Gargash Group, a leading UAE enterprise, has teamed up with Mashreq, a major financial institution in MENA, to boost sustainability efforts. They inaugurated this partnership with a Memorandum of Understanding (MoU) signing at the Mercedes-Benz Brand Center in Dubai. The collaboration features a Green Loan for Gargash Group’s various projects.

Gargash Group Ambitious Sustainability Targets

By securing its first Green Loan, Gargash Group joins a select group of UAE businesses using impactful financing. This partnership aims to establish ambitious sustainability targets for both organizations. Gargash Group plans to install solar energy systems at 25 sites within three years, targeting over 5 MW of total energy capacity. They expect to complete five sites by 2025 and have additional energy efficiency projects funded by the Green Loan from Mashreq.

Commitment to a Greener Future

Walid Hizaoui, Group Chief Strategy Officer at Gargash Group, stated, “This partnership marks a critical milestone in our sustainability journey. With a trusted banking partner, we are committed to integrating sustainability into every aspect of our operations. We have carefully scoped our businesses and built infrastructure to track our decarbonization progress—our ultimate goal. This initiative highlights our dedication to reducing the nation’s carbon footprint and aligns with the UAE Green Agenda 2030 and UAE Net Zero Strategy 2050.”

Thomas Schulz, General Manager of Mercedes-Benz Passenger Cars at Gargash Enterprises, said, “This milestone will advance the Mercedes-Benz brand, rooted in innovation and sustainability. This collaboration drives our commitment to net zero carbon emissions by 2030 in the UAE.”

Karim Amer, Head of the Automotive Sector at Mashreq, remarked, “Mashreq supports Gargash Group’s sustainable future through their inaugural Green Loan and potential Sustainability-Linked facilities. This financing enables remarkable emission reductions and accelerates decarbonization initiatives, encouraging organizations to integrate energy efficiency into their core strategies.”

Impact of COP27 on MENA Sustainability Efforts

The partnership between Gargash Group and Mashreq demonstrates a collective commitment to MENA sustainability. Following COP27, momentum is growing for integrating sustainability practices across industries. This collaboration reinforces environmental responsibility and sets a benchmark for others. As companies embrace sustainable financing, they significantly contribute to the region’s long-term economic and environmental goals, ensuring a greener future for all.