First Abu Dhabi Bank (FAB) has announced a strategic partnership with Archireef, a nature-tech company dedicated to the restoration of degraded marine ecosystems.
The objective of the UAE project is to contribute towards counteracting the effects of coral loss.
FAB shared that it has committed to fund the deployment of 100 square metres of Archireef’s 3D-printed Reef Tiles, which will support the recovery process and development of underwater natural ecosystems off the coast of Abu Dhabi.
The partnership, it said, will see 400 units of Archireef’s patented Reef Tiles (100 sqm) placed in Arabian Gulf waters in and around the Abu Dhabi emirate, providing a new home for 2,400 corals.
Previous deployments indicate that the tiles should also improve biodiversity, especially fish and invertebrates, it said.
Archireef will actively restore degraded coral reefs in the UAE using its patented technology, using 3D-printed tiles in terracotta clay.
According to FAB, retail banking customers will be part of the project, with the opportunity to play an active role in the deployment of the artificial Reef Tiles, learn about marine biodiversity, and witness the program’s continuing impact.
The Reef Tiles have proven to be a game changer in coral restoration efforts, with a coral survivorship rate of 95%, outperforming traditional methods by more than four times.
Speaking about the project, Futoon Al Mazrouei, FAB Group Head of Consumer Banking, UAE, said: “As a regional pacesetter bank in sustainable action, FAB seeks collaborations and projects that we know will deliver meaningful impact for the planet. Our partnership with Archireef will ensure that adequate funding and pioneering technology are deployed to protect and restore the UAE’s corals. Alongside this, it will give our customers several opportunities to directly engage with the project and to contribute towards its success. Our hope is that this innovative approach to community and customer engagement will advance awareness about marine biodiversity across society and prompt other corporates to play a deeper role in ecological projects.”
Vriko Yu, CEO and Co-founder of Archireef, added: “We are proud to be joining forces with FAB to actively restore coral reef habitats in the Emirates. We believe financial institutions like FAB play a critical role in climate change mitigation and restoration, specifically by helping mobilise and deploy capital as well as engage their vast communities and ecosystem players on the journey. We believe that the time for actionism is now, and we congratulate FAB on continuing to set the pace for the financial sector.”