Financial
Promoting Sustainable Development in the UAE and Beyond
In an interview with Exim Finance’s co-founder, Mr. Salah Al Nasser, we explore the company’s critical role in advancing sustainable development across the UAE and the broader region. The discussion highlights the progress in sustainable finance, the transformative impact of technology on sustainability, and strategic investments in food security and water conservation. Exim Finance also underscores the significance of recognizing sustainability leaders through initiatives like the VerdExim Sustainability Award.
Based on your extensive experience in institutional investment management, what have been the most important developments in sustainable finance over the last decade?
The most important developments in sustainable finance include the integration of ESG criteria into investment decisions, the growing investor demand for responsible investments, and the enhanced regulatory frameworks that have significantly shaped the field.
Over the past decade, sustainable finance has experienced notable growth, particularly in ESG investing, green bonds, and sustainability-linked loans. Regulatory changes, such as the EU’s SFDR, have improved transparency and standardized sustainability metrics, driving more capital towards sustainable investments. Key developments include:
A) Increased investment focus on sustainable and climate-smart projects and innovations, exemplified by the commitments made each year at the COP conferences.
B) The introduction of new financing tools and mechanisms focused on sustainability, such as blended finance and carbon credits.
How do you perceive the role of technology in advancing sustainability in the future?
Technology plays a pivotal role in advancing sustainability by driving innovations in sustainable machines and equipment. These advancements help reduce environmental impact, increase efficiency, and support sustainable practices across various industries. By leveraging cutting-edge technology, we can develop solutions that contribute to a more sustainable future.
Notably, technology is instrumental in renewable energy, smart grids, and AI-driven environmental monitoring. These innovations enable more efficient energy use, improved resource management, and support for circular economy practices. As technology continues to evolve, sustainable ventures will become increasingly cost-competitive compared to traditional business models, making technology a key enabler in the pursuit of sustainability
Could you explain why investment in food security is important? Additionally, could you explore some key strategies for implementing sustainable land management practices that enhance food security?
Key strategies for enhancing food security include adopting vertical farming methods to optimize space and resources, utilizing hydroponic and aeroponic systems to minimize water usage, and integrating advanced technologies for precision agriculture. These practices boost crop yields, reduce environmental impact, and enable year-round food production. Investing in food security is essential for economic stability and addressing global challenges such as climate change and water scarcity. It also supports public health by reducing hunger and malnutrition, ensuring stable access to nutritious food. Sustainable land management strategies, including agroecology, water-efficient irrigation, crop diversification, and conservation agriculture, enhance food production and resilience.
This region faces a critical water scarcity problem. Is this an important focus area for Exim Finance?
Addressing water scarcity is paramount for the region, and Exim Finance is at the forefront of sustainable water management. We invest in water-efficient technologies and infrastructure and support policies that promote water conservation. A prime example is the Regen Project, where our manufacturing process operates without water consumption, achieving unparalleled water efficiency and sustainability by eliminating wastewater production.
Water scarcity remains a critical concern, and Exim Finance is dedicated to investing in projects that advance water conservation and efficiency. Our investments in recycling and desalination technologies contribute to a more sustainable water future. This commitment is evident in our recent engagements in agriculture and food security projects, which adopt water-saving measures and circular models. Initiatives like green organic fish farming and microalgae production exemplify our approach to using less water while promoting sustainable practices.
How important is awarding and recognizing companies working with sustainability as a key concern globally? What is Exim’s vision in this sphere of work?
Recognizing and awarding companies for their sustainability efforts is vital in encouraging best practices and fostering innovation. Exim Finance is dedicated to promoting sustainable business practices and supports companies committed to environmental and social responsibility. By highlighting companies that prioritize sustainability, we inspire others to follow suit and adopt similar practices.
