In a strategic step in the direction of reaching its sustainability targets, Gargash Group, a number one enterprise enterprise within the UAE, has partnered with Mashreq, one of many main monetary establishments within the MENA area. This collaboration, formally inaugurated with an MoU signing ceremony on the Mercedes-Benz Model Middle in Dubai Design District, was crystalized with their debut Inexperienced Mortgage that was prolonged earlier for plenty of initiatives throughout Gargash Group. The 2 establishments are additionally in dialogue on future ESG integration initiatives for the Group, together with however not restricted to different Sustainability-Linked services.
By acquiring its first Inexperienced Mortgage, Gargash Group aligns itself with a prestigious and choose group of UAE enterprises which have leveraged impactful and sustainable financing options. The partnership goals to advertise and advance strong sustainability agendas for each Gargash Group and Mashreq by setting and reaching formidable sustainability targets.
As a tangible expression of those targets, Gargash Group is planning photo voltaic installations throughout 25 websites within the subsequent three years, with an vitality potential totaling over 5 MW. Whereas 5 websites are anticipated to be accomplished as early as 2025, plans are additionally underway to execute vitality effectivity initiatives spanning throughout 25 of its websites. Finance necessities for these plans are to be coated by the Inexperienced Mortgage facility from Mashreq.
Walid Hizaoui, Group Chief Technique Officer at Gargash Group shared his insights on the occasion, stating, “This partnership marks a crucial milestone in our sustainability journey. With a dependable and trusted banking accomplice supporting us, we’re wholeheartedly dedicated to integrating sustainability practices into each facet of our operations for a greener future. Now we have meticulously scoped our companies and carried out the required infrastructure to watch our progress in the direction of decarbonization—our final long-term objective. This initiative not solely underscores our unwavering dedication to decreasing the nation’s carbon footprint but additionally aligns with the UAE Inexperienced Agenda 2030 and UAE Web Zero Technique 2050, selling sustainable practices throughout the board.”
Thomas Schulz, Common Supervisor Mercedes-Benz Passenger Vehicles at Gargash Enterprises, added, “This is a crucial milestone that can assist drive the Mercedes-Benz model ahead, a model lengthy rooted in values of innovation and sustainability. This collaboration is a important catalyst fueling our dedication to realize internet zero carbon emissions by 2030 within the UAE. Our dedication to this goal displays our dedication to the model and our duty to the UAE, as we push ahead in sustainable mobility. With a strong framework in place, we’re assured our efforts will drive significant progress in the direction of a greener future.”
Karim Amer, Head of Automotive Sector at Mashreq commented, “Mashreq is proud to help Gargash Group’s transition in the direction of a sustainable future by their inaugural Inexperienced Mortgage and different potential Sustainability-Linked services. This financing is designed to allow exceptional reductions in emissions and speed up decarbonization initiatives which we’ve got been actively driving throughout the Automotive sector, by proactive engagement with our purchasers on each formulization in addition to execution of their Sustainability Methods. By aligning monetary incentives with sustainability aims, we goal to reinforce operational efficiencies for our companions and set a benchmark that encourages different organizations to combine vitality effectivity and sustainability into their core methods.”
The partnership between Gargash Group and Mashreq is a big step ahead within the collective effort to realize a sustainable future and it additionally demonstrates their dedication to a extra accountable and environmentally aware enterprise panorama.