First MENA Green Finance option from Emirates Islamic

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The partnership, signed on the side lines of WGES, aims to provide consumers with easy financing schemes to buy green products.

(3rd and 4th from left) Fahad Al Zarouni, Vice President – Priority Banking , Emirates Islamic and Fahad Al Gergawi, Secretary General, Green Economy Partnership. CEO, Dubai FDI at the signing ceremony.
(3rd and 4th from left) Fahad Al Zarouni, Vice President – Priority Banking , Emirates Islamic and Fahad Al Gergawi, Secretary General, Green Economy Partnership. CEO, Dubai FDI at the signing ceremony.

Dubai, United Arab Emirates: With an aim to provide customers with affordable access to green products, Dubai Green Economy Partnership (Dubai GEP) has signed an agreement with Emirates Islamic to provide easy financing options for individual consumers in Dubai to purchase green products on the Green Deal website. The agreement was signed on the sidelines of the World Green Economy Summit (WGES) recently.

As per the agreement, Emirates Islamic will provide financing for products available on the Green Deal e-commerce platform, including more expensive products like Solar PVs panels. Dubai GEP also believes that wider reach of the products will attract foreign investment into the sector. It is part of the overall strategy to foster stronger participation in community initiatives through providing innovative services and products to individuals.

Fahad Al Gergawi, Secretary General of Dubai GEP and CEO of Dubai FDI, commented: “The key element in achieving environmental sustainability is the role of the individual, and Green Deal is an effort to promote everyday sustainable practices at the grass-root level. Individuals may not want to pay out thousands on a device at once, but with an easy payment plan, this makes  it easy for consumers to go green. Our partnership with Emirates Islamic now offers long-term financing schemes that allow consumers to buy a green product without having to pay upfront .”

He added that increased adoption environmental technologies at a larger scale will, in turn, help speed up investment and trade flows to the region.

Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic commented: “We are pleased to be a partner in Dubai’s transformation to a green economy by making green products more easily available to the average consumer. We will offer flexible financing schemes at competitive rates through our range of credit cards and personal finance products. We expect that a convenient financing option will be a huge incentive for the higher uptake of products from the Green Deal platform.”

The Green Deal site features products that can improve sustainability in day to day life, which include technologies for Energy Efficiency, Solar Energy, Energy Auditing, Water Efficiency and Thermal Control.

Dubai Green Economy Partnership is the first multi-stakeholder and cross-sector partnership to promote the transition to a green and low-carbon economy in the Middle East. The programmes and initiatives of Dubai GEP aim to enable the growth of green trade and investment and accelerate the adoption of green technologies, products, and services across regional and global markets.

About Dubai GEP:

In May 2012, His Highness Sheikh Hamdan bin Mohammed bin Rashid al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the Dubai Green Economy Partnership (Dubai GEP), the first multi-stakeholder and cross sector partnership to promote green growth in the Middle East. Inspired by the long term national green economy strategy “Green Economy for Sustainable Development”, the partnership will help position Dubai firmly amongst global cities leading the transition to green economy. The programs and initiatives of Dubai GEP aim to enable the growth of green trade and investment and accelerate the adoption of green technologies, products, and services across regional and global markets.