ADIB-led consortium seals $480m deal to fund green Saudi initiatives

RIYADH: A consortium led by Abu Dhabi Islamic Bank has sealed a deal worth $480 million to fund green initiatives in Saudi Arabia.

ADIB will contribute $61 million of the total amount in its first-ever financing of green projects in the Kingdom, it said in a statement.

In cooperation with Mitsubishi UFJ Financial Holding Co., Alinma Bank, Riyad Bank, and Siemens Bank, the funds will be allocated to three wastewater treatment plants serving 2 million people.

“The treated water will contribute to efforts to conserve freshwater resources allocated to agriculture, and it is expected that the daily provision of water will directly contribute to the country’s water security,” the bank said.

“Financing these projects is an important part of efforts to develop green infrastructure in Saudi Arabia, and in line with our vision of being the most innovative Islamic bank in the world,” said Michael Davis, global head of commercial banking at ADIB.