Emirates NBD Completes Green Facility for Arabian Gulf Steel Industries to Expand Low-Carbon Production
Emirates NBD has structured a green financing facility for Arabian Gulf Steel Industries (AGSI) to enhance its low-carbon steel production capacity. This facility supports AGSI's expansion in response to rising green steel demand, aligning with the UAE’s transition to a low-carbon economy. AGSI is recognized as the first net-zero steel manufacturer in the MENA region, and the transaction is part of Emirates NBD's commitment to sustainable finance.
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Emirates NBD has completed a green financing facility for Arabian Gulf Steel Industries (AGSI), aimed at expanding low-carbon steel production in the UAE. AGSI will utilize the funds to boost production capacity to meet growing demand from the construction sector.
The facility, classified as 'green' under Emirates NBD's Sustainable Finance Framework, is aligned with the Green Loan Principles and emphasizes transparency and accountability in financing. AGSI has been recognized as a leader in low-emission production, being the first net-zero steel manufacturing plant in the MENA region. This initiative supports the UAE’s Net-Zero by 2050 agenda and showcases Emirates NBD's role in promoting sustainable industrial practices.
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