Latest news with #NetZero2050
Hi Dubai
17 hours ago
- Business
- Hi Dubai
New Green Term Loan Secured for Galadari Sports Facility in Dubai
Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has announced the successful completion of a new Green Term Loan Facility with Galadari Sports, part of Galadari Brothers, a leading Dubai-based conglomerate, to fund the construction of a new sports complex in the emirate. The state-of-the-art facility will be built to the strict rules and parameters of Dubai Municipality's Sa'fat Gold certification for green buildings, while funding for the project aligns with Emirates NBD's Sustainable Finance Framework. Located in the Al Quoz neighborhood, the complex is among only a few privately funded developments that are targeting Sa'fat Gold certification. A flagship project for Galadari Sports, once completed, it will help to set new standards in sustainability for recreational buildings and associated infrastructure. As a key part of securing funding through Emirates NBD's Sustainable Finance Framework and official Loan Market Association (LMA) Green Loan Principles, construction of the new complex will adhere to stringent protocols governing building processes and materials, while regular environmental monitoring and annual impact reports will assess its ongoing compliance. Once completed, the new green-certified community facility will feature swimming pools, gyms, squash and padel courts, with power and utilities provided by innovative and sustainable systems including solar panels and water recycling. Emirates NBD is committed to enabling the UAE's transformation into a green, low-carbon economy through initiatives such as its Sustainable Finance Framework. Part of a wide-ranging economic empowerment strategy, Emirates NBD's Sustainable Finance Framework is aligned with the aims of the United Nations Sustainable Development Goals (SDGs) and the UAE's Vision 2030 and Net Zero 2050 plans. Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: This transaction between Emirates NBD and Galadari Sports is a clear and inspiring example of how sustainability-linked funding options continue to be a driving force in helping the UAE reach its Net Zero 2050 ambitions. The availability of new financing tools across sectors enables important collaborations between banking institutions and private companies, allowing for the creation of increased value through responsible, economically-empowering, and environmentally-friendly developments. Projects such as the Galadari Sports complex are at the forefront of a new wave of sustainable urban growth, with innovative green buildings – constructed according to the guiding principles of Dubai Municipality's Sa'fat Gold certification and aligned with Emirates NBD's Sustainable Finance Framework – providing essential services to communities. Mohammed Galadari, Co-Chairman and Group CEO of Galadari Brothers, said: This state-of-the-art project reflects our continued commitment to advancing sustainable development in the UAE. By investing in energy-efficient infrastructure and embracing green finance, we are proud to support the nation's Net Zero 2050 agenda while delivering long-term value to our communities. Our partnership with Emirates NBD marks a significant milestone for Galadari Brothers and reinforces our belief in the power of responsible, future-focused development. As we expand our presence in the wellness and recreation sector, sustainability will remain a core pillar of our long-term vision and growth strategy. News Source: Burson Global
Mid East Info
2 days ago
- Business
- Mid East Info
Emirates NBD and Galadari Sports complete new Green Term Loan Facility for development of state-of-the-art community sports complex in Dubai
Located in Al Quoz, the complex aligns with Emirates NBD's Sustainable Finance Framework and will meet Dubai Municipality's Sa'fat green building certification Project supports the UAE's Net Zero 2050 agenda by empowering financial institutions and private companies to develop energy-efficient infrastructure Dubai, UAE,kiye MENAT region, has announced the successful completion of a new Green Term Loan Facility with Galadari Sports, part of Galadari Brothers, a leading Dubai-based conglomerate, to fund the construction of a new sports complex in the emirate. The state-of-the-art facility will be built to the strict rules and parameters of Dubai Municipality's Sa'fat Gold certification for green buildings, while funding for the project aligns with Emirates NBD's Sustainable Finance Framework. Located in Al Quoz neighborhood, the complex is among only a few privately funded developments that are targeting Sa'fat Gold certification. A flagship project for Galadari Sports, once completed it will help to set new standards in sustainability for recreational buildings and associated infrastructure. As a key part of securing funding through Emirates NBD's