Finance & Capital Market

SABB named leading bank to back green projects in Mideast

The Saudi British Bank (SABB) has been named “The Leading Bank in Financing Sustainable Projects in the Middle East” for the year 2021 by Global Finance as part of its annual Excellence Awards.

SABB was chosen for this award based on a set of international standards of excellence in several areas, including sustainable finance, community support, emerging market development, and infrastructure. The award acknowledges the bank's efforts and contributions to sustainability of environmental, social and institutional governance in the Kingdom and the region as a whole.

The newly introduced awards program recognizes global and regional leadership in Sustainable Finance, funding for initiatives designed to mitigate the negative impacts of climate change and help build a more sustainable future for humanity.

Majed Najm, Deputy Managing Director of Corporate and Institutional Banking at SABB commented on winning the award: “We are delighted to win this prestigious award, which is a true testament to the pivotal role that the principles of social and environmental sustainability play in the strategy of the bank.”

“We look forward to contributing more effectively to achieving sustainable development goals and building a promising future in line with the Kingdom’s Vision 2030” Najm added and stressed that SABB is fully prepared to support sustainable development initiatives and actively contribute to the transformation towards supporting and encouraging green initiatives and environmentally friendly projects.

SABB puts sustainability, social, environmental and institutional governance at the centre of its strategy for the next five years, and has recently demonstrated its commitment to ESG by acting as one of the Mandated Lead Arrangers on the SR14 billion ($3.7 billion) financing raised to fund the Red Sea project, the Kingdom’s flagship for luxury tourism development, as the first green credit facility denominated in Saudi Riyals, setting new standards in the field of green loans. – TradeArabia News Service