Financing to support the UAE-based steelmaker’s expansion in low-carbon steel production
Emirates NBD has successfully structured and completed a green facility for Arabian Gulf Steel Industries (AGSI).
This financing will support the expansion of low-carbon steel production by AGSI, a leading private sector steel manufacturer and recycler in the UAE, noted for its low-emission production technology.
AGSI, which operates with one of the lowest carbon footprints in the Middle East, will use the facility to increase low-carbon steel production capacity in response to rising demand for green steel from the real estate and construction sectors.
Collaboration
“This collaboration between Emirates NBD and AGSI reflects a benchmark for sustainable industrial practices that is in line with the UAE’s national ambitions in green manufacturing,” commented Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD.
The financing is aligned with the Green Loan Principles of the Loan Market Association (LMA), with strict requirements on use-of-proceeds, ongoing environmental monitoring, and annual impact reporting.
Financial frameworks
“Partnering with Emirates NBD, the leading financial institution in the region, reinforces the importance of aligning shared industrial priorities with credible financial frameworks,” added Asam Hussain, CEO and Founder, Arabian Gulf Steel Industries.
“The facility reflects how Emirates NBD collaborates with a wide range of industries to support the transition to a low-carbon economy,” added Vijay Bains, Chief Sustainability Officer and Group Head of ESG, Emirates NBD.
