Emirates Steel Arkan and First Abu Dhabi Bank to accelerate collaboration in carbon markets and commodity trading

Emirates Steel Arkan and First Abu Dhabi Bank to accelerate collaboration in carbon markets and commodity trading

- The MoU will support the development of high-integrity carbon markets and commodity trading platform

Abu Dhabi, United Arab Emirates: Emirates Steel Arkan (the “Group”; ADX: EMSTEEL), one of the largest publicly traded steel and building materials manufacturers in the region, has signed a Memorandum of Understanding (MoU) with First Abu Dhabi Bank (FAB) to collaborate on activities related to commodity trading, carbon credits and sustainable investments and deposits.

The signing took place on the sidelines of COP28 between Stephen John Pope, Group CFO, Emirates Steel Arkan, and Sameh Al Qubaisi, Group Head of Global Markets, FAB.

As part of the MoU, the parties will collaborate on existing and future Emirates Steel Arkan projects to identify effective strategies for hedging and trading carbon credits generated by the Group’s projects. Emirates Steel Arkan and FAB will also look to strengthen and expand their respective capabilities in the areas of sustainability-linked and green financing as well as carbon markets. This move comes in line with the Group’s commitment to supporting decarbonising in hard-to-abate sectors at COP28, through working with all stakeholders to achieve tangible emission reductions, reflecting the vision of the UAE and the COP28 Presidency.

Saeed Alghafri, CEO of Emirates Steel, an Emirates Steel Arkan