The National Bank of Abu Dhabi (NBAD) has closed the first
ever green bond from an entity in the Middle East, opening the
door to a new asset class in the region.
The bank first considered the deal last August, but delayed
it due to low investor appetite. The $587 million five-year
deal was issued almost immediately following its recently
closed merger with another Abu Dhabi-based bank, FGB.
The UAE has committed to efforts to reduce climate
changeNBAD will use the proceeds of the issuance,
listed on the London Stock Exchange, for a range of eligible
green projects including renewables, energy efficient
buildings, waste management and decarbonising
technologies."There’s clearly a push across the
region in terms of environmental concerns and sustainability,
so we would expect others to be...