Emirates Global Aluminium PJSC (EGA) became among the first companies in the Gulf region to open sustainable corporate bank accounts with Citi and Standard Chartered bank this week.
The sustainable corporate bank accounts EGA opened will ensure that the cash balances are used to invest in sustainability projects in other areas. The funds in the interest-bearing account are to be used for daily and short-term operations.
Zouhir Regragui, Chief Financial Officer of Emirates Global Aluminium, said in a press release that this is an important step in funding sustainability projects.
“The aluminium EGA produces plays a key role in the development of a more sustainable society worldwide. It also matters how sustainably aluminium is made, and we are embedding sustainability throughout our company – from focusing on decarbonisation to reporting publicly on our sustainability progress. Ensuring our cash balances at the bank also contribute to enhancing sustainability economy-wide is in line with the overall direction of EGA.”
The Citi sustainable deposit accounts allow for large companies like EGA to utilize excess funds to benefit environmental and social projects.
Steven Buonvino, Head of Corporate and Public Sales, Treasury and Trade Solutions, EMEA Emerging Markets at Citi, noted the strategic importance of such accounts.
“Sustainability is a key strategic priority for our clients and Citi’s deposit strategy is one of the innovative ways we’ve embedded our commitment in our products and services to help our clients advance their sustainability goals by offering sustainable deposit solutions in UAE. We’re pleased to be working with EGA and look forward to support EGA in the sustainability journey.”
Standard Chartered’s sustainable deposit accounts are part of a larger Green and Sustainable Product Framework that the firm developed with Sustainalytics and debuted in 2019.
Mohammed Salama, Managing Director, Regional Head of Commercial, Corporate and Institutional Banking for MENA at Standard Chartered Bank, said the sustainable deposit accounts represent an important facet in promoting sustainability in the region.
“We believe, that the sustainable proposition extends beyond financing, it covers the economy and clients’ end-to-end needs. Standard Chartered Bank has been a key catalyst of the sustainability agenda in UAE as well as the MENA region, and our engagement has spread across market leaders and national champions like EGA, offering a wide range of products and services.”
Based in Abu Dhabi, United Arab Emirates, Emirates Global Aluminium is an aluminium conglomerate created by the merger between Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) in 2013. EGA had an estimated enterprise value of US$15 billion at the time the merger took place. The firm is owned equally by Mubadala Development Company of Abu Dhabi and Investment Corporation of Dubai. Emirates Global Aluminium holds interests in bauxite/alumina and primary aluminium smelting.