Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report aligned with IFRS S1 and S2

Dubai, UAE: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has set a new benchmark by leading the way in transparency and accountability with the publication of its first independent Emirates NBD Group 2024 IFRS S1 and S2 report ('ISSB Report') for the year ended 31 December 2024. The ISSB Report includes assurance of financed emissions and comprises of the sustainability-related financial disclosures and climate-related disclosures for the Group and all its subsidiaries.
In June 2023, the International Sustainability Standards Board (ISSB) had published its inaugural standards IFRS S1 and IFRS S2 paving the way for a transformative phase of sustainability-related disclosures in capital markets worldwide. IFRS S1 provides a set of disclosure requirements about the sustainability-related risks and opportunities while IFRS S2 sets out specific climate-related disclosures and are designed to be used with IFRS S1.
Emirates NBD's inaugural ISSB report reflects the commitment to integrating sustainability into financial decision-making. It provides insights into the Group's governance, strategy, risk management, metrics and targets around sustainability and climate-related risks and opportunities.
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: 'We are proud to be the first bank in the MENA region to publish our inaugural ISSB-compliant report, leading the way in sustainability reporting. The publication of the report, will not only help build customer trust and enhance confidence in the Group's sustainability practices, but also strengthen the bank's reputation and brand image among investors and the community.'
Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, said: 'The publication of our first independent ISSB report is a significant milestone in our sustainability journey. The Group has been actively integrating sustainability-aligned goals into its daily operations and overall business strategy. We remain committed to delivering long-term value and will continue to invest in avenues that boost sustainable economic progress, while adhering to the highest standards of governance and transparency.'
Manoj Chawla, Group Chief Risk Officer at Emirates NBD, said: 'As accountability, transparency, and sustainability-related disclosures become increasingly critical in an evolving risk environment, our latest report reaffirms our unwavering commitment to responsible banking. By enhancing our disclosures and integrating sustainability into our risk management framework, we strive to make a positive impact across all our stakeholders.'
The ISSB was formed by the IFRS Foundation in 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB developed IFRS S1 and IFRS S2 standards in response to widespread market demand and input from key stakeholders including the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), and leaders from the business and investor community. The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements within the same reporting package. The global applicability of the standards establishes a unified baseline for sustainability reporting worldwide.
-Ends-
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com
Burson
Dubai, UAE
Email: emiratesnbd@bm.com

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The National

2 days ago

• The National

Oil prices drop but on track to post a weekly gain fuelled by Israel-Iran air strikes

Oil prices fell on Friday but are on track to post a third consecutive weekly gain as air strikes between Israel and Opec member Iran stoked supply concerns in global markets. Brent, the benchmark for two thirds of the world's oil, was down 2.66 per cent at $76.75 a barrel at 10.33am UAE time. West Texas Intermediate, the gauge that tracks US crude, was trading 0.19 per cent lower at $75 a barrel. 'Oil prices have been the primary market expression of the dynamics of the current Israel-Iran war,' Edward Bell, acting group head of research and chief economist at Emirates NBD, said. 'Oil assets, whether production sites or export infrastructure or ships, have not been directly targeted in the exchange of fire between the two countries, but markets are nevertheless pricing in security of supply concerns.' Prices have been trading higher since the conflict broke out between Iran and Israel on June 13. Brent and WTI surged as much as 13 per cent in the first few hours of trading after the conflict began due to supply-related concerns. They settled around 8 per cent higher on the first day. Iran is the third-biggest producer of oil among the Opec group, with a total production of 3.3 million barrels per day. Concerns have also grown that the Strait of Hormuz, a key sea passage in the Arabian Gulf that helps oil tankers transport about 20 million barrels of oil and refined products every day, would be shut by Iran. US President Donald Trump said he will decide 'in the next two weeks' whether his country will join Israel's war on Iran, White House press secretary Karoline Leavitt said on Thursday. If the US joins the conflict, it is expected to further stoke tensions in the region and affect oil markets. 'Oil markets are accustomed to geopolitical risk and there is slack available in the market to absorb at least some of the anxiety over supply security,' Mr Bell said. He added that spare capacity within Opec+ is estimated at around 5 million barrels per day, 'though with the caveat that much of that capacity is reliant on access to the Strait of Hormuz to make it out to seaborne markets'. Spare capacity is the volume of production that can be brought on within 30 days and sustained for at least three months. Mr Bell also added there had been no material interruption to shipping in the Gulf region and oil continued to be exported from key market, including the UAE. "We're starting to hear impressive forecasts – as is always the case in escalation markets, with some pointing to a potential jump in crude prices to the $130–$150 per barrel range if Iran were to block oil and gas flows through the Strait of Hormuz, where 20 per cent of global supply transits," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. Citigroup analysts expect oil to spike to about $90 per barrel if the Strait of Hormuz is closed. However, a prolonged halt to shipping through the crucial waterway would be unlikely, Bloomberg reported, citing Citigroup analysts Anthony Yuen and Eric Lee.

