First Abu Dhabi Bank, FAB, has successfully issued a landmark HKD750 million five-year Green Bond through a private placement.

In a statement by the bank on Monday, this deal represents the first Green Bond issuance by a MENA issuer denominated in Hong Kong Dollars, HKD, and the first Green Bond in HKD by an offshore financial institution.

Rula AlQadi, Head of Group Funding at FAB, said, "FAB has a clear track record when it comes to green finance and we are immensely proud to continue our leading work in this vital and burgeoning field. Achieving the first HKD-denominated Green Bond by a MENA issuer is another milestone achievement for the bank."

"Green finance promotes and supports sustainable business models, investments and policies, something that very much adheres to the FAB ethos, and this landmark deal is a testament to that. FAB is proud to support the nation’s sustainability objectives included in the UAE Vision 2021, the UAE Green Agenda 2015-2030, the Abu Dhabi Economic Vision 2030 and the United Nations’ Sustainable Development Goals for 2030, to which the UAE is committed," she added.

FAB is a pioneer in Green Bonds, being the first and only financial institution from the MENA region to have issued in this format. A debut $587 million issuance in 2017 was followed by a series of private placements in 2019. FAB has an established Green Bond Framework, which reflects the bank’s commitment to leading the green finance sector.

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