{"id":66882,"date":"2024-09-30T15:12:51","date_gmt":"2024-09-30T12:12:51","guid":{"rendered":"https:\/\/gulftech-news.com\/en\/?p=66882"},"modified":"2024-09-30T15:25:56","modified_gmt":"2024-09-30T12:25:56","slug":"emirates-nbd-announces-sar-100-million-esg-linked-working-capital-facility-with-chalhoub-group","status":"publish","type":"post","link":"https:\/\/gulftech-news.com\/en\/2024\/09\/30\/emirates-nbd-announces-sar-100-million-esg-linked-working-capital-facility-with-chalhoub-group\/","title":{"rendered":"Emirates NBD announces SAR 100 million ESG-linked working Capital facility with Chalhoub Group"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Agreement was \u00a0announced at special ceremony hosted by Emirates NBD at the bank\u2019s Jeddah premises<\/strong><\/mark><\/em><\/li>\n<\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/www.linkedin.com\/company\/emirates-nbd\">Emirates NBD<\/a><\/strong>, the leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced a SAR 100 million ESG-linked working Capital facility with Chalhoub Group, the Middle East\u2019s largest luxury goods retailer and distributor.<\/p>\n\n\n\n<p>Marking the first ESG-linked facility for Chalhoub group, the agreement is a testament to a long-standing partnership with both parties. <\/p>\n\n\n\n<p>Officially announced on September 2, 2024, at a signing ceremony hosted by the leading bank at its branch in Jeddah, the arrangement underscores both companies\u2019 commitment to driving the sustainable transformation of the Kingdom\u2019s thriving retail sector and furthers their efforts to achieve the goals of Vision 2030 and reach the country\u2019s sustainability targets.<\/p>\n\n\n\n<p>Crucially, the agreement strengthens Chalhoub Group\u2019s ability to successfully implement its sustainability strategy, empowering the leading retailer and distributor to put its net zero plan into action.<\/p>\n\n\n\n<p>Bringing leaders and senior officials from both entities together, the special signing ceremony shone a light on Emirates NBD and Chalhoub Group\u2019s collective efforts to safeguard the future of the Saudi retail sector \u2014 and business as a whole \u2014 by mapping out a detailed action plan anchored in ESG principles.<\/p>\n\n\n\n<p>The event was attended by Mohammed Aldabbagh, KSA Managing Director, Chalhoub Group. He was joined at the ceremony by the retail operator\u2019s General Manager \u2013 Operations and Finance, Omar Zaouiri; Director of Finance, Furqan Akhai; Director, Country Management, Ayah Yamani and Group Treasurer, James Adams.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.emiratesnbd.com.eg\/en\">Emirates NBD<\/a><\/strong> was represented at the gathering by the bank\u2019s Group Co-Head of Corporate Coverage, Corporate and Institutional Banking, Pri McNair; Country Head, Corporate and Institutional Banking, Ahmed Alghamdi; Western Region Head &#8211; Corporate &amp; Institutional Banking, Wisam Albaiyat; and Head of Multinationals Corporate &amp; Institutional Banking, Georges Francis.<\/p>\n\n\n\n<p><strong>Pri Mcnair, Group Co-Head of Corporate Coverage, Emirates NBD, <\/strong>said: \u201cSupporting a just and fair transition in the retail industry by being a leader in sustainable financing is a key priority for Emirates NBD, and we are delighted that we have supported our long-term client Chalhoub Group in expanding their sustainability aspirations to their subsidiary in the KSA, demonstrating that business growth and sustainability are aligned across the organization and synergized across its footprint. <\/p>\n\n\n\n<p>This also exemplifies our commitment to being industry pioneers for bespoke and innovative ESG-linked solutions that bolster the global transition towards a sustainable economy.\u201d<\/p>\n\n\n\n<p><strong>Ahmed Al Ghamdi, Head of Corporate &amp; Institutional Banking of Emirates NBD, KSA<\/strong>, said: \u201cAt Emirates NBD KSA, we strive to provide our clients with innovative ESG-linked solutions to support their sustainable growth ambitions and overall ESG objectives. <\/p>\n\n\n\n<p>We are proud to expand on the sustainable finance facility signed by Chalhoub Group at COP28 into the Saudi market, marking the Group\u2019s first sustainable finance facility in KSA with Emirates NBD. <\/p>\n\n\n\n<p>This is a clear demonstration of our dedication to working closely with our customers and wider stakeholders to progress together towards reaching a sustainable low carbon economy, as well as our support for the KSA\u2019s ambitious Vision 2030 and its overarching sustainability efforts and goals.\u201d<\/p>\n\n\n\n<p><strong>J. Adams, Chief Financial Officer, Chalhoub Group, stated:<\/strong> &#8220;This marks the successful extension of our Sustainable Finance Framework with Emirate NBD. We are particularly excited to be launching this in KSA and look forward to continuing the rollout across other countries in the GCC and beyond. <\/p>\n\n\n\n<p>This initiative not only underscores our commitment to sustainability but also provides a roadmap for future financing in Saudi Arabia that incorporates environmental, social, and governance principles. We believe that through collaborative efforts and strategic partnerships, we can achieve significant milestones in our sustainability journey.<\/p>\n\n\n\n<p><strong>M. Aldabaagh, Head of Group Treasury, Chalhoub Group, commented,<\/strong> \u201cWe thank our partners at Emirates NBD for their support with our first Sustainable Finance Facility in Saudi Arabia and look forward to building on this success. <\/p>\n\n\n\n<p>Sustainability is a key part of our Group strategy, and we are proud of this collaboration that aligns with our long-standing commitment to environmental, social, and governance principles. Our dedication to fostering responsible practices and driving positive environmental and social impact is at the heart of our Group. Through this sustainable finance facility, we are enhancing our accountability, grounded in our belief that achieving ambitious goals requires concerted collective teamwork.\u201d<\/p>\n\n\n\n<p><strong>M. Aldabaagh, added<\/strong> \u201cLooking ahead, Chalhoub Group and Emirates NBD are exploring the expansion of this Sustainable Finance initiative to other regions, including Egypt and India. <\/p>\n\n\n\n<p>This step underscores the Group&#8217;s ambition to lead in sustainable finance, not just in the GCC, but across the broader international markets\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Agreement was \u00a0announced at special ceremony hosted by Emirates NBD at the bank\u2019s Jeddah premises Emirates NBD, the leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced a SAR 100 million ESG-linked working Capital facility with Chalhoub Group, the Middle East\u2019s largest luxury goods retailer and distributor. Marking the &hellip;<\/p>\n","protected":false},"author":2,"featured_media":66883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[622],"tags":[],"class_list":["post-66882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Emirates NBD announces SAR 100 million ESG-linked working Capital facility with Chalhoub Group - Gulf Tech News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gulftech-news.com\/en\/2024\/09\/30\/emirates-nbd-announces-sar-100-million-esg-linked-working-capital-facility-with-chalhoub-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emirates NBD announces SAR 100 million ESG-linked working Capital facility with Chalhoub Group - Gulf Tech News\" \/>\n<meta property=\"og:description\" content=\"Agreement was \u00a0announced at special ceremony hosted by Emirates NBD at the bank\u2019s Jeddah premises Emirates NBD, the leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced a SAR 100 million ESG-linked working Capital facility with Chalhoub Group, the Middle East\u2019s largest luxury goods retailer and distributor. 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