Hi Dubai

3 days ago

• Hi Dubai

New Green Term Loan Secured for Galadari Sports Facility in Dubai

Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has announced the successful completion of a new Green Term Loan Facility with Galadari Sports, part of Galadari Brothers, a leading Dubai-based conglomerate, to fund the construction of a new sports complex in the emirate. The state-of-the-art facility will be built to the strict rules and parameters of Dubai Municipality's Sa'fat Gold certification for green buildings, while funding for the project aligns with Emirates NBD's Sustainable Finance Framework. Located in the Al Quoz neighborhood, the complex is among only a few privately funded developments that are targeting Sa'fat Gold certification. A flagship project for Galadari Sports, once completed, it will help to set new standards in sustainability for recreational buildings and associated infrastructure. As a key part of securing funding through Emirates NBD's Sustainable Finance Framework and official Loan Market Association (LMA) Green Loan Principles, construction of the new complex will adhere to stringent protocols governing building processes and materials, while regular environmental monitoring and annual impact reports will assess its ongoing compliance. Once completed, the new green-certified community facility will feature swimming pools, gyms, squash and padel courts, with power and utilities provided by innovative and sustainable systems including solar panels and water recycling. Emirates NBD is committed to enabling the UAE's transformation into a green, low-carbon economy through initiatives such as its Sustainable Finance Framework. Part of a wide-ranging economic empowerment strategy, Emirates NBD's Sustainable Finance Framework is aligned with the aims of the United Nations Sustainable Development Goals (SDGs) and the UAE's Vision 2030 and Net Zero 2050 plans. Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: This transaction between Emirates NBD and Galadari Sports is a clear and inspiring example of how sustainability-linked funding options continue to be a driving force in helping the UAE reach its Net Zero 2050 ambitions. The availability of new financing tools across sectors enables important collaborations between banking institutions and private companies, allowing for the creation of increased value through responsible, economically-empowering, and environmentally-friendly developments. Projects such as the Galadari Sports complex are at the forefront of a new wave of sustainable urban growth, with innovative green buildings – constructed according to the guiding principles of Dubai Municipality's Sa'fat Gold certification and aligned with Emirates NBD's Sustainable Finance Framework – providing essential services to communities. Mohammed Galadari, Co-Chairman and Group CEO of Galadari Brothers, said: This state-of-the-art project reflects our continued commitment to advancing sustainable development in the UAE. By investing in energy-efficient infrastructure and embracing green finance, we are proud to support the nation's Net Zero 2050 agenda while delivering long-term value to our communities. Our partnership with Emirates NBD marks a significant milestone for Galadari Brothers and reinforces our belief in the power of responsible, future-focused development. As we expand our presence in the wellness and recreation sector, sustainability will remain a core pillar of our long-term vision and growth strategy. News Source: Burson Global

Khaleej Times

3 days ago

• Khaleej Times

Current oil spike does not match market fundamentals

The current spike in oil prices as a result of the Iran-Israeli conflict is to be viewed as a temporary phenomenon, as there is no change in oil market fundamentals, analysts say. 'Oil and gas are still flowing out from the Gulf. There are likely to be some consumers seeking to secure supplies in the short term to offset any potential interruption to supply and that is helping to push oil prices higher,' Edward Bell, Acting Chief Economist & Head of Research, Emirates NBD, told Khaleej Times. Oil prices have been the primary market expression of the dynamics of the current Israel-Iran conflict. Oil assets, whether production sites or export infrastructure or ships, have not been directly targeted in the exchange of fire between the two countries but markets are nevertheless pricing in security of supply concerns. In an immediate reaction to the news of the initial attacks on June 13 oil prices jumped sharply higher. Brent futures spiked to as high as USD 78.50/b and have since been responding to headlines, selling on market indications of a potential diplomatic solution and rising on anticipation that the conflict could deepen or spread. Volatility in oil prices has surged as markets price in a range of scenarios, all of which seemingly tilt toward the upside, such as attacks on oil infrastructure or the closure of the Strait of Hormuz. Options markets are positioned to the upside by the strongest degree since the start of the Russia-Ukraine war. Time spreads have also widened sharply into backwardation, reversing what had been an equivocal stance on the near-term outlook for oil market tightness over the rest of this year. 'At just shy of $5 per barrel in backwardation, the current 1-6 month time spread for Brent futures are above the 95th percentile of spreads dating back to 1990,' a research note from Emirates NBD said. Oil markets have also generally ignored downbeat economic data this week — a drop in US retail sales and a downgrade to growth from the Federal Reserve. Correlation with the US dollar has turned negative in the last several days after oil and the greenback had generally been moving in tandem for much of 2025. Oil and the dollar had been trading on a weak global growth narrative for the last few months thanks to the uncertainty caused by the tariffs introduced by the Trump administration. 'But now the geopolitical risk in the oil market is splitting the outlook for oil and the dollar, creating an even worse environment for central banks who will have to contend with slow growth and potentially even higher inflation,' Bell said. Geopolitical anxiety, if it does not result in actual supply disruption, tends to burn hot in oil markets but also burn fast, Bell said. 'Even the attacks on the Abqaiq oil processing facilities in 2019 saw a spike in oil from $60 per barrel to almost $70 per barrel in a single day but gains then faded over the subsequent weeks. Oil markets are accustomed to geopolitical risk and there is slack available in the market to absorb at least some of the anxiety over supply security,' he added. Spare capacity within OPEC+ is estimated at around five million barrels a day, though with the caveat that much of that capacity is reliant on access to the Strait of Hormuz to make it out to seaborne markets. For now there has been no material interruption to shipping in the Gulf region. 'Since June 13 there has been a steady stream of departures from UAE oil export terminals,' Bell noted. Higher volumes with lower oil prices was going to result in wider fiscal deficits or smaller surpluses for GCC governments. 'If oil prices hold to their current levels and OPEC+ sticks with its higher output targets that should mean a better picture for regional balances,' Bell said.