Riyadh, Saudi Arabia, March 7: Reema Al Asmari joins BNP Paribas as newly appointed Head of Territory for Saudi Arabia, reinforcing the bank’s corporate and institutional (CIB) presence in the Kingdom.
In her new role, Reema will oversee the bank’s national commercial strategy, with a focus on strengthening relationships with strategic clients, multi-national corporates and government related entities. She will also drive BNP Paribas’ product and service offering across all CIB metiers, including growth in areas such as sustainable finance.
Reema reports to Amine Bel Hadj Soulami, Head of BNP Paribas Middle East & Africa and a member of the BNP Paribas’ MEA Executive Committee.
Amine Bel Hadj Soulami said, “We are pleased to have Reema on board, strengthening our team with her in-depth knowledge of the Kingdom of Saudi Arabia. BNP Paribas has long recognised the Kingdom’s vital role in the overall development of the region, since the bank became operational there in 2005.”
“In addition to our traditional banking presence, as a recognised global leader in sustainable finance, we look forward to accompanying our clients in Saudi Arabia on their transition journey. The national ambition towards renewable energy in particular, offers the opportunity to support the diversifying economy more broadly.”
Reema joins BNP Paribas from Natixis, where she held the position of CEO for Saudi Arabia. Before joining Natixis, Reema worked nine years with JPMorgan Chase & Co in the Kingdom. Her last role with the US bank was Treasury Services Country Head. Prior to that she was the Treasurer for Saudi Arabia, Bahrain and Johannesburg.
Speaking about her appointment, Reema said: “I am honoured to join BNP Paribas with the mission to grow the bank’s presence here in Saudi Arabia. As a dynamic bank which continues to evolve alongside Saudi’s ever changing business environment, I am enthusiastic about the opportunities to build upon its current success.”
Reema takes over from Jean-Francois Sibille who becomes Head of Compliance, BNP Paribas Middle East & Africa. She will work alongside Ammar Pharaon who heads BNP Paribas’ Investment Company (BIC) also located in Riyadh.
Al Dhafra PV2 solar plant marks global milestone for scalable renewable energy through sustainable finance
Abu Dhabi, 22nd February 2021: The Al Dhafra PV2 solar project procured by the Emirates Water and Electricity Company (EWEC) and developed by EDF Renouvelables and Jinko Power (HK), a subsidiary of Jinko Power Technology Co, Ltd (Jinko Power), in partnership with the Abu Dhabi National Energy Company (TAQA) and Masdar has announced its financial closing. The total project costs are approximately US$ 1billion.
BNP Paribas was sole Lead Bank for the winning consortium bid for the Al Dhafra PV2 solar project, the world’s largest single-site solar power plant under construction with a capacity of 2GWp. BNP Paribas acted as sole Bookrunner, Documentation Bank, Mandated Lead Arranger and Hedge Provider. In addition, BNP Paribas acted as the sole Equity Bridge Loan (EBL) Lender to EDF Renouvelables and Jinko Power, and EBL Facility Agent. Six other Mandated Lead Arranger banks participated in the financing of the project.
The new solar site is located 35 km outside of Abu Dhabi City, and will deploy the latest innovations in crystalline bifacial solar technology, which will enable the generation of more power by using both sides of the solar panel.
The project will supply power directly to EWEC. It will use approximately 4 million solar panels to generate enough electricity to sustain power for up to 160,000 homes across the UAE. Upon full commercial operations, the plant is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million metric tons per year – equivalent to removing 470,000 cars from roads. The plant is in line with the UAE’s commitment to source 50% of its energy from clean resources in the next 30 years, and is part of the Energy Strategy 2050. The project is expected to be commercially operational by 2022.
At financial close, the project had yielded one of the most competitive levelised costs of electricity for solar PV (1.32 c$/kWh), reinforcing the environmental, commercial and operational value of transitioning towards renewable energy.
Amine Bel Hadj Soulami, Head of BNP Paribas, Middle East & Africa said: “Scaling up the energy transition through finance is essential to tackling the climate crisis, and BNP Paribas is committed to supporting this vital shift towards a low carbon economy. Renewable energy is a strategic pillar of the UAE’s sustainability strategy, and the Al Dhafra PV2 solar plant will significantly contribute to the 50% clean energy-sourcing objective by 2050.”
