Dubai GEP, Emirates Islamic sign pact to offer ‘green finance’

Dubai / Emirates Business

With an aim to provide customers with affordable access to green products, Dubai Green Economy Partnership (Dubai GEP) signed an agreement with Emirates Islamic to provide easy financing options for individual consumers in Dubai to purchase green products on the Green Deal website. The agreement was signed on the sidelines of the World Green Economy Summit (WGES) recently.
As per the agreement, Emirates Islamic will provide financing for products available on the Green Deal e-commerce platform, including more expensive products like Solar PVs panels. Dubai GEP also believes that wider reach of the products will attract foreign investment into the sector. It is part of the overall strategy to foster stronger participation in community initiatives through providing innovative services and products to individuals.
Fahad Al Gergawi, Secretary General of Dubai GEP and CEO of Dubai FDI, commented: “The key element in achieving environmental sustainability is the role of the individual, and Green Deal is an effort to promote everyday sustainable practices at the grass-root level. Individuals may not want to pay out thousands on a device at once, but with an easy payment plan, this makes it easy for consumers to go green. Our partnership with Emirates Islamic now offers long-term financing schemes that allow consumers to buy a green product without having to pay upfront .”
He added that increased adoption environmental technologies at a larger scale will, in turn, help speed up investment and trade flows to the region.
Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic commented: “We are pleased to be a partner in Dubai’s transformation to a green economy by making green products more easily available to the average consumer. We will offer flexible financing schemes at competitive rates through our range of credit cards and personal finance products. We expect that a convenient financing option will be a huge incentive for the higher uptake of products from the Green Deal platform.”
The Green Deal site features products that can improve sustainability in day to day life, which include technologies for Energy Efficiency, Solar Energy, Energy Auditing, Water Efficiency and Thermal Control.
Dubai Green Economy Partnership is the first multi-stakeholder and cross-sector partnership to promote the transition to a green and low-carbon economy in the Middle East. The programmes and initiatives of Dubai GEP aim to enable the growth of green trade and investment and accelerate the adoption of green technologies, products, and services across regional and global markets.