Sustainable Finance Framework and official Loan Market Association (LMA) Green Loan Principles, construction of the new complex will adhere to stringent protocols governing building processes and materials, while regular environmental monitoring and annual impact reports will assess its ongoing compliance. Once completed, the new green-certified community facility will feature swimming pools, gyms, squash and padel courts, with power and utilities provided by innovative and sustainable systems including solar panels and water recycling. Emirates NBD is committed to enabling the UAE's transformation into a green, low-carbon economy through initiatives such as its Sustainable Finance Framework. Part of a wide-ranging economic empowerment strategy, Emirates NBD's Sustainable Finance Framework is aligned with the aims of the United Nations Sustainable Development Goals (SDGs) and the UAE's Vision 2030 and Net Zero 2050 plans. Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: 'This transaction between Emirates NBD and Galadari Sports is a clear and inspiring example of how sustainability-linked funding options continue to be a driving force in helping the UAE reach its Net Zero 2050 ambitions. The availability of new financing tools across sectors enables important collaborations between banking institutions and private companies, allowing for the creation of increased value through responsible, economically-empowering and environmentally-friendly developments. Projects such as the Galadari Sports complex are at the forefront of a new wave of sustainable urban growth, with innovative green buildings – constructed according to the guiding principles of Dubai Municipality's Sa'fat Gold certification and aligned with Emirates NBD's Sustainable Finance Framework – providing essential services to communities.' Mohammed Galadari, Co-Chairman and Group CEO of Galadari Brothers, said: 'This state-of-the-art project reflects our continued commitment to advancing sustainable development in the UAE. By investing in energy-efficient infrastructure and embracing green finance, we are proud to support the nation's Net Zero 2050 agenda while delivering long-term value to our communities. Our partnership with Emirates NBD marks a significant milestone for Galadari Brothers and reinforces our belief in the power of responsible, future-focused development. As we expand our presence in the wellness and recreation sector, sustainability will remain a core pillar of our long-term vision and growth strategy.' About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water. About Galadari Brothers: For more than 60 years, Galadari Brothers has pioneered growth. We combine the ambition of a powerful partner with the inspired spirit of a family-owned business, with the company thriving across various sectors – from media to heavy equipment, food & beverage, motors, engineering, projects, facility management, sports, travel and hospitality, real estate, and other ventures. That's why some of the world's most admired brands, including Baskin Robbins, Komatsu, Mazda, Dunkin', Kawasaki, JCB, Kyochon, Triumph, Sitrak, and more, trust us with their growth. Our team of more than 6,000 pioneers operate across ten countries to drive growth for licensed and owned brands, including Khaleej Times, Halla Shawarma, Shabestan and Galadari Energy Solutions. Together, we are creating a world of boundless innovation and creativity, to elevate the GCC and beyond.
Zawya
3 days ago
- Business
- Zawya
Emsteel secures key MSCI provisional ESG rating
Emsteel (formerly Emirates Steel Arkan) has announced that it has received a provisional ESG rating of 'AA' from MSCI, one of the highest among steel players globally, recognising the group as one of the few global steel and building materials manufacturers that stand out for their strong performance on Environmental, Social, and Governance (ESG) issues. MSCI ESG Ratings evaluates over 9,000 companies worldwide, assessing their exposure to industry-material ESG risks and how well they manage them relative to peers. The ratings range from 'leader' (AAA, AA), average (A, BBB, BB) to 'laggard' (B, CCC). This score reaffirms the Group's ESG leadership among its peers globally. Reinforcing Emsteel's position as one of the industry leaders in managing key ESG risks and opportunities, MSCI's evaluation particularly highlights the group's efforts in managing its environmental impact through innovative responsible practices to abate carbon emissions, and enhancing well-being, health and safety practices for its workforce – with almost all categories significantly above the global average. Group CEO Eng. Saeed Ghumran Al Remeithi said: "Our inaugural 'AA' ESG rating by MSCI is a powerful testament to Emsteel's commitment to sustainable industrial leadership. It reflects the strength of our governance, the resilience of our people, and our deep-rooted responsibility to