Severine Mateo, Head of Energy, Resources and Infrastructure department, BNP Paribas, added, “We are committed to supporting companies and countries that are prioritising a proactive sustainability transition, and this is critical to our role as a responsible bank.”
In 2018, BNP Paribas joined forces with four other large banks to develop a common methodology for measuring and aligning bank loan portfolios with the goals of the Paris Agreement. This methodology, called PACTA, covers the utilities, automakers, and oil & gas sectors, as well as other high emission sectors across transportation and heavy industry.
Manama, Bahrain, 17 February, 2021: BNP Paribas has appointed Amine Bel Hadj Soulami as Head of BNP Paribas, Middle East & Africa, succeeding Jacques Michel who becomes Chairman for the region. Jacques reports to Alain Papiasse, Chairman of BNP Paribas Corporate and Institutional Banking (CIB) and Amine Bel Hadj Soulami reports to Yannick Jung, Head of Global Banking for Europe, Middle East and Africa. They are both based in Manama, Bahrain, BNP Paribas’ regional headquarters.
Yannick Jung said “I’m pleased to announce the appointment of Amine Bel Hadj Soulami as Head of BNP Paribas in the Middle East and Africa. With more than 30 years of banking experience and an extensive record of accomplishment in Global Markets and Sustainable Finance, Amine is perfectly suited to uphold our status as a leading bank in the Middle East and Africa. He will also bring the full spectrum of our expertise in energy transition to the region.”
He added, “I would like to thank Jacques Michel for his dedication and contribution. Under his tenure, BNP Paribas reinforced its position as one of the leading foreign banks in the Middle East & Africa.”
Amine Bel Hadj Soulami oversees the jurisdiction’s seven geographies and over 600 staff. He joined the Middle East & Africa region with a 32-year career with the bank having held leadership positions in Paris, New York, London & Tokyo.
Prior to becoming Head of BNP Paribas Middle East & Africa, Amine was a Senior Advisor to BNP Paribas Global Markets. His previous roles also include Global Head of Sustainable Finance in Global Markets and Global Head of Research and Sustainable Investments within Corporate Institutional Banking. Amine also served as Global Head of Commodity Derivatives, and Head of Equity & Derivatives for the Americas.
- South Africa is one of over 30 countries to receive assistance from BNP Paribas’ 50 million EUR emergency support plan
- The emergency support plan is aimed at providing local support for hospitals, vulnerable populations and young people globally
- R 6.5 million committed to South Africa’s Solidarity Fund and number of local NGOs
BNP Paribas and its subsidiaries around the world have, from the outset of the global health crisis, mobilised to support hospital systems, medical research and institutions that help the most vulnerable and disadvantaged young people. Actions in aid of communities are the priority of the emergency support plan, especially when deployed in the field, in support of medical professionals, NGOs and social services support associations that are at the forefront of seeking solutions to this healthcare and social crisis.
In South Africa, BNP Paribas and wholly owned subsidiary RCS have committed R 6.5 million to help with the national healthcare and social crisis caused by COVID-19, through the assistance of the BNP Paribas 50 million EUR emergency support plan. The contribution will be directed to the South African Solidarity Fund, recently established by President Ramaphosa, in addition to a number of NGOs such as the Haven Night Shelter network and Afrika Tikkun.
Speaking about local support, Vikas Khandelwal, Head of Territory for BNP Paribas commented: “In April, BNP Paribas launched a 50 million EUR plan to help hospitals and vulnerable populations across more than 30 countries globally, in the context of the current global pandemic. As part of this plan, we are proud to mobilise funding in South Africa to assist those most affected by the crisis, help flatten the curve and support those whose lives have been substantially disrupted by the pandemic.”
Regan Adams, CEO RCS explained: “In addition to our commitment to South Africa’s Solidarity Fund, we also plan to assist NGOs such as the Haven Night Shelter and Afrika Tikkun, who are both providing support to local communities impacted by the pandemic. The Haven Night Shelter, a network of 15 homeless centres across the Western Cape, provides shelter and social welfare services to those in need, while Afrika Tikkun is distributing emergency relief supplies directly to some of the most vulnerable communities in South Africa including Alexandra, Diepsloot, Braamfontein, and Mfuleni’.
With a strong local presence globally, BNP Paribas teams have already been able to provide support, in the form of, grants to numerous local NGOs in Europe, Asia and Africa, various bank solidarity and insurance funds, and research via the Institut Pasteur in France.