The Banking Executive Magazine - November 2024

FABMISR FABMISR ALIGNING EFFORTS WITH GROUP'S AMBITIOUS TARGET OF FACILITATING $136BLN BY 2030 – CEO Gulf Bank’s volunteer team, Sawa’ed Al-Khaleej, remains ac- tively involved in promoting so- cial sustainability through a variety of events organized or sponsored by the bank. In the field of financial literacy, Gulf Bank continues to be a strong supporter of the Central Bank of Kuwait’s “Diraya” campaign for the fourth consecutive year. Addi- tionally, the bank has launched its “A Step Towards Change” cam- paign to encourage a cultural shift towards reducing plastic usage. Gulf Bank’s commitment to CSR has earned it the title of Best Bank for CSR in Kuwait by Euromoney at the 2024 Awards for Excellence in Dubai. The bank also received two esteemed awards from MEED Magazine for the "Best Implemen- tation of Diversity and Inclusion Initiatives" and the "Best Initiative for Women in Business" in the Middle East and North Africa re- gion. Dr. Barrak Al-Gharabli, Associate Professor in the Department of Public Administration at the Col- lege of Administrative Sciences, expressed his appreciation for the initiative, noting its contribution to transferring practical knowledge to students. He emphasized the importance of linking academic theory with real-world market ap- plications, helping students better understand the role of major com- panies in driving community de- velopment. The seminar concluded with an open discussion, encouraging stu- dents to share ideas and explore how individuals can contribute to societal progress, whether through corporate roles or personal initia- tives. First Abu Dhabi Bank Misr (FAB- MISR) of the UAE-listed lender FAB is aligning efforts with the group's ambitious target of facilitating $136 billion by 2030, CEO and Managing Director, Mohamed Abbas Fayed, said in line with the release of its first sustainability report for 2023. Fayed elaborated on the mentioned efforts and target by saying: “To achieve this, FABMISR is establishing its own green financing targets that align with the group's objectives and comply with the sustainable finance guidelines set by the Central Bank of Egypt (CBE).” The integrated report outlines FAB- MISR’s commitment to sustainable growth while setting the stage for on- going development and positive transformation in line with the group’s pledge to create long-term value for both stakeholders and the planet. The CEO added: “We are proud to present FABMISR’s first Sustainability Report, a key milestone in our jour- ney towards a sustainable future.” He noted: “This report reflects our unwavering commitment to driving positive economic, environmental, and social impact in alignment with Egypt’s Vision 2030 and FAB Group’s ambitious ESG goals.” Furthermore, the report focuses on the main pillars of FABMISR's sus- tainability framework: environmen- tal, social, and governance (ESG) integration, green financing initia- tives, financial inclusion, and leader- ship in sustainable practices. This is in addition to highlighting net-zero commitments as well as employee wellbeing and capacity building. FABMISR aims to create a more in- clusive and supportive community. The bank operating in Egypt has achieved 99% procurement rate from local suppliers, therefore, the bank not only stimulates the econ- omy but also reinforces its dedication to promoting local businesses. The commitment is further witnessed in a 22% growth in SME lending, which has reached EGP 11.168 bil- lion. FABMISR has a goal of onboarding an additional 2,000 SMEs by 2025 in order to empower local entrepre- neurs and drive economic develop- ment. The bank has already attracted more than 20,000 underserved customers, ensuring access to vital financial re- sources. It is worth noting that FABMISR’s net loans and advances soared by 45% to EGP 125.60 billion as of Septem- ber 2024, while in the third quarter (Q3) alone, the bank posted net prof- its worth EGP 21.30 billion. ISSUE 190 NOVEMBER 2024 the BANKING EXECUTIVE 59