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GREEN FINANCE-
Al Rayan Bank and HSBC partner on ESG-linked Islamic repo: Qatari Islamic bank Al Rayan Bank (Masraf Al Rayan) and HSBC have completed what the pair described as the “first Islamic ESG KPI-linked” repurchase agreement (repo), according to a disclosure (pdf). The exact size of the repo wasn’t disclosed.
What we know: The deal will support the Sustainable Performance Targets (SPTs) that Al Rayan Bank must meet over the next three years as part of its Sustainable Finance Framework (pdf), which was launched in 2022 to support Qatar’s net zero goals and the Qatar National Vision 2030. The bank currently offers a range of Environmental, Social, and Governance (ESG) products, such as EV financing and green deposits.
GREEN MANUFACTURING-
Drydocks opens advanced infrastructure-making facility: Offshore construction services company Drydocks World has opened its South Yard manufacturing expansion, Wam reported on Monday. The new 75k sqm facility — powered entirely by solar energy — will allow the company to expand its fabrication capacity by 40%. Designed to support Drydocks in expanding its renewable energy infrastructure manufacturing capacity, particularly for offshore wind developments, the expansion will also allow the company to handle multiple complex, large-scale fabrications simultaneously.
ENERGY EFFICIENCY-
Bahrain’s tech firm Beyon extends sustainability partnership with Ericsson: Swedish telecommunications company Ericsson and Bahraini technology group Beyon have renewed their sustainability partnership to boost circular economy practices and energy efficiency in Bahrain’s telecom networks, according to a press release. The partnership — launched in early 2024 — has helped the Beyon-owned telecom company Batelco cut its energy consumption by 30% using Ericsson’s 5G technology and energy-saving software, Zawya reported. The pair also launched an e-waste recycling initiative to support circular economy practices.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- UAE joins ATS: The UAE has acceded to the Antarctic Treaty System, allowing it more involvement in polar research through its Emirates Polar Programme, including on polar marine conservation. The ascension will allow the country to attend the Antarctic Treaty Consultative Meeting, participate in research, and establish a physical presence in the polar region. (Wam)
