Mashreq structures debut sustainability-linked financing for Galadari Brothers
As one of the UAE's most diversified and longstanding business groups – with operations spanning media, heavy equipment, food and beverage, motors, engineering, projects, facility management, sports, travel and hospitality, real estate, and other ventures – Galadari Brothers is accelerating its commitment to a robust sustainability strategy, further engaging stakeholders through clear KPIs and ambitious targets.
Structured under Mashreq's bilateral lending relationship with the group, this transaction represents one of the largest bilateral SLF deals for a local UAE conglomerate till date. The SLF introduces performance-based pricing linked to three core Key Performance Indicators (KPIs) centred around resource efficiency, circular economy and internal capacity building and institutional alignment with ESG principles. The financing builds on the group's inaugural green loan previously extended by Mashreq in 2023 to support energy-efficiency retrofits at Galadari's flagship hotel in Sri Lanka.
Mohammed Galadari, Co-Chairman and Group CEO of Galadari Brothers, said: 'This milestone Sustainability-Linked Financing deal marks an important step forward in our ongoing efforts to integrate environmental, social, and governance principles across all areas of our business. As we continue to grow and diversify, aligning our financial strategy with clear ESG goals is both a business priority and a reflection of the values we stand for. Our partnership with Mashreq reinforces our commitment to building a more sustainable future for our businesses, our people, and the communities we serve, while also supporting the UAE's broader vision for responsible and inclusive growth.'
R V Ramanan, Group Chief Financial Officer of Galadari Brothers, said: 'This landmark transaction with Mashreq marks a significant step in aligning the Group's financing strategy with our ESG ambitions. It reflects our vision to progressively transition toward a fully green and sustainability-linked model. More than just a transaction, it reinforces our long-term commitment to responsible growth — integrating sustainability into the core of how we fund our expansion across sectors and regions.'
Joel Van Dusen, Head of the Mashreq Corporate & Investment Banking Group, said: 'This transaction with Galadari Brothers, a name synonymous with industrial and commercial growth in the UAE, demonstrates how sustainability can be embedded into core financing structures. As long-term partners, we are proud to support the group's Sustainability ambitions and to play a catalytic role in the region's transition toward more responsible capital markets. Sustainability-linked finance is the future of corporate lending, and we are committed to helping clients lead from the front.'
Faisal Al Shimmari, Head of ESG and Corporate Strategy at Mashreq, commented: 'This deal is a clear example of how sustainability-linked finance can be applied across complex, multi-sector businesses — not just to drive environmental outcomes, but to empower people and communities. As one of Mashreq's largest bilateral transactions to date, it reflects a broader shift in the region, where more companies are aligning financing with their ESG ambitions in ways that directly impact lives. This SLF with Galadari Brothers builds on Mashreq's commitment to helping clients achieve measurable ESG outcomes that support both national priorities and global sustainability goals. By embedding human-centricity into our financial instruments — through inclusive KPIs, transparent governance, and stakeholder engagement — we ensure that sustainability is not just about metrics, but about meaningful progress for individuals, families, and society at large'
This transaction supports Mashreq's broader sustainable finance strategy and contributes to its goal of facilitating $30 billion in sustainable finance by 2030. The bank has played a leading role in several notable ESG transactions in the region, including the largest sustainability-linked loan in the region to date. The facility is also part of Mashreq's Climb2Change initiative, a global platform that unifies the bank's efforts in sustainable finance, responsible banking, and social impact, reinforcing its position as a leader in sustainable banking across the Mena region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
19 minutes ago
- Al Etihad
Emirates NBD secures two wins at UAE Employee Happiness Awards 2025
18 Aug 2025 22:35 DUBAI (ALETIHAD) Emirates NBD has been recognised with two major accolades at the UAE Employee Happiness Awards 2025, a statement said. The banking group won Gold in the 'Best Community Impact Initiative' category, a recognition of its corporate volunteering programme that champions causes such as advocating for People of Determination, financial inclusion, health and wellness, women empowerment, and environmental and community the past decade, Emirates NBD employees have dedicated more than 150,000 volunteering hours and delivered over 3,000 activities as part of this addition, the bank took Silver in the 'Most Supportive 'Return to Work' Programme' category for its Career Comeback programme. Now in its third year, the initiative focuses on supporting women re-entering the workforce after extended career breaks by offering mentoring, learning opportunities, and flexible working programme is closely tied to Emirates NBD's diversity and inclusion agenda, including its commitment to have 25% of senior leadership roles filled by women by 2027 and its pledge to align with the UN Sustainable Development Goal 5 on gender on the awards, Eman Abdulrazzaq, Group Chief Operating Officer and Group Chief Human Resources Officer at Emirates NBD, said: 'We are pleased to win these significant awards at the UAE Employee Happiness Awards 2025. Our people are at the heart of our ambitions and power our progress. "As a socially responsible bank, we invest in and nurture our workforce through initiatives that empower their growth, from world-class training programmes to fostering diversity and inclusion. In keeping with UAE's commitment to achieving gender balance, we are dedicated to enhancing gender equality and promoting women's social and economic growth.'Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, added: 'Emirates NBD has been actively championing the UAE's sustainability agenda, and we believe change begins from within the company. Our corporate social responsibility programmes include volunteering and charitable activities and help us build strong connections with local communities, while we encourage diversity and inclusion among the workforce as well. We challenge ourselves to be the pioneers of change, raising the bar of ethical conduct and redefining the boundaries of responsible banking.' Established in 2022, the Employee Happiness Awards highlight organisations that put employee wellbeing at the centre of their business culture and inspire innovation through positive workplace practices.
