Gargash Group Partners with Mashreq to Advance Sustainable Finance Initiatives
Dubai, October 2, 2024 — In a significant move towards achieving its sustainability objectives, Gargash Group, a prominent business enterprise in the UAE, has entered into a strategic partnership with Mashreq, a leading financial institution in the MENA region. The collaboration was officially launched at a signing ceremony held at the Mercedes-Benz Brand Center in Dubai Design District. This partnership marks the introduction of Gargash Group’s inaugural Green Loan, which will finance several sustainability projects.
This alliance aims to enhance both Gargash Group and Mashreq‘s sustainability agendas by establishing ambitious targets for environmental, social, and governance (ESG) initiatives. With the first Green Loan, Gargash Group joins a select group of UAE companies leveraging sustainable financing solutions to drive impactful change.
As part of this commitment, Gargash Group plans to install solar panels across 25 sites within the next three years, targeting a combined energy output of over 5 MW. The first five installations are anticipated to be operational by 2025. Additionally, energy efficiency projects will be implemented across 25 sites, funded through the Green Loan facility from Mashreq.
Walid Hizaoui, Group Chief Strategy Officer at Gargash Group, remarked, “This partnership is a pivotal milestone in our sustainability journey. With the support of a reliable banking partner, we are dedicated to integrating sustainable practices across all our operations, moving toward a greener future. Our initiatives underscore our commitment to reducing the UAE’s carbon footprint and align with the UAE Green Agenda 2030 and the Net Zero Strategy 2050.”
Thomas Schulz, General Manager of Mercedes-Benz Passenger Cars at Gargash Enterprises, added, “This milestone propels the Mercedes-Benz brand forward, grounded in values of innovation and sustainability. Our collaboration is a catalyst for achieving net-zero carbon emissions by 2030 in the UAE, reflecting our dedication to sustainable mobility.”
Karim Amer, Head of Automotive Sector at Mashreq, noted, “We are proud to support Gargash Group’s transition to a sustainable future. The financing enables significant emissions reductions and accelerates decarbonization initiatives in the automotive sector, setting a benchmark for other organizations.”
The partnership between Gargash Group and Mashreq signifies a commitment to a sustainable future, demonstrating both companies’ dedication to fostering a more responsible and environmentally conscious business landscape.
