Deal to boost financing for future green infrastructure projects in UAE
Emirates NBD (ENBD) has partnered with Siemens 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.
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 at 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.' 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.'
At the end of last month, Al Fanar Gas Group, the energy arm of EHC Investment, has signed a strategic Memorandum of Understanding (MoU) with Siemens Energy, to jointly advance decarbonisation and clean energy innovation across the UAE.
The agreement, signed on the sidelines of the World Utilities Congress 2025 in Abu Dhabi, supports the UAE Net Zero 2050 Strategy.
The two companies will co-develop clean energy solutions that integrate advanced digital technologies into energy and industrial infrastructure, with a focus on areas such as hydrogen and Power-to-X, flare gas management, and port and vessel electrification.
These efforts will be backed by rigorous feasibility studies to identify scalable solutions that can be seamlessly integrated into existing energy networks.
The collaboration will also leverage Siemens Energy's global expertise in digitalizsation to introduce intelligent systems that optimise energy consumption, monitor emissions, and streamline operations - accelerating the energy transition in a practical and measurable way.
Khaled Ben Said, CEO of Al Fanar Gas Group, commented, 'This partnership is not just about technology - it's about responsibility. As a UAE company, we see it as our duty to help shape an energy future that reflects the values and ambitions of our leadership.'
'Working with Siemens Energy allows us to pair local insight with global innovation to address the region's most pressing energy challenges. This MoU is a commitment to actionable progress - not in the distant future but starting now.'
Khalid Bin Hadi, Managing Director for the UAE, Siemens Energy, said, 'The MoU reflects our commitment to working with regional partners to explore practical pathways towards decarbonisation. We look forward to collaborating with Al Fanar Gas Group to identify solutions that are both scalable and aligned with the UAE's long-term sustainability objectives.'
Earlier Emirates NBD, a leading banking group in the Menat (Middle East, North Africa and Türkiye) region, has partnered with Sidara, a global collaborative of specialist architecture, engineering and consulting brands, to arrange a $50 million Sustainability Linked Loan (SLL).
Aligning Sidara's financial strategy with its sustainability objectives, this strategic move marks Sidara's first SLL and positions the company as one of the first movers to enter the green finance market in the region.
The new loan structure ties financial incentives to Sidara's sustainability performance, encouraging the company to adopt more responsible and more sustainable operational practices.
The proceeds of the loan will fund Sidara's working capital requirements and will prominently include allocations dedicated to supporting Sidara's transition towards net zero operations, in line with its global commitment to the World Green Building Council's Net Zero Buildings Commitment as well as the UAE Pledge for Net Zero.
Pri McNair, Group Co-Head of Coverage at Emirates NBD, commented, 'By supporting Sidara in transitioning their regional operations and service offerings towards greater environmental sustainability, Emirates NBD is once again showing that it is at the forefront of driving significant change, both in propelling clients' growth towards more environmentally friendly financial practices, and also in shaping a more sustainable world.
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