the environment and communities we serve." "As we align with the UAE's Net Zero 2050 vision, this recognition strengthens our resolve to lead by example, delivering lasting value to our shareholders, society, and future generations," he stated. The 'AA' provisional ESG-rating follows the Groups announcement in May 2025 regarding its landmark Green Finance Framework, which is a cornerstone of Emsteel's broader Environmental, Social, and Governance (ESG) strategy. The Framework's development was supported by key partners, including ING as Lead Sustainability Structuring Bank and First Abu Dhabi Bank (FAB) as Sustainability Structuring Bank. For the MSCI ESG rating, ING also acted as the ESG Rating Advisor. Emsteel is driving industrial sustainability through an ambitious decarbonisation strategy. The Group aims to reduce emissions by 40% in its Steel Business Unit and 30% in its Cement Business Unit by 2030, using 2019 as the baseline year, and is firmly committed to achieving net-zero emissions by 2050. Key initiatives include enhancing energy efficiency, integrating renewable energy, and advancing green hydrogen innovation all in alignment with the UAE's Net Zero 2050 agenda. Emsteel reported total Scope 1 and 2 emissions of 4.5 million tonnes of CO₂ as of 2023 - representing a 23% reduction from the 2019 baseline - a milestone that earned the Group global recognition for its sustainability leadership. Emsteel was recognised as the 2024 Steel Sustainability Champion by the World Steel Association for its pioneering efforts in decarbonising steel production. The World Economic Forum also recognised Emsteel for its outstanding efforts in decarbonising the iron and steel industry, placing it among the top five leading steel companies worldwide that have received this recognition. In September 2024, Emsteel was appointed as Co-Chair of the Alliance for Industry Decarbonisation (AFID) led by the International Renewable Energy Agency (Irena).
Zawya
4 days ago
- Business
- Zawya
John Crane introduces versatile next-generation Coaxial Seal, engineered for success and efficiency
Designed to maintain seal performance even in the event of multiple failure scenarios Developed to address customers' pain points across the energy and process industries, including oil and gas, power generation and clean energy Supports regional initiatives like the UAE's Make it in the Emirates and Saudi Green Initiative, by offering significant efficiency and sustainability benefits Dubai, United Arab Emirates – John Crane, a global leader in rotating equipment solutions, and a business of Smiths Group plc, today announced the launch of the Type 93AX Coaxial Separation Seal – a next generation dry gas sealing solution engineered to help customers reduce emissions, improve equipment reliability, and lower operational costs. The Type 93AX builds on John Crane's legacy of industrial sealing expertise with a robust, fail-safe design that remains operational even in the event of multiple failure scenarios. Designed based on direct customer feedback, our test data indicates the mechanical seal reduces nitrogen consumption by up to 80% in test data, compared to conventional radial separation seals – offering significant efficiency and sustainability benefits. This is particularly important in the Middle East, considering its investment in the industrial sector and regional sustainability goals, such as the UAE's Net Zero 2050 Strategy, Make in the Emirates Initiative, and the Saudi Vision 2030's Saudi Green Initiative. Each includes key, green roadmaps to reduce industrial carbon emissions by over 90% in some cases, through partnerships with public and private sector partners. Addressing real industry challenges Research has shown that contamination is a significant contributor to dry gas seal failures, making it one of the leading causes of unscheduled maintenance and equipment downtime. The Type 93AX is engineered to prevent oil ingress from the compressor bearing chamber, minimising this risk and supporting more reliable, continuous operation. According to Deloitte, unplanned downtime costs the global process industries an estimated $50 billion annually, with equipment failure responsible for 42% of that unplanned downtime. In energy and process applications, this can result in losses of up to $42 million per facility per year, on average. The Type 93AX is designed to mitigate both performance and financial risks by extending the reliability of the dry gas seal system and reducing demand on supporting infrastructure such as nitrogen (N2) generators and air compressors. Three operating scenarios for added resilience The seal supports three operating states and automatically adapts in failure situations to minimise disruption and contain gas or oil migration: Scenario 1: Standard operation: Non-contacting operation provides positive oil ingress mitigation. Scenario 2: Separation gas loss: