Dubai, United Arab Emirates: Mashreq, a leading financial institution in the MENA region, has signed Sustainability-Linked Facilities (SLF) in Qatar with Landmark Retail, the leading value conglomerate in the retail sector in the Middle East. This marks the first time a private sector company has signed a bilateral sustainability-linked loan in Qatar.
The partnership with Mashreq will further advance Landmark Retail’s sustainability objectives and it is a testament to the bank’s leading position in sustainable finance mobilization and sustainability advisory in MENA. It also contributes to the bank’s commitment to facilitate USD 30 bn of sustainable finance by 2030.
The key performance indicators linked to financing includes Landmark Retail in boosting renewable energy capacity and implement advanced energy management solutions for greater efficiency and energy savings. It also includes responsible sourcing, waste reduction and recycling across Landmark Retail’s extensive operations. The retailer aims to enhance responsible sourcing by expanding the use of Better Cotton in its products.
Tarek El Nahas, Group Head of International Banking, Mashreq, said: The partnership with Landmark Retail marks a significant advancement in our commitment to sustainability and our contributions to the sustainable finance ecosystem in the Middle East. This collaboration is a testament to Mashreq’s leadership in mobilizing sustainable finance across the region, particularly in Qatar. As a bank, we understand that our greatest impact comes from directing capital flows responsibly and offering clients solutions that extend beyond traditional financing. This partnership reaffirms our dedication to driving meaningful change in sustainable finance.”
Salman Gulzar, Country Head, Mashreq Qatar, said: “This partnership represents a pivotal step in advancing sustainable finance in line with Qatar’s vision, reinforces Mashreq’s leading role in sustainable finance mobilization in the Middle East and exemplifying the collaborative and tangible impact-driven nature of the bank’s Climb2Change initiative. As a bank, we have got an important role to play in enabling our client’s own sustainability journeys through the facilitation of financing solutions that are tailored to their needs. Our partnership with Landmark Retail underscores our ongoing dedication to responsible banking and delivering strong performance across ESG metrics, in turn fostering environmental stewardship and positive change in the MENA region.”
Rajesh Garg, Group Chief Financial Officer, Landmark Retail, said: “We are committed to conducting our business responsibly, by driving positive changes to reduce the environmental impact of our operations. Through our partnership with Mashreq, we aim to embed improved circular initiatives across our operations through renewable energy, circularity and responsible sourcing, marking another important milestone in our journey and in Qatar’s sustainability roadmap and ambitions.”
This partnership adds to Mashreq’s recent agreement to lead the USD 3.25 bn debut Leverage Buyout sustainability-linked financing for GEMS Education, the region’s largest sustainability-linked financing up to July 2024.
As part of Mashreq’s ongoing sustainable finance facilitation efforts, this SLF with Landmark Retail falls under the bank’s Climb2Change initiative, a comprehensive global initiative that encapsulates Mashreq’s wide-ranging ESG efforts including sustainable finance commitments and ambitions to accelerate environmental and social impact. Climb2Change consolidates Mashreq’s strong performance in sustainable linked financing, responsible banking products and services, and social impact initiatives into a unique global initiative, solidifying the bank’s leadership in sustainable banking in the MENA region and globally.
About Mashreq
Mashreq is almost a half-century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region’s most prominent corporations and wealth accounts.
The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success.
Reassuringly present in major financial centres of the world, Mashreq’s home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance.
Find your way to Rise Every Day at: www.Mashreq.com/RiseEveryDay
For media inquiries, please write to: media@mashreq.com
About Landmark Group
Founded in 1973 in Bahrain, Landmark Group has grown to become one of the largest and most successful omnichannel retail and hospitality conglomerates, with presence across 17 countries in the Middle East, Africa, India and Southeast Asia. Based in the UAE since 1990, the Group owns and operates 21 established homegrown and 4 franchise brands across an extensive network of more than 2,200 outlets, encompassing a gross leasable area of 30 million square feet.
Landmark Group’s success is driven by its diverse portfolio of established brands, across multiple retail categories, offering a comprehensive range of products across fashion, home, groceries and electronics. These include Centrepoint, Max Fashion, Home Centre, Babyshop, Splash, Shoemart, Lifestyle, Viva, Emax, Home Box, Styli, Shoexpress, Spar and Easybuy.
The Group boasts unparalleled logistics capabilities, owning the MENA region’s largest privately-owned distribution hub – Omega Logistics and Logistiq, which offers state-of-the-art third-party logistics services.
Beyond retail, Landmark Group has diversified into the leisure, fitness and hospitality sectors with brands like Fitness First, Citymax, Fun City, Fun Ville, Zafran and Carluccio’s.
Landmark Group places a strong emphasis on delivering exceptional value and achieving customer satisfaction throughout its comprehensive product range. Across its loyalty programmes, the Group enjoys a loyal customer base with more than 35 million active users.
The company has a dedicated workforce of more than 53,000 employees and continues to be certified as a Great Place to Work (GPTW) since 2017.
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