Majid Al Futtaim, the shopping malls, communities, retail and leisure developer across the Middle East, Africa, and Asia, has successfully signed its second Sustainability-Linked Loan (SLL), structured as a $1.25 billion Revolving Credit Facility (RCF) linked to the company’s environmental, social and governance (ESG) related targets.
First Abu Dhabi Bank (FAB) was the transaction’s Sustainability Coordinator and Agent, the company has set Sustainability Performance Targets (SPTs) which will be measured on an annual basis throughout the tenure of the facility.
“Sustainable finance options are a vital solution in the quest to ensure the private sector creates a resilient economy and supports development that meets the needs of the present without compromising the future. Today’s announcement maintains Majid Al Futtaim’s long-held commitment to becoming one of the most sustainably considerate companies regionally and globally. Through the new SLL, we are further extending our accountability in how we finance our operational and capital expenditures across the Group. As our second such SLL signed in as many years, we are aligning our actions with our long-term strategic target of reaching a Net Positive business model by 2040,” Ziad Chalhoub, Chief Financial Officer at Majid Al Futtaim Holding, said.
The SLL aims to facilitate the reduction in Majid Al Futtaim’s carbon footprint by reducing its emissions and implementing LEED certification for its buildings as well as improving gender diversity by 32% within the organization.
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