Prime Minister announces new green finance deal in the UAE
New £31 million clean growth loan from UK Export Finance to complete the construction of Bee’ah’s new green headquarters in Sharjah, UAE
- £31 million loan from UK Export Finance enables the completion of Bee’ah’s headquarters – an award-winning environmental management company in the UAE
- British-designed building is intended to transform attitudes and behaviours towards the environment in the region
- Announcement comes during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi
UK Prime Minister Boris Johnson has announced today (Thursday, September 16) that a £31 million clean growth loan from UK Export Finance (UKEF) will help finish the new headquarters of one of the UAE’s leading environmental management firms.
Announced alongside the ‘Partnership of the Future’ during His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, visit to the UK, the project is a shining example of British innovation in sustainable construction within the UAE.
The new green building, designed by late British architect Dame Zaha Hadid, founder of Zaha Hadid Architects, will be entirely powered by renewable energy generated from its solar panels and waste-to-energy systems and be one of the most sophisticated ‘smart offices’ in the world.
Computer generated image render of planned interior of Bee’ah headquarters.
It’s the first clean growth loan issued by UKEF, the UK’s export credit agency, in the Middle East as the department continues to ramp up its green financing. The support comes from UKEF’s Clean Growth Direct Lending Facility, which dedicates £2 billion of funding for clean growth and renewable energy projects, and was facilitated by HSBC.
UKEF’s backing for the project sees around one-third of the value of this green contract being delivered by UK companies, including design, engineering and smart office services, delivering on the Prime Minister’s Ten Point Plan to grow Britain’s clean growth sector.
This support enhances the original UKEF loan provided to Bee’ah after the building scope was expanded and ensures increased procurement from the UK. The building now includes new interalia office-of-the-future technologies that makes it one of the first artificial intelligence integrated buildings of its kind in the world, a project that was already recognized with the Digie Award for “Most Intelligent Building – Corporate Headquarters”.
Computer generated image render of planned interior of Bee’ah headquarters.
Louis Taylor, Chief Executive of UK Export Finance, said:
With COP26 just around the corner, UKEF is opening 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 deal is funding sustainable infrastructure in the UAE and reflects both countries’ shared commitment to protecting the environment.
Salim Bin Mohammed Al Owais, Chairman of Bee’ah, said:
As the Gulf region’s leader in sustainability, we are proud to be part of the new green finance deal that will further our sustainability ambitions in the region and bring our great nations closer together. The Bee’ah headquarters will stand as the manifestation of our two critical pillars of sustainability and digitalisation, as we strive towards creating a smarter, greener future for our region.
Sara Sheikh Akbari, Associate Director at Zaha Hadid Architects, said:
The new Bee’ah headquarters incorporates the highest standards of design to create a building where sustainability and technology work together to drive positive change. We are proud that Bee’ah’s new headquarters will achieve LEED Platinum certification – the highest possible rating under the internationally recognised US Green Building Council standards.
Abdulfattah Sharaf, HSBC UAE CEO and Head of International, said:
HSBC is committed to the transition to a global net zero economy, not just by playing our part, but by helping to lead it. We’re doing this across the bank, supporting our customers in their own transitions, mobilising finance and accelerating innovation, and working in partnership with our customers to realise the opportunity to build a more sustainable, resilient, and prosperous future.
Background
About Bee’ah
An innovation leader and a pioneering force for sustainable solutions in the Middle East, Bee’ah is a public-private partnership company that was founded in 2007. With ventures in industries ranging from Waste Management to Environmental Consulting, Renewable Energy, Technology, Sustainable Transportation, and Training & Development, Bee’ah is creating a better quality of life for all cities and communities in the region.
Bee’ah has executed a comprehensive strategy focused on sustainability and digitalisation, which has reaped rich benefits in the form of the region’s highest waste diversion rates, and the GCC’s first waste-to-energy plant. Bee’ah has supported the region’s agenda for a circular economy and personifies the UAE’s ambitions in leading the dialogue surrounding sustainability in the MENA region.
For more information, please visit Bee’ah’s website and connect on social media:
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 an integral part of its strategy and operations.
Established in 1919, it exists to ensure that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.
Last year, UKEF launched a £2 billion direct lending facility for clean growth and renewable energy projects. Eligibility for this is based upon the core indicators of the ICMA Green Bond Principles.
Contact
Media enquiries: Andy Aston, Head of News and Corporate Communications
Email Andy.Aston@ukexportfinance.gov.uk
Mobile +44 (0)7458 047053