25 July 2016CEBC members Latham & Watkins, NBAD, Ashurst, HSBC, Standard & Poors, and Amanie Advisors added to Green Sukuk Working Group
Dubai - UAE - Members of the Clean Energy Business Council (CEBC) a leading clean energy association in MENA have elected a new Board of Directors. The Board elect has appointed H.E. Dr. Nasser Saidi and Mhairi Main Garcia as the Chair and Vice Chair respectively, for the next two year term.
The appointment coincides with the Green Sukuk Working Group adding several CEBC members Ashurst, Latham & Watkins and National Bank of Abu Dhabi (NBAD) to its membership, along with Amanie Advisors, HSBC and Standard & Poors. The Group is the first of its kind set up to finance renewable energy projects through the issuance of sukuk in the MENA region.
Speaking of his re-election for a second consecutive term, Dr. Nasser Saidi, Chairman of the Clean Energy Business Council commented, "I am grateful to the Board for their continued expressed trust as CEBC plays an increasing role in promoting clean energy and energy efficiency as the region addresses the challenges of climate change and decarbonisation. The UAE becomes a clean energy finance capital and more women are coming forward, accompanied by the integration of green ideals in the education curriculum. We are also seeing growing interest from governments and top organisations towards financing green projects using innovative financing."
Dr. Nasser Saidi heads Nasser Saidi & Associates, a niche economic advisory and consulting company operating out of Dubai and Beirut. He is a Non-Executive Director of the Majid Al Futtaim Trust, the Falcon Trade Group and Future Pipe Industries. He is a member of the IMF's MENA Regional Advisory Group and is co-chair with the OECD of the MENA Corporate Governance Working Group. He is also a member of the Advisory Board of the Official Monetary and Financial Institutions Forum (OMFIF). Dr. Saidi is a former Minister of Economy & Trade and Minister of Industry of Lebanon and former Chief Economist of the DIFC.
Ms. Garcia added, "Cities like Dubai and Doha are growing at an unprecedented rate. The multi-billion dollar projects in energy, water, transport, urban development and infrastructure will need to be complemented by financing and a need to demonstrate clean and energy efficiency credentials. It is a welcome step that governments are setting clean energy targets. With the growth of Islamic finance, a green Sukuk in compliance with Sharia'h law is an ideal low-cost alternative to fund these projects."
Ms. Garcia is a counsel in the energy team of international law firm, Ashurst where she advises on corporate and commercial aspects of energy and infrastructure projects, specialising in power and water projects (including solar, wind and waste-to-energy), advising sponsors, lenders and governments on projects across the MENA region. Mhairi is also the author of numerous publications on energy-related matters and international law.
In partnership with the Gulf Bond and Sukuk Association, the CEBC, and the Climate Bonds Initiative, the Green Sukuk Working Group was originally set up to channel market expertise to develop best practices and promote the issuance of sukuk for the financing of climate change investments projects, such as renewable energy projects. According to Deloitte, Dubai could further develop the appropriate regulatory framework for green and socially responsible investment sukuk. Becoming the first city to issue a corporate green sukuk may provide Dubai with a distinct competitive advantage. Utilities provider, the Dubai Electricity and Water Authorityplans to issue a Green sukuk later this year.
© Press Release 2016