Emirates NBD, Siemens partner to finance UAE green infrastructure push

By Puja Sharma

Collaboration highlights Emirates NBD and Siemens’ commitment to expand the integration of energy efficiency measures by combining green tech and credit solutions

Emirates NBD, a banking group in the Middle East, North Africa and Türkiye (MENAT) region, has partnered with Siemens, a global technology firm to announce an innovative finance and resourcing agreement aimed at accelerating the funding of future green infrastructure projects in the UAE.

The agreement is the culmination of an extensive and strategic collaboration that synergises technology, sustainability, and finance, and is fully aligned with the UAE’s Net Zero by 2050 Strategic Initiative. A key objective of this initiative is to enhance and integrate energy efficiency projects, prioritising sustainability through the adoption of cutting-edge technologies.

Throughout the agreement’s development, both Emirates NBD and Siemens demonstrated a strong  commitment to aligning on critical areas related to credit and operational considerations. The structure of this deal is designed to serve as a replicable model for future initiatives, reinforcing Emirates NBD’s role as a catalyst for sustainable development.

Emirates NBD was approached by Siemens to develop and design the administrative, technical and structural aspects of the agreement. This collaboration resulted in the creation of a unique credit framework, complemented by an innovative suite of financing tools. These resources will support green infrastructure projects from installation through their entire lifecycle, including decarbonisation efforts.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “Emirates NBD’s role in developing this expansive agreement with Siemens highlights our commitment to helping the UAE reach its sustainability and decarbonisation ambitions. It reinforces our goal to expand important working relationships with multinational conglomerates that share our ESG vision and are eager to establish new opportunities for growth within the fields of energy efficiency and sustainable technologies.”

He added: “By increasing our presence in the sustainability sector, Emirates NBD is well positioned to become the banking partner of choice to provide clients with access to the trusted, secure, and transparent financing solutions they need to drive continuous innovation and long-term success.”

Helmut von Struve, CEO of Siemens in the UAE, said: “Decarbonising infrastructure is a critical part of achieving the energy transition. The technologies required to accelerate energy efficiency progress are available today, but implementation needs to speed up to reach global goals. As a proud member of the Global Energy Efficiency Alliance, an initiative spearheaded by the Ministry of Energy and Infrastructure in the UAE, we are leveraging our global expertise in energy efficiency to support the UAE’s Net Zero goals. Collaboration is at the heart of transformation and by working together with governments, industries, and financial institutions, we can scale the solutions needed to drive meaningful change.”