UAE’s Majid Al Futtaim secures $1.5bn sustainability-linked loan

UAE’s Majid Al Futtaim secures $1.5bn sustainability-linked loan

UAE’s Majid Al Futtaim has signed its inaugural $1.5bn (Dhs5.51bn) sustainability-linked loan (SLL). The five-year loan 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. The company’s agreement also includes a gender diversity target for women to constitute 30 per cent of board members and senior management roles, a statement said. 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 signing of our first sustainability-linked loan comes as a result of, and in line with, our long-term strategic targets, including the production of more energy and water than we consume, reaching a Net Positive business model by 2040. “While a company’s profitability is important, how you contribute to sustainability is becoming more crucial and a filter for investors to decide how much and where they will invest. To ensure that you have access to funding – and at attractive rates – in a world where