Apparel Group seals ESG-linked finance deal with UAE banks

Apparel Group seals ESG-linked finance deal with UAE banks

Apparel Group, a leading fashion and retail conglomerate with a robust global presence, has announced the signing of Environmental, Social, and Governance (ESG)-linked term facilities with two of the country's leading banking groups - Emirates Islamic and Emirates NBD.

The financing deal between Apparel Group and the banks remains aligned to their shared strategic focus on advancing sustainability, simultaneously tackling significant ESG factors in the fashion and retail industry.

The novel initiative also sets a new benchmark for the fashion and retail industry in the UAE, showing that financial prosperity and sustainability can go hand in hand.

The two banks partnered with Apparel Group to embed key performance indicators, aligned with the company’s sustainability strategy within its financing structure.

The incentives structured in the term facility agreement are strategically concluded to synergise with Apparel Group's sustainability performance objectives, thereby reflecting the company's dedication to the UAE's long-term environmental goals. This approach benefits Apparel Group and its stakeholders and contributes positively to the planet.

Overall, the financing acts as a pioneering model for players in the retail and fashion industries seeking to make a positive impact on the environment and society, directly aligning with the UAE’s Net Zero by 2050 Strategic