Abu Dhabi Islamic Bank (ADIB) has signed a Memorandum of Understanding (MoU) with 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 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.
Local EV industry
Amit Malhotra, Group Head of Retail Banking at ADIB, said: "ADIB is honoured 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 programme. 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 UAE, 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 programme, offering a highly competitive financing rate of 1.79%, the lowest in the industry for new electric cars.--TradeArabia News Service
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