Exim Finance actively supports sustainability leaders by offering financing solutions that reward environmentally and socially responsible business practices. This approach not only enables these companies to scale but also ensures they have a meaningful impact on global sustainability. Our vision is exemplified by the annual VerdExim Sustainability Award, a global platform that recognizes and celebrates startups making significant contributions to sustainability.
The VerdExim Sustainability Award underscores Exim Finance’s commitment to fostering a sustainable future by supporting innovative startups in their initiatives. Through this award, we aim to drive global sustainability efforts and inspire a new generation of environmentally and socially conscious businesses.
Explain how Exim Finance promotes sustainable development in the UAE and the wider region.
Exim Finance is committed to promoting sustainable development by facilitating export finance backed by ECA guarantees and providing corporate guarantees through connected companies. Our support extends to projects that enhance environmental and social sustainability across the UAE and the wider region.
A key aspect of ECA financing is the integration of ESG criteria, ensuring that all projects undertaken by Exim Finance are inherently sustainable. We fund renewable energy, sustainable agriculture, and green infrastructure projects, thereby fostering a more sustainable economy. Additionally, we facilitate green bonds and sustainability-linked loans, which support the transition to a greener future.
Our commitment to sustainability is further demonstrated through:
A) Investing in sustainable ventures and projects across the region. B) Awarding and recognizing sustainable companies annually through the VerdExim Sustainability Award.
By recognizing and supporting sustainability leaders, Exim Finance drives innovation and best practices, contributing to the global effort towards a sustainable future.
Financial
Dubai Islamic Bank Celebrates Fifth Cohort of High Potential Programme, Paving the Way for Future Leadership
Dubai Islamic Bank (DIB) celebrated a notable milestone with the successful graduation of the 5th batch of high potential employees in DIB’s High Potential Employee Development Programme (HIPO).
In the bank’s ongoing endeavour to hone talent within the organisation and provide them with a platform to excel individually as well contribute in fulfilling the bank’s ambitious growth opportunities, the HIPO programme began in 2015 and has already delivered an army of nearly 150 professionals who are not just excelling in the workforce but leading by example.
The 5th batch of HIPO graduates were felicitated by the Group CEO, Dr. Adnan Chilwan, as well as other executives from the senior leadership team of the organisation.
The HIPO programme is an 18-month intensive leadership training schedule that includes a comprehensive suite of assessments, specialised training, mentorship, and coaching. Developed in partnership with globally recognised institutions, HIPO equips participants to excel in their roles and drive the bank’s strategic objectives.
To ensure the momentum is maintained, DIB has begun rolling out nominations for the next cohort for the next programme that is scheduled to commence in Q4 2024.
Commenting on the success and effectiveness of the journey undertaken so far, Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, said, “The High Potential Programme is central to our inclusive talent development approach within the organisation, designed to prepare the next wave of leaders in the banking and financial sector. This initiative reflects our dedication to fostering outstanding talent by empowering individuals who possess the inherent traits with advanced skill sets ensuring both professional and personal elevation as well as quality contribution to further the organisation’s strategic goals. Our ambition is to unleash these individuals into the financial world so that they support and positively impact the larger economic objectives of the UAE. I extend my warmest congratulations to all our graduates and look forward to their future contributions to our collective ambitions. We also extend our profound thanks to all our partners for their enduring commitment and involvement in our training endeavours, which are crucial in systematically cultivating quality professionals within our organisation.”
As DIB steadfastly invests in its workforce, the bank upholds its position of leadership in the banking sector as an Employer of Choice, committed to promoting professional development and fostering inclusivity at every level of the organisation including the vital Emiratisation Agenda.
Financial
As a Key partner of the third edition, Bupa Arabia for Cooperative Insurance sponsors Saudi Games 2024
Bupa Arabia for cooperative insurance, announces sponsorship as a principal partner in the third edition of Saudi Games, under the slogan “ There are heroes among us”. This event is the biggest and the most important of its kind in the kingdom, and its organization comes as a part of the overall sporting initiative that originates from the Saudi vision of 2023. Bupa Arabia’s participation comes in the form of its constant care to provide the best and most sophisticated health care services for increasing fitness and performance with the goal of enhancing athlete’s experience.
