Dubai FSA issues first ever ESG fee waiver to Emirates NBD Bank

Emirates NBD Bank PJSC, one of the largest banking groups in the Middle East, has become the first financial institution to benefit from a fee waiver launched by the Dubai Financial Services Authority (DFSA).

During COP28, in December 2023, DFSA chief executive Ian Johnston announced the decision to waive all regulatory fees for issuers wishing to list sustainability-related debt securities in the Dubai International Financial Centre (DIFC) throughout 2024.

The fee waiver was adopted to support the efforts of market participants who wish to list sustainability-related debt securities in the DIFC, and ultimately to accelerate the growth of sustainable capital markets in the centre.

In a statement on 5 February, the DFSA said this first ever ESG waiver to Emirates NBD Bank PJSC, "demonstrated how the DFSA’s innovation is having an impact on the financial landscape, fostering a positive shift towards sustainable practices".

Johnston said “The DFSA recognises the pivotal role that financial institutions play in promoting sustainability and addressing environmental and social challenges. By participating in the fee waiver, institutions are taking a proactive step towards adopting more sustainable financial practices.”