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Hey there, fellow aluminum enthusiasts! Rina Meng here, your go-to gal for all things aluminum profiles. Today, I’ve got some exciting news to share that’ll make you go, “Alu-mineshaft! Tell me more!” Emirates Global Aluminium (EGA), the big cheese in the UAE’s industrial scene, has teamed up with Emirates NBD, a banking powerhouse in the MENAT region, to unveil a groundbreaking initiative. Brace yourselves for the ESG-linked Supply Chain Finance (SCF) program, set to revolutionize sustainability in the aluminum sector. Talk about a metal marvel!
Now, let’s dive right into the details of this game-changing collaboration. The SCF program is like a breath of fresh air for the UAE’s aluminum industry. It’s designed to inspire both existing and up-and-coming suppliers to jump aboard the sustainability train. EGA wants them to embrace sustainable practices, cutting-edge technologies, and materials that align with their green ambitions. And guess what? The program also aims to boost the sustainability performance of these suppliers. It’s a win-win situation, my friends!
Abdulnasser Bin Kalban, the Chief Executive Officer of Emirates Global Aluminium, knows the score when it comes to sustainability. In a press release, he emphasized just how crucial it is for aluminum to be produced sustainably. Sure, we all love shiny aluminum products, but it’s equally important to consider how sustainably they’re made. That’s where innovative financing mechanisms, like the ESG-linked supply chain program with Emirates NBD, come into play. They’re like a turbo boost for sustainability, helping suppliers accelerate their green progress. Talk about aluminum on the fast track to a greener future!
Now, let’s talk about the SCF program itself. It’s becoming the go-to choice for suppliers who want to secure early payment and optimize their working capital management. Think of it as a financial superhero swooping in to save the day. Since the start of 2022, suppliers under EGA’s watchful eye have already taken advantage of approximately US$1.5 billion in supply chain financing through other programs. That’s a whole lot of moolah, folks!
Ahmed Al Qassim, the Group Head of Wholesale Banking at Emirates NBD, is stoked about working with EGA. He’s got his eyes set on a pioneering ESG-linked Supply Chain Finance program in the manufacturing sector. At Emirates NBD, they’re all about introducing innovative solutions that are environmentally friendly. It’s all part of their commitment to creating a more sustainable business framework. With the UAE embracing the Year of Sustainability and gearing up to host COP28, these efforts are like a breath of fresh air in shaping a greener tomorrow for the MENAT region and beyond. Kudos to them for taking the lead!
EGA isn’t playing around when it comes to sustainability. With a network of around 3,300 active suppliers, both local and global, they mean business. These suppliers have to meet EGA’s Responsible Sourcing Standard, which sets the bar high with stringent environmental, social, and governance metrics. It’s all in line with OECD principles and the Aluminium Stewardship Initiative’s Performance Standard. EGA doesn’t just talk the talk; they walk the walk by conducting rigorous due diligence and audits to verify sustainability performance. They’re like sustainability superheroes, cape and all!
Did you know that EGA pours around US$1.7 billion into procuring goods and services from local UAE suppliers each year? That’s a whopping 45% of their total global procurement expenditure! Talk about supporting the local economy and driving industrial growth. EGA is all about contributing to the UAE’s Operation 300bn industrial growth strategy and the ‘Make it in the Emirates’ campaign. They’re putting their money where their aluminum is, and it’s a win for sustainable development goals too. Way to go, EGA!
Overall, this collaboration between EGA and Emirates NBD is a game-changer for the aluminum industry. It’s a testament to the growing importance of sustainability in our world today. With the SCF program leading the charge, suppliers are getting the boost they need to embrace sustainable practices and technologies. It’s like a breath of fresh air in a world that’s craving greener solutions. So, let’s raise our aluminum mugs and toast to this exciting initiative. Cheers to a more sustainable aluminum sector, my friends!
Thanks for joining me on this aluminum adventure. Remember, when life gives you aluminum, make something awesome out of it! Until next time, stay shiny and keep rocking the aluminum world. Catch you on the flip side, folks!