Majid Al Futtaim secures $1.5bn sustainability-linked loan

Majid Al Futtaim secures $1.5bn sustainability-linked loan

Dubai: Majid Al Futtaim, the leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has signed its inaugural $1. 5 billion (AED 5. 51 billion) sustainability-linked loan (SLL), a financial instrument secured primarily on environmental, social and governance (ESG) related performance. In line with Majid Al Futtaim's ambitious sustainability strategy, the SLL aims to facilitate and support environmentally and socially sustainable economic activity and growth by incentivising ambitious, predetermined sustainability performance objectives. Majid Al Futtaim's five-year SLL is structured as a revolving credit facility (RCF) and is the largest corporate, non-government-linked SLL in the region and the largest in the MENA real estate sector, with over a dozen banks participating in the syndicate. The Company's agreement also includes a gender diversity target for women to constitute 30% of board members and senior management roles, aligning with the global aims of the 30% Club, a first for the region. Ziad Chalhoub, Chief Financial Officer, Majid Al Futtaim Holding, said: "Majid Al Futtaim continually strives to become one of the most sustainably considerate companies in the world, and this extends to genuine accountability in how we finance our operational and capital expenditures across the Group. The