MANAMA, BAHRAIN: Gulf International Bank (GIB) introduced its participation within the R.A.C.E Sustainability Summit the place it joined the newest signatories of the Abu Dhabi Sustainable Finance Declaration throughout the primary version of Abu Dhabi Finance Week (ADFW) hosted by Abu Dhabi Global Market (ADGM).
The Abu Dhabi Sustainable Finance Declaration is a voluntary membership-based initiative launched by ADGM in 2019 under the auspices of the Ministry of Climate Change and Environment, the Central Bank of the UAE and the Securities and Commodities Authority. As a member, GIB enhances its support for strengthening the UAE’s sustainability footprint and furthering its personal technique and place as a market chief in sustainable finance.
Representing GIB on the Summit, Khaled Abbas, Group Head of Wholesale Banking and UAE Country Head, joined sustainability leaders and fellow signatories to mirror on key outcomes and agreements of the COP27 Conference concluding in Egypt and looking forward towards a landmark COP28 to be hosted by the UAE in 2023.
Commenting, Mr. Abbas said, ” Gulf International Bank is delighted to be a signatory to the Abu Dhabi Sustainable Finance Declaration. As a half of our dedication to sustainability, we have already made nice strides in selling the use of inexperienced financing devices by the Bank itself and in support of our clients’ financing needs.
With sustainability on the coronary heart of our enterprise model, we glance forward to significant cooperation so as to additional increase the standard and depth of inexperienced monetary merchandise in Abu Dhabi and support the creation of a thriving sustainable finance industry throughout the UAE and broader region.”
Gulf International Bank coordinated the issuance of inexperienced financing devices for a vary of clients within the GCC. In 2021, the Bank closed its personal US$625 million sustainability-linked syndicated mortgage (SLL), making it the primary Bahrain-headquartered financial institution and the primary majority Saudi-owned financial institution to shut such a facility.
Most recently, in October 2022, GIB became a partner in Saudi Arabia’s Voluntary Carbon Market (VCM) initiative, launched by the country’s Public Investment Fund (PIF), and took half within the world’s largest-ever carbon credit score public sale of 1.4 million tonnes, buying carbon credit that, alongside different initiatives, offset the Bank’s entire 2021 emissions.