Riyadh – Gulf International Bank – Saudi Arabia (GIB) announced that it took part in the world’s largest-ever carbon credit auction of 1.4 million tonnes, launched by Saudi Arabia’s Public Investment Fund (PIF) at the opening day of the sixth edition of the Future Investment Initiative (FII) in Riyadh. The Voluntary Carbon Market (VCM) initiative aims to encourage companies in the Kingdom, to trade carbon credits, which will, in turn accelerate the transition to a carbon neutral future.

GIB was one of two banks that participated in the pioneering auction, successfully purchasing high-quality, CORSIA-compliant and Verra-registered carbon credits that, alongside other initiatives, will offset the Bank’s entire 2021 emissions. GIB also signed with PIF to become an on-going partner in the initiative alongside fourteen other Saudi and regional companies to help Saudi Arabia meet its climate change commitments.

Commenting, Abdulaziz Al-Helaissi, GIB Group CEO, said, “We are delighted to have taken part in this ground-breaking initiative and to partner with the PIF to support their endeavours to address the impact of climate change and the realisation of the Kingdom’s efforts to achieve net zero by 2060. We continue to put sustainability at the heart of our business model and are committed to the decarbonisation of our own business to support the net zero journeys of our clients. This is a tremendous initiative, and we look forward to doing all we can to encourage awareness and participation by our peers and by companies across all sectors.”  

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About Gulf International Bank Saudi Arabia

Gulf International Bank Saudi Arabia (GIB Saudi Arabia) provides retail, corporate and institutional customers across the Kingdom of Saudi Arabia with a comprehensive offering of banking and financial services covering wholesale banking, asset management, investment banking and retail banking service via meem by GIB.

The Bank, which is the first to be headquartered in the Eastern Province, has branches in Dhahran, Riyadh and Jeddah, and was established as a local Saudi bank in April 2019 after having operated in the Kingdom for nearly 20 years as foreign branches of the pan- GCC Gulf International Bank (GIB). The Bank, during this time, has been a pioneer in the local market, having launched its "meem" digital banking services in 2015, making it the first digital bank in the region providing Shariah-compliant products for retail customers.

GIB Saudi Arabia is regulated by the Saudi Arabian Monetary Authority (SAMA) and has been established with a paid-up capital of SR7.5 billion. It is owned equally by GIB and the Saudi Public Investment Fund (PIF).

For further information please contact: 
Zahraa Taher
Managing Director
FinMark Communications
Email: ztaher@finmarkcoms.com