https://arab.news/mwxmc
Emirates NBD, a banking group in the Middle East, North Africa and Turkiye region, has announced the signing of an ESG-linked working capital facility with Landmark Retail, a leading value conglomerate in the Middle East’s retail sector. This marks the first time a private sector company has signed a bilateral sustainability-linked loan in the Kingdom.
Officially announced at a signing ceremony held on Sept. 4, at Emirates NBD’s headquarters in Riyadh, the partnership underlines both parties’ long-standing commitment to Vision 2030 and the Kingdom’s sustainability goals. The collaboration is fully aligned with Landmark Retail’s ongoing efforts to achieve net-zero.
The agreement was signed in the presence of officials and representatives from both companies. Rajesh Garg, group chief financial officer, Landmark Group, was joined at the event by the omni-channel retail conglomerate’s Head of Treasury Shabbir Ahmad and Deputy General Manager of Finance Ravi Chandran.
Emirates NBD was represented at the signing ceremony by the bank’s Group Co-Head of Corporate Coverage, Corporate and Institutional Banking Pri McNair and its Country Head Corporate and Institutional Banking Ahmed Alghamdi.
The agreement builds on Emirates NBD’s previous partnerships with Landmark Retail, strengthening the ties between both entities.
It marks the launch of the second ESG-linked facility between Emirates NBD and Landmark Retail, following the conglomerate’s decision to transition from its working capital facility to a sustainability-linked loan in 2022. The ESG-linked objectives are increasing the contribution of renewables in Landmark’s energy utilization and increasing the composition of sustainable materials in its retail products.
Mcnair said: “We are proud to be playing a key role in promoting sustainable financing in Saudi Arabia by supporting our long-standing partner Landmark Retail. This milestone agreement underscores our shared commitment to environmental stewardship and driving meaningful change through ESG-linked solutions. By partnering with leaders like Landmark to formulate bespoke sustainability-focused structures, we are paving the way for sustainable transition and reinforcing our role as a leader in steering impact on business models contributing to a greener future in the Kingdom.”
Landmark Retail’s Garg said: “We are committed to conducting our business responsibly, by driving positive changes to reduce the environmental impact of our operations. We understand the important role we play in our industry and take it upon ourselves to act as flag bearers of responsible business, working as ethically and conscientiously as possible to protect people and the planet. Our agreement with Emirates NBD is fully geared toward accomplishing just that, marking another important milestone in our and the Kingdom’s journey toward greater sustainability.”