On February 26, Emirates NBD, one of the leading banking groups in the Middle East, North Africa and Turkey (MENAT) region, provided green financing to UAE-based Arabian Gulf Steel Industries (AGSI), supporting the steelmaker's ongoing expansion into low-carbon manufacturing. The funding is expected to strengthen AGSI's position in the UAE market, where demand for green-certified building materials continues to grow amid the country's wider decarbonization.
AGSI, recognized as the first steelmaker in the world to achieve carbon neutrality certification and with the first net-zero steel production plant in the MENA region, positions itself as a dedicated green steel manufacturer. The latest funding is designed to further strengthen its position in the UAE construction sector, where demand for low embedded carbon materials continues to grow in line with the country's Net Zero 2050 ambitions.
In addition, the facility is structured in line with the Emirates NBD Sustainable Finance Framework and complies with the Loan Market Association's (LMA) Green Lending Principles, linking financing to clear environmental criteria, including controlled use of proceeds and ongoing monitoring, highlighting increasing integration of sustainability indicators into industrial finance, especially in energy-intensive sectors such as metals.
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