Debashis Dey

Commercial Bank of Dubai issues $500 mil inaugural green bond

Global law firm White & Case has provided legal counsel to HSBC and Standard Chartered Bank as global coordinators, along with Citigroup, Emirates NBD, First Abu Dhabi Bank, J.P. Morgan, and NATIXIS as joint lead managers, in relation to the US$500 million green bond issuance by Commercial Bank of Dubai (CBD), a prominent Emirati banking and financial services corporation. 

The proceeds generated from this green bond issuance will be exclusively utilized to fund projects that align with CBD’s Sustainable Finance Framework. These projects will prioritize areas such as renewable energy, green buildings, clean transportation, and pollution prevention and control. 

Headquartered in Dubai, Commercial Bank of Dubai was established in 1969 as a Public Shareholding Company. It is listed on the Dubai Financial Market and primarily owned by UAE Nationals, including a 20% ownership by the Investment Corporation of Dubai (ICD). With this green bond issuance, CBD demonstrates its commitment to sustainable financing and contributes to advancing environmentally friendly initiatives. 

White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London, pictured) and included associates Marcin Zawadzki, Ola Sanni and Amir Mehdizadeh Iranpour (all Dubai).