiative, and further extend FAB’s leading profile as the first bank in the Middle East to join the Net Zero Banking Alliance,” said Martin Tricaud, group head of investment banking at FAB.
The alliance includes a group of global financial institutions that have committed to aligning their lending and investment portfolios with net zero carbon emissions by 2050.
Green financing linked to sustainability projects in the Mena region stood at $6.4 billion in the first half of 2021, topping the amount raised through the whole of last year, according to Bloomberg’s 2021 Capital Markets League Table for the first half.
FAB, which became the first Mena bank to issue a green bond last year, has financed more than $10bn in sustainable projects.
The Abu Dhabi bank aims to adopt a two-pronged approach to hit its net zero goals, with the first examining how it can reduce carbon emissions and water use, Shargiil Bashir, chief sustainability officer at FAB, said during the Cop26 summit in Glasgow last year.
The bank has already replaced plastic water and coffee cups with reusable options and installed lights that turn off automatically when a room is empty. It is also considering the use of renewable energy to power its buildings, such as solar panels.
FAB slashed its carbon emissions by 47 per cent from 2017 to 2020, Mr Bashir said.
The lender's other approach towards attaining its net zero goals is to provide financing for sustainable projects.
Senvion India, which manufactures, assembles, installs and markets advanced wind turbine generators, was acquired in 2021 by Global Renewable Energy Development — an investment vehicle of the Saudi-based Alfanar Group that is involved in renewable energy development across India, the Middle East and Europe.
The deal demonstrates FAB’s ability to provide a multi-geography ESG solution within the Saudi Arabia and India trade corridor, the lender said.
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Record breaker
- The most total field goals made in NBA history, as well as the most consecutive games scoring 10 or more points
- The only player in NBA history to reach 10,000 rebounds and 10,000 assists
- Four-time regular season MVP and four-time NBA Finals MVP
- Six-time NBA All-Defensive selection. Rookie of the Year in 2004
- The most All-NBA selections with 21 in a row, including a record 13 first team selections
- The most consecutive All-Star selections with 21
- The only player to play alongside his son; Bronny James was chosen by the Lakers in the 2024 NBA draft
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
