GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Partnership with First Abu Dhabi Bank and Abu Dhabi Global Market highlights UAE capital's expertise as a hub for sustainable financing

 

Abu Dhabi, United Arab Emirates - December 08, 2019:  Etihad Airways, the national carrier of the United Arab Emirates, has become the first airline to secure funding for a project based on its compatibility with the Sustainable Development Goals of the United Nations.


Through a partnership with First Abu Dhabi Bank and Abu Dhabi Global Market, the airline will borrow 100 million Euros (AED 404.2 million) to support expansion of the Etihad Eco-Residence, a sustainable apartment complex for the airline's cabin crew. 


Adam Boukadida, Senior Vice President Treasury, Tax & Finance, Etihad Aviation Group, said the process to secure the loan hinged on a detailed international verification of the airline's sustainability credentials.


“We are proud to be the first airline globally, and one of the first companies in the UAE, to obtain commercial funding based on our commitment to the Sustainable Development Goals of the United Nations,” Mr Boukadida said. 


“This assessment will enable us to fund long-term leases of the new Eco-Residence complex, located in Abu Dhabi's Masdar City innovation precinct, and will serve as the foundation for Etihad to fund future sustainable initiatives.”


“It will also highlight the growing specialisation of Abu Dhabi as a centre of excellence for financing sustainable projects, at a time of increasing global demand for ethics-based development.”   


To support this financing, Etihad established a Sustainable Development Financing Framework, which specifies a range of projects for which funding can be provided.

Financing of these projects must be linked to one or more of the Sustainable Development Goals. Etihad has identified seven priority categories – Green Buildings, Investment in Women, Biofuels, Reduction of Carbon Footprint, Waste Management and Recycling, Humanitarian Efforts, and Wildlife Protection.
The Etihad Eco-Residence, a LEED Platinum rated building, met the requirements for two of the UN's 17 Sustainable Development Goals – Goal 7, Affordable and Clean Energy, and Goal 9, Industry, Innovation and Infrastructure.


In addition, Etihad Aviation Group engaged Sustainalytics, a global leader in ESG research, ratings and analytics, to review the Etihad Sustainable Development Financing Framework, and confirm alignment with the Sustainability Bond Principles of the International Capital Markets Association. Sustainalytics issued a Second Party Opinion verifying Etihad's sustainability credentials, a key condition to raising capital.


 “Our decision to seek an independent review of our credentials demonstrates our commitment not only to sustainable development, but also to ensuring that we exercise global best practice.” said Mr Boukadida. 


“The funding we have secured for this major project through our partnership with First Abu Dhabi Bank and Abu Dhabi Global Market is not only the first in global aviation, but also one of the first in the Middle East region,” he said. “It highlights our commitment to innovation, and Abu Dhabi's capability to deliver it.”  
Andy Cairns, Head of Global Corporate Finance at First Abu Dhabi Bank, said, “We are honoured to have led this inaugural SDG loan for Etihad Airways which evidences the company's commitment not only to its sustainability goals but also to innovative financing techniques. FAB congratulates Etihad on this achievement and on its leadership of the UAE's Green Agenda.” 

 

Richard Teng, CEO of the Financial Services Regulatory Authority at ADGM, commented, “ADGM welcomes this initiative, and congratulates Etihad and FAB, both signatories to the Abu Dhabi Sustainable Finance Declaration, which was initiated during ADGM's Abu Dhabi Sustainable Finance Forum (ADSFF) in January 2019. It is a positive demonstration of signatories working together to support positive economic, social and environmental impacts through sustainable finance.

 

“As we recently announced, ADGM is working closely with other UAE Authorities on developing the Sustainable Finance Guidelines, to further advance the UAE's economic diversification agenda and encourage new investment opportunities that enhance the quality and depth of sustainable investments in the country. ADGM remains committed to developing a vibrant and thriving sustainable finance hub and ecosystem that supports capital formation, raising and deployment as well as the creation and issuance of innovative products to achieve positive economic, social and environmental objectives.”



Posted by : GoDubai Editorial Team
Viewed 5167 times
Posted on : Sunday, December 8, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Opportunity for Aviation in Europe's Green Deal
Next Story : EASA extends Part 145 certification of SriLankan Engineering
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Drops of Youth
Valentine's Gifts to Fall in Love With
Start the Year with Gorgeous Glowing Skin with a Little Help from DERMAdoctor
The Tag Heuer Autavia
Corum Admiral's Cup Legend 47 Worldtimer'
Kanz Jewels proves to be a lucky destination for jewellery shoppers during DSF 2020.
Dubai Jewellers Expect a Steady Sale During the 25th Dubai Shopping Festival Pro...
Malabar Gold & Diamonds - New Store opened in Kanpur, UP, India
Show your Support for Australia alongside THT – That Hair Tho
The Winter Youth Olympic Games Lausanne 2020
OMEGA Ready to Time The Winter Youth Olympic Games Lausanne 2020
Eberhard & Co. Gilda timepiece makes an extraordinary Valentine's Day gift
Foreo Reveals the Ultimate Valentine's Gift List for Women
Zeitun Cosmetics Launch in UAE
Corum And Joachim Horsley Light Up The Folies Bergère
Elegant diamond-swathed Kalpa Kalparisma set to dazzle fine watch enthusiasts
160 Years Young: Tag Heuer Kicks Off a Milestone Anniversary With the Re-edition...
Beleaf's Top 5 Vegan Supplements
Seha Leads Discussions in Pediatric Medicine
Valentine's Day Fashion and Gifting - Steve Madden
Spice It Up With Szechuan! Shake Shack is Celebrating the Chinese New Year With ...
Oris pays tribute to the world's greatest jazz musicians with Art Blakey Limited...
Marks & Spencer Welcomes Spring with its Midi Dress Edit
Fashion and Gifting for Valentine's Day - ECCO
Traversetolo Vitre in blue dial makes stunning impact
Foreo Reveals the Ultimate Valentine's Gift List for Men
Etihad Airways and Easyjet Enter Into New Partnership
The Data Center Market in 2020: What to Expect
Celebration in Bahrain for Aga Khan Award Laureate “Revitalisation of Muharraq”
UAE Falconers League Kick Starts Competition with 10 teams in Al Ruwayyah
ADNEC to Host the World Future Energy Summit 2020
C Central Resort The Palm Welcomes 2020 with its Grand Opening in Dubai
OSN; The Only Place to Watch Golden Globe Winning and Nominated Content in the M...
Head to Freddy's for the Ultimate Frozen Custard Party
MoHAP's Training & Development Center Receives the Silver Award from the America...
Why this is the right time for TMCs to automate their processes?
Drive home more than just a car: Juma Al Majid offers value deals on new Hyundai...
HONOR Wins Big at CES 2020 with Growing Momentum of Wearables
Lg to Join Forces With Cerence on Ai-powered Connected Car Platform
Schools from across the UAE to battle it out at Credence High School's annual Qu...
EEC Engie Deploys Schneider Electric's New Medium Voltage SF6-Free Switchgear Te...
HINO trucks dominate the UAE's fuel delivery sector
Secure Technologies and Artificial Intelligence in Focus for Airbus at Intersec 2020
Etihad Guest Programme Welcomes Gulf Air as New Airline Partner
Why Video Surveillance Is Great for Retailers & Consumers
Filipino finds respite from a rare eye condition and poor vision
Daiso participates in DSF 2020 with a showcase of over 800 new products!
AU Offers 20% Discount to Ajman Government Staff
Beleaf Opens its Fifth Store in Springs Souk
16th SteelFab opens at Expo Centre Sharjah