UAE - Mubasher: Emirates NBD Asset Management, part of Emirates NBD, has signed the United Nations-supported Principles for Responsible Investment (PRI).

The asset manager becomes the first among bank-owned peers in the UAE to join the UN-supported PRI, according to a press release on Wednesday.

The UN PRI comprises over 4,000 signatories in the global asset management industry, accounting for more than $121 trillion of invested assets.

The UN PRI members include institutional investors, asset managers, and service providers seeking to focus on Environmental, Social, and Governance (ESG) factors in their investment practices.

The outbreak of coronavirus (COVID-19) has led to record demand for sustainable investments across the global markets, with around $2 trillion recorded by assets under management in sustainability-focused funds, according to Morningstar report.

Meanwhile, global sustainable funds attracted $185.3 billion in inflows during the first quarter (Q1) of 2021, up 17% quarter-over-quarter.

In line with its commitment to integrating PRI’s six investment principles into its investments, Emirates NBD Asset Management will set policies and procedures that incorporate ESG factors in its operations.

The Senior Executive Office of Emirates NBD Asset Management, Steve Corrin, said: "In leading by example, we aim to continue to further the case for ESG compliance within the MENA capital markets, to support the growing demand for responsible investment among international institutional investors."

Meanwhile, the PRI CEO, Fiona Reynolds, commented: "In joining PRI, Emirates is recognising the importance of integrating ESG factors into its investment and ownership decisions. We look forward to working with the team."