Emirates NBD has teamed up with Siemens to launch a bespoke financing framework to support green infrastructure projects across the UAE, in alignment with the country’s Net Zero by 2050 strategy.

The agreement outlines a financing model to support the design, implementation and long-term decarbonisation of infrastructure projects.

No financial terms or specific projects have been disclosed. The framework is expected to support building retrofits, renewable energy installations and smart-grid upgrades.

Ahmed Al-Qassim, group head of wholesale banking at Emirates NBD, said the partnership reinforces the bank’s objective to strengthen ties with global firms pursuing energy-efficient growth.

The partnership comes as Gulf governments intensify investment in sustainable infrastructure, and regional banks respond by aligning lending with climate goals.

In Saudi Arabia, the Public Investment Fund (PIF) is backing up to $10bn in green hydrogen through its Energy Solutions Company and financing the $8.4bn Neom green-hydrogen project.

Construction work on the Neom green hydrogen project appears on track to meet the company’s 2026 target commercial operation date, as reported by MEED.

Helmut von Struve, CEO of Siemens in the UAE, said that while technologies to enhance energy efficiency already exist, faster implementation is needed to meet climate targets, and the partnership aims to help scale such projects in the UAE.

Siemens has modernised over 5,200 buildings globally, helping reduce CO₂ emissions by more than 10 million tonnes and saving over €1bn ($1.1bn) in energy costs, according to the statement. In the region, it has deployed smart grid systems and building-efficiency upgrades, supporting the UAE’s clean energy goals.