Prime Minister announces new green finance deal in UAE

  • £ 31million loan from UK Export Finance enables completion of the head office of Bee’ah – an award-winning environmental management company in the United Arab Emirates
  • The British-designed building is intended to transform attitudes and behavior towards the environment in the region
  • The announcement comes during the visit of His Highness Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates to the United Kingdom

UK Prime Minister Boris Johnson announced today (Thursday 16 September) that a £ 31million clean growth loan from UK Export Finance (UKEF) will help complete the new head office of one of the United Arab Emiratesof the main environmental management companies of.

Announced alongside the ‘Partnership of the Future’ during the visit of His Highness Mohammed bin Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, to the United Kingdom, the project is a shining example of British innovation in sustainable construction within the United Arab Emirates.

The new green building, designed by the late British architect Dame Zaha Hadid, founder of Zaha Hadid Architects, will be powered entirely by renewable energy generated from its solar panels and waste-to-energy systems and will be the one of the most sophisticated “smart offices”. in the world.

Rendered computer generated images of the planned interior of Bee’ah Headquarters.

It is the first clean growth loan issued by UKEF, the UK’s export credit agency, in the Middle East as the department continues to increase its green funding. Support comes from UKEFClean Growth Direct Lending Facility, which provides £ 2 billion in funding for clean growth and renewable energy projects, and was facilitated by HSBC.

UKEF‘Support for the project sees around a third of the value of this green contract being delivered by UK companies, including design, engineering and smart office services, implementing the Premier’s ten-point plan. minister to develop Britain’s clean growth sector.

This holder improves on the original UKEF loan given to Bee’ah after expanding the scope of the building and secures increased purchases from UK. The building now includes new office technologies of the future, among others, which make it one of the first buildings integrated with artificial intelligence of its kind in the world, a project which has already been awarded the Digie Prize for ” Smarter Building – Headquarters ”.

Rendered computer generated images of the planned interior of Bee’ah Headquarters.

Louis Taylor, Managing Director of UK Export Finance, said:

As COP26 approaches, UKEF opens new frontiers for green exporters. This building will be a beacon for the possibilities offered by green technologies and is a shining example of the expertise of British firms like Zaha Hadid Architects.

I am delighted that this landmark agreement is funding sustainable infrastructure in the United Arab Emirates and reflects the common commitment of the two countries to protect the environment.

Bee’ah President Salim Bin Mohammed Al Owais said:

As a sustainability leader in the Gulf region, we are proud to be part of the new green finance deal that will strengthen our sustainability ambitions in the region and bring our great nations closer together. Bee’ah Headquarters will be the manifestation of our two essential pillars of sustainability and digitization as we strive to create a smarter, greener future for our region.

Sara Sheikh Akbari, Associate Director at Zaha Hadid Architects, said:

Bee’ah’s new headquarters incorporates the highest design standards to create a building where sustainability and technology work together to drive positive change. We are proud that Bee’ah’s new head office has achieved LEED Platinum certification – the highest rating possible under internationally recognized US Green Building Council standards.

Abdulfattah Sharaf, HSBC United Arab Emirates CEO and Head of International, said:

HSBC is engaged in the transition to a net zero global economy, not only by playing our part, but by helping to lead it. We do this across the bank, supporting our clients in their own transitions, mobilizing funding and accelerating innovation, and working in partnership with our clients to seize the opportunity to build a more sustainable, resilient and sustainable future. prosperous.

Background

About Bee’ah

A leader in innovation and a pioneer in sustainable solutions in the Middle East, Bee’ah is a public-private partnership company founded in 2007. With companies in sectors ranging from waste management to environmental consulting, to renewable energies , technology and sustainable transport. , and Training & Development, Bee’ah creates a better quality of life for all cities and communities in the region.

Bee’ah implemented a comprehensive strategy focused on sustainability and digitization, which reaped rich benefits in the form of the region’s highest waste diversion rates and the world’s first waste-to-energy plant. CCG. Bee’ah has supported the region’s agenda for a circular economy and personifies the United Arab Emiratesambitions to lead the dialogue on sustainability in the MENA region.

For more information, please visit the Bee’ah website and connect on social media:

Go to Bee’ah on Facebook

Go to Bee’ah on Twitter.

About UK Export Finance

UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as part of its strategy and operations.

Established in 1919, it exists to ensure that no viable UK export fails for lack of private market funding. It provides financing and insurance to help exporters win, complete and get paid for export contracts.

Last year, UKEF launched a £ 2 billion direct loan facility for clean growth and renewable energy projects. Eligibility is based on the core indicators of the ICMA Green Bond Principles.

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