Emirates NBDleading banking group in the MENAT region (Middle East, North Africa and Türkiye), has partnered with Sidara, a global collaboration of brands specializing in architecture, engineering and consulting, to arrange a $50 million sustainability-linked loan (SLL).
To line up SidaraIn line with Sidara’s financial strategy with its sustainability objectives, this strategic move marks Sidara’s first SLL and positions the company as one of the first to enter the green finance market in the region.
The new loan structure links financial incentives to Sidara’s sustainability performance, encouraging the company to adopt more responsible and sustainable operating practices.
The loan proceeds will finance SidaraSidara’s working capital requirements will prominently include dedicated allocations to support Sidara’s transition to net zero operations, in line with its global commitment to World Green Building Councilthe UAE Net Zero Buildings Pledge, as well as the UAE Net Zero Pledge.
Pri McNair, co-head of group coverage at Emirates NBDcommented:
“By supporting Sidara in transitioning its regional operations and service offerings towards greater environmental sustainability, Emirates NBD demonstrates once again that it is at the forefront of driving significant change, both in driving customer growth towards more environmentally friendly, as well as Shaping a more sustainable world This initiative is another reflection of our dedication to fostering a future where financial success and environmental stewardship go hand in hand.
“This initiative marks a significant step on our path to becoming the leading banking partner for sustainable development in the region. We will continue to serve our customers as a trusted transition partner, guiding them on their sustainability journeys and playing an active role in promoting a sustainable, low-carbon future.
Nader Aboushadi, chief treasurer of the Sidara groupaggregate:
“Advancing sustainability is at the core of Sidara’s mission and we are delighted to partner with Emirates NBD on this journey. After publishing our first ESG-focused annual report, which establishes a baseline or starting point, we were able to agree KPIs with our lenders and begin this journey. “We look forward to continuing the journey with our lenders and continuing to set the standard and be at the forefront of the market.”
Balsam Nehme, Sidara sustainability sector leadercommented,
“With the world and its systems under immense and increasing pressure from human activity, it is essential that companies like Sidara lead the way in regenerative and responsible business practices that put people and the planet first.
As one of the signatories of the World Green Building Council’s Net Zero Carbon Pledge and the UAE’s Climate Responsible Business Pledge, we are committed to using our first Sustainability Linked Loan to drive sustainability initiatives that will lead to the decarbonization of our own operations throughout the region. and empower our teams to deliver superior sustainability advice to our clients, across all sectors, to support the region’s ambitious Net Zero agenda.”
News source: Dubai Press Office