Galadari Brothers Co. LLC, a UAE-based conglomerate, and Mashreq, a leading financial institution in the Mena region, have joined forces to inaugurate a green loan facility.
This collaboration signifies a significant stride towards environmental sustainability and reflects both organizations’ commitment to tackle climate change by reducing energy consumption and emissions.
Targeted Utilization of Sustainable Finance:
The allocated sustainable finance will focus on supporting green retrofits and implementing energy efficiency technologies within Galadari Brother’s flagship hotel property in Sri Lanka.
This dedicated “green tranche” aims to substantially decrease emissions and energy consumption, setting the stage for decarbonization across the Group’s assets and establishing new benchmarks for environmentally conscious business practices.
Mohammed Galadari, Co-Chairman and Group CEO of Galadari Brothers, highlighted the partnership’s significance beyond a financial agreement.
He emphasized their dedication to a sustainable future, evident through the appointment of an ESG consulting firm to evaluate the Group’s carbon footprint, establish KPIs, and drive sustainability initiatives.
Pioneering Sustainable Finance:
Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, expressed delight in supporting the Galadari Brothers on their sustainability journey.
The collaboration aims to reduce emissions and embrace decarbonization, illustrating Mashreq’s commitment to positive environmental changes through sustainable financing solutions.
RV Ramanan, Group CFO of Galadari Brothers, highlighted the milestone as a commitment to integrating sustainability into business decisions and aligning financial strategies with environmental goals.
Catalyst for a Sustainable Future:
Karim Amer, Head of the Mashreq Automotive & Mobility sector, sees this partnership as a catalyst for sustainability and a more resilient future, fostering an accelerated pathway towards environmental responsibility.
The capital expenditure (Capex) allocated for energy efficiency retrofits will commence shortly, marking the start of the sustainability initiative.