FAB, the Largest Bank in the UAE, Commits to Offering 500 Billion Dirhams in Green Finance Over the Next 7 Years

The largest bank in the UAE, First Abu Dhabi Bank (FAB), has pledged $135 billion by 2030 for sustainable and transition financing. This commitment represents an 80% increase from FAB's 2021 commitment and stands as the most substantial sustainable finance commitment from any bank in the Middle East and North Africa (MENA) region to date.

FAB's Chairman, Sheikh Tahnoon bin Zayed Al Nahyan, highlighted the bank's deep integration into the UAE's climate and net-zero goals. This commitment aligns with the global effort to achieve net-zero emissions. Hana Al Rostamani, FAB Group CEO, aims to unlock 80% more resources for transition finance, emphasizing FAB's strategy of deploying finance, advisory services, and innovation at scale to support the UAE's development as a green finance hub.

Since 2021, FAB has facilitated over $27 billion in sustainable projects, encompassing initiatives in renewable energy, clean transportation, green buildings, and social projects. Noteworthy projects include solar-energy initiatives, green buildings, and a wastewater plant.

FAB's sustainable finance projects span various geographical regions, with 57% in the UAE, 21% in Saudi Arabia, 11% in Singapore, 5% in Bahrain, and the remainder in Europe, the Americas, and South Asia. Of the financing, over 86% is conventional, with 14% through Islamic financing.

FAB's commitment underscores its pivotal role in accelerating the decarbonization journey and supporting the UAE's vision for a sustainable and environmentally conscious future.