On February 26, Emirates NBD, one of the leading banking groups in the Middle East, North Africa and Turkey (MENAT) region, extended green financing to UAE-based Arabian Gulf Steel Industries (AGSI), supporting the steelmaker’s ongoing expansion in low-carbon production. The funding is expected to reinforce AGSI’s positioning within the UAE market, where demand for environmentally certified construction materials continues to gain momentum amid the country’s broader decarbonisation drive.
AGSI, recognised as the first steel producer globally to achieve carbon neutrality certification and to have the first net-zero steel manufacturing plant in the MENA region, has positioned itself as a dedicated green steel manufacturer. The latest financing is set to further strengthen its standing in the UAE’s construction sector, where demand for lower-embedded-carbon materials continues to grow in line with the country’s Net Zero 2050 ambitions.
Furthermore, the facility is structured under Emirates NBD’s Sustainable Finance Framework and aligned with the Green Loan Principles of the Loan Market Association (LMA), linking the financing to clear environmental criteria, including controlled use of proceeds and ongoing monitoring, underscoring the growing integration of sustainability metrics into industrial financing, particularly in energy-intensive sectors such as steel.