Khaleej Times
an hour ago
- Khaleej Times
UAE's Fujairah marine fuel sales hit three-month high in July
Sales of marine bunker fuel at the UAE port of Fujairah rebounded in July after a slump in June to their highest in three months, Fujairah Oil Industry Zone data showed. July sales totalled 640,715 cubic metres (about 635,000 metric tonnes), up 13.8 per cent from June, based on FOIZ data published by SP Global Commodity Insights. The stronger volumes were led by a boost in high-sulphur marine fuel sales, which soared to their highest since January 2024, climbing 28.4 per cent from June to 205,597 cubic metres in July. A wider price difference between low-sulphur fuel oil and high-sulphur fuel oil likely drove more sales of the high-sulphur variety in July. The front-month hi-5 price spread, which reflects the premium of low-sulphur over high-sulphur fuel oil, hit a six-month high of over $95 a ton near mid-July, LSEG data showed. Meanwhile, low-sulphur marine fuel sales, including low-sulphur fuel oils and marine gasoils, rose 8.0 per cent to 435,118 cubic metres. The market share of high-sulphur bunkers widened to 32 per cent in July, while low-sulphur bunkers narrowed to 68 per cent.
Khaleej Times
an hour ago
- Khaleej Times
Nakheel awards Dh2.6b contract to develop Bay Villas community at Dubai Islands
Nakheel, a member of Dubai Holding Real Estate, has awarded a contract worth Dh2.6 billion to Fibrex Contracting for the construction of the Bay Villas project at Dubai Islands. Featuring 636 luxury units across five distinct property types, Bay Villas represents Nakheel's newest waterfront community development. Building on Nakheel's existing relationship with Fibrex Contracting, which included collaborative work on the District One West community in Mohammed Bin Rashid Al Maktoum City (MBRAMC), Bay Villas will feature a range of exclusive residences, including Townhouses, Semi-detached Villas, Garden Villas, Waterfront Villas and Beachfront Villas. Residents will also enjoy access to premium amenities, including three pool houses, a beach club, landscaped parks and more. Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: 'Our partnership with Fibrex Contracting marks a key milestone for Bay Villas, a landmark project that underscores our commitment to shaping Dubai's future through elevated spaces that residents can proudly call home. This development delivers on our vision of designing waterfront communities that prioritise wellbeing, luxury and privacy, all while offering residents an opportunity to enjoy the best of island living.' Positioned at prime locations along a promenade with exclusive beach access, the three-storey Beachfront Villas will feature six bedrooms, a show kitchen, a spacious rooftop lounge and terrace, and a dedicated dining space. Developed on expansive plots, the Waterfront Villas will enjoy panoramic vistas, while the Garden Villas will offer a peaceful escape amidst verdant, natural surroundings. The Semi-detached Villas are designed to deliver a contemporary community experience, while the Townhouses will be set within four- to six-home complexes with private gardens. Overlooking the Arabian Gulf, the Bay Villas development utilises traditional design elements, such as wooden finishes and arabesque detailing, reflecting Dubai's heritage while maximising natural light. Residents will enjoy a premium resort lifestyle, with a central park, swimming pools, sports facilities, children's playgrounds and lush green corridors that connect directly to the waterfront, with parks for walking, jogging and relaxation. Sufyan S. Saleh, Group Managing Director, Fibrex Contracting, said: 'Fibrex Contracting is proud to work with Dubai Holding Real Estate, the region's most distinguished and visionary developer, known for their exceptional track record in delivering iconic projects. This time, we are honoured to extend our successful collaboration to the prestigious Bay Villas project at Dubai Islands. As one of the UAE's leading construction groups, we are committed to delivering this flagship development on time, while adhering to the highest industry standards. Through advanced construction technologies, specialised in-house capabilities and our trusted supply chain network, we are well-equipped to bring this waterfront community to life.' Developed in line with the Dubai 2040 Urban Master Plan, Dubai Islands is a premium destination that spans five islands across 18.6 square kilometres. It includes approximately 59 kilometres of exclusive waterfront, over 20 kilometres of beaches, and extensive open spaces, along with parks, golf courses, promenades and cycling paths. Situated near Downtown Dubai and Dubai International Airport, it is within easy reach of world-class hotels, retail, dining, and entertainment venues.
