Dubai mall operator Majid Al Futtaim secures first $1.5bln sustainability-linked loan

August 27, 2021 708

Majid Al Futtaim Secures $1.5 Billion Sustainability-Linked Loan with Gender Diversity Targets

Dubai-based Majid Al Futtaim (MAF) has secured its first sustainability-linked loan (SLL) worth $1.5 billion dirhams, marking the largest corporate, non-government-linked SLL in the MENA region and the largest in the real estate sector.

Key Highlights of the Loan Agreement

  • The five-year revolving credit facility is tied to ESG performance.
  • Includes a gender diversity target, ensuring 30% of board and senior management roles are held by women.
  • Supports MAF’s goal of achieving a net-positive business model by 2040, producing more energy and water than consumed.
  • All MAF malls will be certified LEED Gold or higher, reinforcing sustainability efforts.

Commitment to Sustainability

MAF has made significant strides in ESG, achieving 97% of its sustainability targets last year despite economic challenges.

CFO Ziad Chalhoub stated:

“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.”