Galadari Brothers Co. LLC, a conglomerate based in the UAE, revealed its partnership with Mashreq, a prominent financial institution in the Mena region, to obtain their first-ever green loan facility. This initiative signifies a substantial stride toward environmental sustainability. The collaboration reflects the strong dedication of both entities to curbing energy usage and emissions, thereby addressing the urgent concern of climate change.
The sustainable finance obtained will be directed towards implementing green retrofits and energy-efficient technologies in Galadari Brother’s main hotel property in Sri Lanka. This designated 'green tranche' aims to bring about a significant reduction in emissions and energy consumption, charting the course for the Group’s assets to undergo decarbonisation and establish a new benchmark for eco-conscious business practices.
Mohammed Galadari, Co-Chairman and Group CEO of Galadari Brothers, expressed that their collaboration with Mashreq goes beyond a mere financial agreement. He highlighted their shared vision of creating a more environmentally conscious future. Galadari Brothers' commitment to sustainability is reinforced by their engagement of an ESG consulting firm, tasked with evaluating the Group’s carbon footprint, setting benchmarks, defining KPIs, and propelling their initiatives. The partnership with Mashreq represents a promising advancement in their journey towards sustainability, highlighting the pivotal role of businesses and sustainable finance in combating climate change.
Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, conveyed their enthusiasm in partnering with Galadari Brothers to support their pursuit of a more sustainable path. The green loan offered by Mashreq aims to empower the Group in reducing emissions and embracing decarbonisation. This collaboration showcases Mashreq's dedication to fostering positive environmental changes. By integrating sustainability objectives into loan terms, they aim to inspire other companies to integrate energy efficiency targets into their operations.