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PRESSR: Abu Dhabi Islamic Bank enters into a strategic partnership with NWTN to support electric vehicle financing.
The first bank in the UAE to finance the purchase of the locally manufactured "Rabdan One" electric car.
Abu Dhabi, UAE: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced the signing of a Memorandum of Understanding (MoU) with NWTN Motors, a UAE-based electric vehicle manufacturer, making it the first bank in the UAE to finance the purchase of Rabdan One, the first electric car to carry the "Made in Abu Dhabi" label. The MoU, which was signed at the NWTN Motors pavilion at COP28, marks the beginning of a fundamental collaboration between the bank and the company aimed at accelerating the growth of the locally-manufactured electric vehicle industry in the UAE.
Under the MoU, ADIB is the first bank in the UAE to offer Rabdan One car financing at a highly competitive profit rate of 1.79%, the lowest in the electric vehicle sector. The agreement aims to empower customers to make environmentally friendly choices and support the development of the local electric vehicle industry.
Amit Malhotra, Global Head of Retail Banking at ADIB, expressed the bank's enthusiasm for launching this partnership, saying: "ADIB is proud to partner with NWTN to develop the UAE's homegrown electric vehicle industry. Through programs such as the Volt Electric Vehicle Financing Initiative, we reinforce our commitment to enabling environmentally responsible solutions and supporting the UAE's ambitions towards a sustainable future." Through this agreement, we aim to meet the growing demand for electric vehicles in the UAE, in addition to promoting green mobility and accelerating the UAE's sustainable energy transition.
The Rabdan One, the first long-range electric vehicle to carry the "Made in Abu Dhabi" label, is a dynamic, intelligent, and comfortable vehicle that utilizes long-range technology while achieving energy savings and reducing emissions.
As a leading Islamic financial institution, Abu Dhabi Islamic Bank (ADIB) has a proven track record of contributions to sustainable development. It recently launched the Volt electric vehicle financing program, offering a highly competitive profit rate of 1.79%, the lowest in the new electric vehicle financing category. The Volt program aligns with ADIB's commitment to environmental, social, and corporate governance standards and aims to facilitate electric vehicle ownership and make it financially accessible to a wider audience.
It's worth noting that NWTN recently expanded its facility in Abu Dhabi, reinforcing its commitment to developing a sustainable automotive industry in the emirate. Its partnership with the Abu Dhabi Industrial Development Bureau (IDB) also underscores the company's commitment to developing talent and sustainable practices in the automotive sector.
Electric vehicles have gained attention due to their expected positive environmental impacts. EVs emit 50% fewer carbon emissions than conventional internal combustion vehicles. This significant difference contributes significantly to addressing the effects of climate change.
In this context, the Volt electric vehicle financing program is part of ADIB's initiatives aimed at enabling long-term sustainable development.
For more information about this program, please visit https://idb.added.gov.ae/ar-AE
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