Majid Al Futtaim raises $1.25bln equivalent sustainability linked revolving credit facility

Majid Al Futtaim raises $1.25bln equivalent sustainability linked revolving credit facility

- This is Majid Al Futtaim’s second SLL in line with global best practices and further demonstrates the Company's strong commitment towards Sustainability

- Majid Al Futtaim remains the only borrower in the region with a "penalty-only" loan structure

Dubai, United Arab Emirates: Majid Al Futtaim, the leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has successfully signed its second Sustainability-Linked Loan (SLL), structured as a USD 1.25 billion Revolving Credit Facility (RCF) linked to the Company’s environmental, social and governance (ESG) related targets.

First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, led the transaction as Sustainability Coordinator and Agent. In line with Majid Al Futtaim's ambitious sustainability strategy, the company has set Sustainability Performance Targets (SPTs) which will be measured on an annual basis throughout the tenor of the facility.

The SLL aims to facilitate the reduction in Majid Al Futtaim’s carbon footprint by reducing its Scope 1 & Scope 2 emissions and implementing LEED certification for its buildings as well as improving gender diversity within the organisation demonstrating its commitment towards the environment as a socially responsible employer. The facility positions Majid Al Futtaim