DUBAI: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Trkiye) region, has partnered with Sidara, a global collaborative of specialist architecture, engineering and consulting brands, to arrange a US$50 million Sustainability Linked Loan (SLL).
Aligning 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 movers to enter the green finance market in the region.
The new loan structure ties financial incentives to Sidara’s sustainability performance, encouraging the company to adopt more responsible and more sustainable operational practices.
The proceeds of the loan will fund Sidara’s working capital requirements and will prominently include allocations dedicated to supporting Sidara’s transition towards net zero operations, in line with its global commitment to the World Green Building Council’s Net Zero Buildings Commitment as well as the UAE Pledge for Net Zero.
Pri McNa
ir, Group Co-Head of Coverage at Emirates NBD, commented, ‘By supporting Sidara in transitioning their regional operations and service offerings towards greater environmental sustainability, Emirates NBD is once again showing that it is at the forefront of driving significant change, both in propelling clients’ growth towards more environmentally friendly financial practices, and also in 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.’
She added, ‘This initiative marks a significant step in our journey to become the leading banking partner for sustainable development in the region. We will continue to serve our clients as a trusted transition partner, guiding them through their sustainability journeys, and play an active role in pushing for a sustainable and low carbon future.”
Nader Aboushadi, Group Chief Treasurer at Sidara, added: ‘Advancing sustainability is at the core
of Sidara’s mission, and we are glad to partner with Emirates NBD on this journey. Having released our first ESG-focused annual report, which sets a baseline or starting point, we have been able to agree KPI’s with our lenders and kick-off this journey. We look forward to continuing the journey with our lenders and continue to set the standard and be at the forefront of the market.’
Balsam Nehme, Sidara’s Sustainability Sector Lead, commented, ‘With the world and its systems under immense and growing pressure from human activity, it is essential for businesses like Sidara to lead the way in regenerative and responsible business practices that put people and planet first. As one of the signatories to the World Green Building Council Net Zero Carbon Commitment and the UAE’s Climate Responsible Companies Pledge, we are committing to use our first Sustainability-Linked Loan to drive forward sustainability initiatives that will lead to decarbonising our own operations across the region and empower our teams to of
fer superior sustainability advisory to our clients, across sectors, in order to support the region’s ambitious Net Zero agenda.’
Source: Emirates News Agency