ADIB Forges Strategic Partnership with NWTN to Support Electric Vehicle Financing

Abu Dhabi, 18 December 2023: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced the signing of a Memorandum of Understanding (MoU) with NWTN (Nasdaq: NWTN), the UAE-based electric car manufacturer to be the first bank in the UAE to provide financing for the purchase of the Rabdan One, the first range extended electric vehicles that are “Made in Abu Dhabi". The signing, which took place at NWTN's stand at Cop 28, marks a pivotal collaboration between ADIB and NWTN to accelerate the growth of the electric vehicle (EV) industry in the UAE and the growth of homegrown vehicles.

Under the MoU, ADIB will become the first bank in the UAE to enable financing to purchase the Rabdan One offering a highly competitive financing rate for customers of 1.79%, the lowest in the industry for electrical vehicle cars, empowering customers to make eco-conscious choices while supporting the development of UAE-grown vehicles.

Amit Malhotra, Group Head of Retail Banking at ADIB, expressed the bank's enthusiasm for the partnership: "ADIB is honored to collaborate with NWTN in advancing the local electric vehicle industry in the UAE. Our commitment to financing electric vehicles is evident through initiatives such as the Volt Electric Vehicle Finance program. This collaboration with NWTN underscores our dedication to fostering environmentally responsible solutions and supporting the nation's transition to a sustainable future."

“Additionally, through this agreement, we aim to meet the growing demand for electric cars in the United Arab Emirates, as well as enhance green mobility and accelerate the pace of transition in the sustainable energy sector in the UAE." He added.

As a leading Islamic financial institution, ADIB has a track record of contributing to sustainable development. The bank recently launched the Volt Electric Vehicle Finance program, offering a highly competitive financing rate of 1.79%, the lowest in the industry for new electric cars. The Volt program aligns with ADIB's Environmental, Social, and Governance (ESG) commitment and aims to make electric vehicle ownership financially accessible to a wider audience.

Notably, NWTN has recently expanded its Abu Dhabi facility, emphasizing its commitment to the development of the emirate's green automotive industry. The partnership with the Industrial Development Bureau (IDB) highlights NWTN's dedication to talent development and sustainable practices in the automotive sector.

Electric vehicles have garnered attention due to their potential environmental benefits. EVs emit up to 50% fewer greenhouse gas emissions over their lifecycle compared to traditional internal combustion engine (ICE) vehicles. This reduction in emissions significantly contributes to the fight against climate change.

“VOLT" car finance is part of a series of initiatives undertaken as part of ADIB's commitment to sustainable development.

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