News DeskDubai, UAE – In a strategic move toward advancing its sustainability goals, Gargash Group, a leading business enterprise in the UAE, has partnered with Mashreq, one of the region’s prominent financial institutions. The collaboration was formalized with the signing of a Memorandum of Understanding (MoU) at the Mercedes-Benz Brand Center in Dubai Design District, marking the debut of Gargash Group’s first Green Loan.
This partnership underscores a shared commitment to promoting sustainable practices and achieving ambitious environmental targets. The Green Loan, extended by Mashreq, will support a number of projects within the Gargash Group, including the installation of solar energy systems across 25 sites over the next three years. These installations are expected to generate over 5 MW of clean energy, with five sites set to be completed by 2025.
In addition to solar energy, Gargash Group has outlined plans to implement energy efficiency projects across its operations. These initiatives, which align with the UAE Green Agenda 2030 and the UAE Net Zero Strategy 2050, will be financed through the Green Loan facility provided by Mashreq.
Walid Hizaoui, Group Chief Strategy Officer at Gargash Group, highlighted the significance of this partnership, stating, “This marks a critical milestone in our sustainability journey. With a trusted banking partner like Mashreq, we are fully committed to integrating sustainable practices into every aspect of our business. This initiative reinforces our dedication to reducing the nation’s carbon footprint and advancing toward decarbonization.”
Thomas Schulz, General Manager of Mercedes-Benz Passenger Cars at Gargash Enterprises, echoed this sentiment, noting that the collaboration would help accelerate the brand’s commitment to achieving net-zero carbon emissions by 2030 in the UAE.
Karim Amer, Head of the Automotive Sector at Mashreq, praised the partnership, saying, “Mashreq is proud to support Gargash Group’s transition to a sustainable future. By aligning financial solutions with sustainability objectives, we aim to drive significant reductions in emissions and enhance operational efficiencies, setting a benchmark for others in the industry.”
This collaboration between Gargash Group and Mashreq represents a significant step toward a greener and more sustainable future, reinforcing both companies’ commitment to responsible and environmentally conscious business practices.
