National Bank of Fujairah partners with HongQI Motors to finance imports of electric vehicles into the UAE
NBF and HongQI Motors show commitment to growth of green economy through expansion of new energy fleet
National Bank of Fujairah PJSC (NBF) has partnered with One Road Automotive (Exclusive UAE Distributors - HongQI Motors, luxury Chinese car brand), to support the expansion of its new energy vehicle fleet in the UAE. The partnership is in line with NBF’s ongoing commitment to the growth of the green economy and will make it the first bank to finance HongQI Motors imports of electric vehicles from China to the UAE.
HongQI Motors who is in business since 1958 successfully opened its flagship Dubai showroom through its exclusive distributor One Road Automotive, and used the occasion as an opportunity to launch its electric smart vehicles in the Middle East which caters to different customers preference.
NBF is committed to supporting customers with initiatives that expand and accelerate sustainable practices, in accordance with the Dubai Declaration and with the UAE Energy Strategy 2050. This latest partnership will see HongQI Motors utilise the bank’s green finance framework to bring more electric vehicles into the UAE. Through the use of advanced smart technologies, HongQI Motors continues to look for ways to offer its customers outstanding product designs and performance.
“Sustainability is one of the key pillars of how we operate, and we are committed to supporting green initiatives that contribute to a sustainable and low-carbon future in line with the UAE government’s vision” said Vince Cook, CEO of NBF. “For the transportation industry, a significant way to achieve decarbonisation is through electrification, so we are delighted to be providing HongQI Motors with the additional working capital to import more electric vehicles into the UAE. We strongly believe that our sustainable financing products and services can play a pivotal role in the implementation of sustainable initiatives throughout the UAE, and this latest partnership with HongQI Motors is a great example of this.”
Mr. Qiyi Xie (Elvin), General Manager, One Road Automotive (Exclusive UAE Distributors of HONGQI MOTORS) said: HongQi is a pioneer in automobile industry and we appreciate the relationship with NBF in supporting the advocacy for clean and green energy across UAE by emphasizing our Electric Vehicle. We at One Road Automotive, holds exclusive dealership of HONGQI cars in UAE are thankful to NBF for their support. We are looking forward for a more vibrant relationship with NBF, while we support each other’s advocacy for a better environment.
Further highlighting NBF’s commitment to the development of green products and services, the benefits of the partnership will extend to HongQI Motors customers. Those who purchase an electric vehicle from the luxury car brand in the UAE will be eligible for car financing loans at privilege rates, starting from 3.25% (Flat rate).
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and business banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’ah compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB / A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 (of which 1 is an electronic banking service unit) across the UAE.
For further information, please contact:
Strategic Marketing and Communications Department
E-mail: CorpComm@nbf.ae and nbf@fourcommunications.com
Telephone: +971 4 507 8351 and +971 4 507 8576