Gargash Group And Mashreq Partnership To Bolster Sustainable Finance In The Region

Facebook
Twitter
LinkedIn
Gargash Group and Mashreq sign a strategic partnership on sustainable finance to bolster comprehensive sustainability efforts. Image Courtesy-Gargash Group
Gargash Group and Mashreq sign a strategic partnership on sustainable finance to bolster comprehensive sustainability efforts. Image Courtesy-Gargash Group

In a strategic step towards the accomplishment of its sustainability goals, Gargash Group, a leading business enterprise in the UAE, has partnered with Mashreq, one of the leading financial institutions in the MENA region. 

According to Industry sources, this partnership was officially launched with an MoU signing ceremony at the Mercedes-Benz Brand Center in Dubai Design District, and was crystalized with their debut Green Loan that was extended earlier for several projects across Gargash Group. 

Gargash Group, a leading business enterprise in the UAE, has partnered with Mashreq, one of the leading financial institutions in the MENA region
Gargash Group, a leading business enterprise in the UAE, has partnered with Mashreq, one of the leading financial institutions in the MENA region

Industry sources further added that by obtaining its first Green Loan, Gargash Group aligns itself with a prestigious and select group of UAE enterprises that have leveraged impactful and sustainable financing solutions. The partnership focuses on promoting and advancing robust sustainability agendas for both Gargash Group and Mashreq by setting and achieving ambitious sustainability targets.

Walid Hizaoui, Group Chief Strategy Officer at Gargash Group shared his insights at the event, stating, “This partnership marks a critical milestone in our sustainability journey. With a reliable and trusted banking partner supporting us, we are wholeheartedly committed to integrating sustainability practices into every aspect of our operations for a greener future. We have meticulously scoped our businesses and implemented the necessary infrastructure to monitor our progress towards decarbonization—our ultimate long-term goal. This initiative not only underscores our unwavering commitment to reducing the nation’s carbon footprint but also aligns with the UAE Green Agenda 2030 and UAE Net Zero Strategy 2050, promoting sustainable practices across the board.”

Thomas Schulz, General Manager Mercedes-Benz Passenger Cars at Gargash Enterprises, added, “This is an important milestone that will help drive the Mercedes-Benz brand forward, a brand long rooted in values of innovation and sustainability. This collaboration is a main catalyst fueling our commitment to achieve net zero carbon emissions by 2030 in the UAE. Our commitment to this objective reflects our dedication to the brand and our responsibility to the UAE, as we push forward in sustainable mobility. With a solid framework in place, we are confident our efforts will drive meaningful progress towards a greener future.”

Karim Amer, Head of Automotive Sector at Mashreq commented, “Mashreq is proud to support Gargash Group’s transition towards a sustainable future through their inaugural Green Loan and other potential Sustainability-Linked facilities. This financing is designed to enable remarkable reductions in emissions and accelerate decarbonization initiatives which we have been actively driving across the Automotive sector, through proactive engagement with our clients on both formulization as well as execution of their Sustainability Strategies. By aligning financial incentives with sustainability objectives, we aim to enhance operational efficiencies for our partners and set a benchmark that encourages other organizations to integrate energy efficiency and sustainability into their core strategies.”

Industry sources further confirmed that as a tangible expression of these goals, Gargash Group is planning solar installations across 25 sites in the next three years, with an energy potential totaling over 5 MW. While 5 sites are expected to be accomplished as early as 2025, plans are also underway to execute energy efficiency projects spanning across 25 of its sites. Finance requirements for these plans are to be covered through the Green Loan facility from Mashreq.

Industry sources further added that partnership between Gargash Group and Mashreq is a significant step forward in the collective effort to achieve a sustainable future and it also demonstrates their commitment to a more responsible and environmentally conscious business landscape.

Source

Share.

RELATED POSTS

Untitled design (23)
Al Etihad Payments And Mastercard Introduces Jaywan - Mastercard Cards in UAE
BankDhofar Partners with Smartech to enhance POS Solutions for SMEs
BankDhofar Partners with Smartech to enhance POS Solutions for SMEs
(left)Bader Al-Ali & Faisal (right) Al-Gharabally (Image courtesy: Gulf Bank LinkedIn)
Gulf Bank onboards New Leaders for Consumer Banking and International Banking
  • Asialink Finance

LATEST POSTS

Abhishek Pradhan, Regional Director (SAARC & Middle East) at Hexnode. (Image courtesy: Hexnode)
Al Khawaneej Mall. Image Courtesy Union Coop (Image Courtesy: Union Coop)
Yango Group has launched the Yango Points program in Abu Dhabi, a loyalty program designed to reward users for cashless ride payments made through the Yango app. (Image Courtesy : Yango Group)
Khalid Sukhon has been appointed as the Group Chief Financial Officer of DSI. (Image courtesy: DSI)