Emirates NBD has signed an ESG-linked working capital facility agreement with Landmark Retail, the premier value conglomerate in the retail sector in the Middle East.
This marks Saudi Arabia’s first private sector bilateral sustainability-linked loan. The signing ceremony was held at Emirates NBD’s HQ in Riyadh. The partnership highlights both parties’ commitment to achieving the goals of Saudi Vision 2030.
The collaboration falls in line with Landmark Retail’s ongoing efforts to drive Net-Zero goals and expands its efforts to provide even greater access to a broad range of cutting-edge sustainable financial solutions.
Leading officials and representatives from both companies attended the signing ceremony. Rajesh Garg, Group Chief Financial Officer, Landmark Group, was joined at the event by the omnichannel Retail conglomerate’s Head of Treasury, Shabbir Ahmad; and Deputy General Manager of Finance, Ravi Chandran.
Emirates NBD’s Group Co-Head of Corporate Coverage, Corporate and Institutional Banking, Pri McNair; and its Country Head, Corporate and Institutional Banking, Ahmed Alghamdi, represented the bank at the signing ceremony.
Building on Emirates NBD’s previous partnerships with Landmark Retail, this agreement reinforces the ties between both entities. It also marks the launch of the second ESG-linked facility between Emirates NBD and Landmark Retail, following the leading conglomerate’s decision to shift from its working capital facility to a sustainability-linked loan in 2022.
The ESG-linked objectives are boosting the contribution of renewables in Landmark’s energy utilization and enhancing the composition of sustainable materials in its retail products. The KPIs under this loan align with Landmark’s journey to become circular & climate positive through a comprehensive framework integrating sustainable products, sustainable operations & sustainable customer journeys.
Pri Mcnair Group Co-Head of Corporate Coverage – Emirates NBD
“We are proud to be playing a key role in promoting sustainable financing in Saudi Arabia by supporting our long-standing partner Landmark Retail. This milestone agreement underscores our shared commitment to environmental stewardship and driving meaningful change through ESG-linked solutions. By partnering with leaders like Landmark to formulate bespoke sustainability-focused structures, we are paving the way for sustainable transition and reinforcing our role as a leader in steering impact on business models contributing to a greener future in the Kingdom. This speaks to our latest agreement with Landmark Retail: a company that has demonstrated its commitment to being a leading proponent of regional retail and sustainable service excellence. We look forward to working even more closely with the group to realize its potential and implement its ESG strategy.”
Rajesh Garg, Group Chief Financial Officer, Landmark Retail, commented that, “We are committed to conducting our business responsibly, by driving positive changes to reduce the environmental impact of our operations. We understand the important role we play in our industry and take it upon ourselves to act as flagbearers of responsible business, working as ethically and conscientiously as possible to protect people and planet. Our agreement with Emirates NBD is fully geared towards accomplishing just that, marking another important milestone in our and the Kingdom’s journey towards greater sustainability.”
