UAE launches first regional "Green Loan"

Published April 28th, 2014 - 11:00 GMT
The new green loan is designed to encourage more firms to pursue energy efficient development in the UAE (File Archive/Shutterstock)
The new green loan is designed to encourage more firms to pursue energy efficient development in the UAE (File Archive/Shutterstock)

Al Yousuf GreenTech, or AGT, joined hands with the Union National Bank (UNB) to launch the first-of-its-kind ‘Green Loan’ in the region. The service would offer tailor-made solutions to clients on the wide-range of energy efficient products from globally renowned brands offered by AGT.

The company did not disclose the rate of interest for this lending facility, but claimed that monthly instalment would be lower than the monthly savings on utility bills. There will be up to 85 per cent saving on power consumption, AGT top officials added.

There is a big potential for this new loan facility as the project cost will be recovered within three years, Al Yousuf Group president Eqbal Al Yousuf told Khaleej Times at the news conference.

Al Yousuf  said AGT started operations a year ago and it has done a lot of projects. “We never had seen any project that took more than three years to recover the cost.”

AGT provides end-to-end building and home automation solutions, from designing and installation to after-sale service, using exceptional energy-saving solutions. AGT’s product portfolio ranges across a wide-range of indoor and outdoor LED lights, efficient air-conditioners, solar lights, light sensors and accessories.

Providing some statistics, he said it is estimated that there are around 85 million lights in the UAE. There is a 15 per cent growth per annum, he said, adding that conventional lights lifecycle is three years, so there is a significant replacement as well.

“It’s good there is a lot of requirements in the market, but unfortunately, there is a lot of ignorance in the market. The new legislation will force people to understand it,” he added. Under the new legislation, no one will be allowed to sell conventional lights in the country.

Commenting on the launch of the Green Loan, Al Yousuf said: “We strongly believe in bringing the most high-quality, cost-efficient and energy-saving solutions to our customers. And through the Green Loan service, our customers would be able to witness a drastic saving right from the time of installation. It is an unfailing solution to ensure optimum efficiency and saving for our customers.”

LG Electronics is among the leading global brands that AGT is associated with, bringing its high-quality innovative lighting and electrical range to the customers.

“With LG’s reputable and high-quality products, UNB’s regional and financial expertise and our established leadership in design and implementation, this would be a highly profitable partnership for all,” he added.

Mohammed Zein, SVP & Head of Corporate Business Group, UNB: “Union National Bank will be able to help the customers, attain the energy efficiency milestones that will help them reduce energy use, save money and make a positive impact on the environment, while also improving the quality of their lives now and for many years to come.”

Speaking at the launch of the Green Loan, D Y Kim, President of LG Electronics Gulf, said: “We share a long standing and highly-successful partnership with Al Yousuf Group. They offer us the right synergy in our ideas and business philosophy. We are pleased to see this partnership strengthen further to AGT’s innovative scheme’s to offer more in cost-saving to customers.”

By Abdul Basit

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