First Abu Dhabi Bank Partners with Archireef to Restore the UAE’s Coral Reefs

First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and strongest financial institutions, has today announced a strategic partnership with Archireef, the pioneering nature-tech company dedicated to the restoration of degraded marine ecosystems.

FAB has committed to fund the deployment of 100 square meters of Archireef’s 3D printed Reef Tiles to support the recovery process and development of underwater natural ecosystems off the coast of Abu Dhabi.

The partnership 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. Based on previous deployments, the tiles should also produce improvements in biodiversity, especially fish and invertebrates.

Archireef will actively restore degraded coral reefs using its patented technology, using tiles 3D-printed in terracotta clay in the UAE.

FAB’s 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, boasting an impressive coral survivorship rate of 95%, outperforming traditional methods by more than four times. This achievement has earned Archireef recognition from organisations such as the World Economic Forum (WEF), the International Union for the Conservation of Nature, and Geneva Inventions.

The objective of the UAE project is to contribute towards counteracting the effects of coral loss. On a global level, more than 50% of the world's coral cover has been lost to date. Across the world, reduced coastal protection leads to a decrease in the ocean economy which impacts food availability.

To drive home the importance of marine biodiversity, the partnership will have an education component where FAB will educate its customers on the importance of the world’s underwater ecosystem.

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 said, “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.”

The partnership announcement was followed by a series of thought leadership activities and youth-focused activations held by FAB and Archireef at COP28 focused on accelerating marine conversation awareness and action.