Emirates NBD has provided green financing to UAE-based Arabian Gulf Steel Industries (AGSI), reinforcing the steelmaker’s expansion in low-carbon steel production, the bank announced on February 26.
The funding is structured under Emirates NBD’s Sustainable Finance Framework and aligned with the Green Loan Principles of the Loan Market Association, ensuring the financing is linked to clearly defined environmental criteria, monitored use of proceeds, and sustainability reporting.
AGSI is recognized as the first steel producer globally to achieve carbon neutrality certification and operates the first net-zero steel manufacturing plant in the MENA region. The financing is expected to strengthen AGSI’s role in the UAE construction sector, where demand for environmentally certified, low-embedded-carbon materials is rising in line with the country’s Net Zero 2050 strategy.
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