Bupa’s participation in this event comes from its commitment to supporting sports events and activities, in addition to its effective goal of enhancing medical awareness in the community, In 2022, Bupa has launched “ Live Right” program to enhance healthy life patterns , and to accomplish the goal of its vision of improving life quality for every individual in the community. The program also encourages pursuing healthy habits through conducting effective and attractive learning sessions, and virtual training sessions, in the presence of doctors and specialists in the event to answer questions.
In this context, the executive manager in Bupa Arabia for cooperative insurance, Eng. Ali Sheneamer expressed his happiness to sponsor Saudi Games 2024 as a principal partner and he said: Saudi Games is a new opportunity to enhance the kingdom’s status in the medical and sports sector , adding that the company is always working to enhance healthy life patterns in the kingdom, through “Live Right” program that crowns the company’s efforts in pursuing healthy habits , it also contributes in enhancing medical awareness and encourages to pursue healthy habits and that’s according to the goals of the life quality program which is one of the kingdom’s vision 2030.
Sheneamer also added: Our support for the Saudi Games comes with our intentions to enable different sports and to put a spotlight on its importance to the youth, in addition to its importance in exploring Saudi talents, as well as reflecting our commitment for a promising future in the medical and sport sectors and enhancing the kingdom’s status globally in these sectors.
The third edition of the Saudi Games 2024, is considered one of the largest national sporting event in the kingdom and it’s a special opportunity to celebrate a mix of culture and sport, in which more than 6,000 athletes participate, hosting 53 different sports, under the supervision of more than 2000 administrative and technical supervisors representing 200 clubs across the kingdom, which contributes to create sports generation that can represent the kingdom in different international sports forums , showing the kingdom’s hosting abilities.
Financial
QUBE Development Shares Insights on UAE’s Real Estate Market
QUBE Development, the renowned international real estate developer, known for their trailblazing building solutions, shares its insights on UAE’s real estate market, which continues to garner strong demand from investors from all over the world. The growing surge is due to various factors with the off-plan market being the major contributor and responsible for 65 percent of overall sales transactions for the month of August 2024, a 54% volume increase from what was recorded during the same period last year.
According to data analytics online platform, Statista, the UAE real estate market is anticipated to reach a value of AED 2.5 trillion by the end of 2024. This growth is spearheaded by the increasing influx of high-net-worth individuals (HNWIs), who have entered the market looking for strong investment opportunities with a focus on the luxury property sector, primarily in the off-plan market where a high number of ultra-luxury projects and megaprojects are currently underway.
The global interest has been recognized by QUBE, who have recently launched their first residential project ‘Cubix Residences’ located in Jumeirah Village Circle (JVC) and providing a focus on durability, reliability, sustainability, and exceptional quality to the family-oriented community in the area. This is just the first of many projects to follow as the company has announced its plans to invest an additional AED 2.6 billion worth of inventory into the Dubai market by the end of 2025 to continue expanding its portfolio in this prime market.
Construction Director of QUBE Development, Ramy Abdel Kader, commented: “Cubix Residences is progressing on schedule, with construction now reaching 25%. The surging demand for premium real estate in Dubai reinforces our commitment to deliver efficiently and to the highest standards. At QUBE Development, we provide sustainable, high-quality developments that cater to the evolving needs of urban living. As we move forward, we look forward to unveiling more innovative projects that will continue shaping Dubai’s real estate landscape.”
With a commitment to sustainable design and community engagement, QUBE Development’s ambition is to make a positive and lasting impact by enhancing the quality of life for all residents through its future developments. By contributing to the well-being of the community and encouraging a healthier, happier tomorrow for everyone, the company looks forward to continuing its efforts in building communities and fostering a strong sense of connection among UAE residents.
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