Maintains non-contacting operation and oil control even without separation gas. Scenario 3: Dry gas seal failure: Restricts process gas leakage during compressor shutdown (up to 35 bar), while maintaining seal integrity up to 70 bar. Supporting operational and sustainability goals The Type 93AX helps contribute to sustainability goals through reduced emissions and lower energy usage. By cutting nitrogen use by up to 80%, according to test data, it decreases demand on N2 generation systems – a source of both energy consumption and cost. According to the International Energy Agency (IEA), improving industrial efficiency could cut global energy use by 12% by 2040, further underlining the importance of solutions like the Type 93AX. Mike Eason, Chief Technology Officer at John Crane, said: 'Our customers told us they wanted a separation seal that increases safety, efficiency, and reliability. The Type 93AX delivers on these priorities. It's designed to keep working in real-world failure conditions to protect their most critical assets, and reduce environmental impact, while driving down OPEX and CAPEX. Eason continued: 'The new seal is compatible with John Crane's dry gas seal portfolio and is supported by a global network of over 200 facilities, including manufacturing, sales and services, and 13 global turbo service centers in more than 50 countries. It can be sold as part of a bundled first-fit order or compressor upgrade or supplied as a stand-alone product to meet customer-specific requirements.' More information can be found here: About John Crane John Crane is a global leader in mission-critical technologies for the energy and process industries and an innovator in rotating equipment, encompassing mechanical seals, couplings, filtration systems and cutting-edge asset management and digital diagnostics solutions. Blending a rich legacy of innovation with a commitment to service excellence, we've enabled our customer's reliable and sustainable operations for over a century. While recognising the role of traditional energy, we are pioneering solutions that enable cleaner alternatives, crafting a vision for a sustainable energy future. Our extensive global presence underscores our promise to customers, with over 200 service centres in 50 countries. With over £1.1 billion in revenue in 2024, we are an integral pillar of Smiths Group plc, a FTSE 100 listed industrial technology company dedicated to engineering a better future. Visit for more. Media Contacts Jessica Cross, Senior Campaign Manager representing John Crane Hayat Abdul Moula, Campaign Coordinator representing John Crane JohnCraneUAE@
New Straits Times
4 days ago
- Politics
- New Straits Times
Nik Nazmi stands firm in stepping down as minister on July 4
KUALA LUMPUR: Setiawangsa member of parliament Nik Nazmi Nik Ahmad is firm in his decision to resign from his ministerial post on July 4. In a Facebook posting today, he admitted that it was not easy for him to part ways with the Natural Resources and Environmental Sustainability Ministry (NRES). "After two years, the team at NRES, including its departments and agencies, has become a dream team, with exceptional commitment, ability and integrity. "However, this decision is part of a bigger consideration. The party's mandate is important for broader reforms. I did have the option to stay, but my choice is to step down," he said. Nik Nazmi also shared that the Malaysian Green Technology and Climate Change Corporation (MGTC) chairman Shareen Shariza Abdul Ghani visited his office at NRES last week. At the time, he was packing up, and Shareen asked if there was any chance of convincing him to change his mind. "I simply smiled and looked around the office. Shareen followed my gaze towards the empty shelves that were once filled with books, the bare walls that used to hold various pictures, paintings and jerseys. "She understood my decision. I told her to take good care of MGTC," he said. Nik Nazmi said he had visited MGTC several months ago to directly address concerns from staff who were worried about the agency's direction. "In discussions with Shareen, Amin Ramli and NRES secretary-general Datuk Dr Ching Thoo, we felt it was important to tackle these issues honestly and openly. "May MGTC continue to lead the implementation of the climate change agenda towards our Net Zero 2050 target," he said. Nik Nazmi also recalled the words of Jurgen Klopp when the football manager announced his resignation from Liverpool, that although he loved everything about the club, it was still a decision he needed to make. "That is exactly how I feel," he added. On May 28, Nik Nazmi, who is also the NRES minister, announced that he had submitted his resignation letter to Prime Minister Datuk Seri Anwar Ibrahim, effective July 4. His announcement came about three hours after Datuk Seri Rafizi Ramli announced his resignation as the economy minister effective June 17.
