A Doha-based bank, Mashreq, a well-established financial institution in the MENA region, has inked a Sustainability-Linked Facility agreement with Landmark Retail, a leading value conglomerate in the Middle East retail sector. This marks a landmark deal as the first two-way sustainability-linked loan by a private sector company in Qatar.
PC: Zawya
Mashreq Advances Sustainability Objectives
The initiative will enhance Landmark Retail’s sustainability goals while underscoring Mashreq’s leadership in sustainable finance in the region. Moreover, this falls in line with the bank’s overall vision of arranging $30 billion of sustainable financing by 2030. Under the SLF agreement, the financial terms are linked to Key Performance Indicators that include increasing the capacity of renewable energy, deploying smart energy management solutions, and practising circularity, such as responsible sourcing, among others.
Landmark Retail’s sustainability initiatives under this agreement include expanding the use of Better Cotton for its products, reducing waste, and adopting recycling programs across its extensive operations.
Statements from Leaders
Tarek El Nahas, Group Head of International Banking at Mashreq, emphasised the bank’s commitment to sustainability,
“This partnership represents a significant step in our sustainable finance journey. By mobilising capital responsibly and offering innovative solutions, Mashreq demonstrates its leadership in driving impactful change in the region’s sustainable finance ecosystem.”
Salman Gulzar, Mashreq Qatar’s Country Head, highlighted the agreement’s alignment with Qatar’s sustainability vision,
“This collaboration underscores our role in enabling client sustainability journeys through tailored financing solutions. It strengthens our Climb2Change initiative, which drives tangible, positive ESG impacts in the Middle East.”
Rajesh Garg, Group CFO at Landmark Retail, reiterated the retailer’s dedication to environmental stewardship,
“Partnering with Mashreq enables us to embed improved circular initiatives across our operations, reducing environmental impacts and supporting Qatar’s sustainability ambitions.”
A Broader Context of Sustainability Leadership
This SLF builds on Mashreq’s leadership in sustainable finance. The bank recently led a $3.25 billion sustainability-linked financing for GEMS Education, which was the region’s largest sustainability-linked deal as of mid-2024. Both agreements fall under Mashreq’s Climb2Change initiative, a comprehensive ESG-focused program consolidating the bank’s efforts in sustainable financing, responsible banking, and social impact.
Climb2Change positions Mashreq as a leader in sustainable banking, showcasing its dedication to environmental and social progress in MENA and globally.
The partnership between Mashreq and Landmark Retail marks a transformative milestone in sustainable finance in Qatar. By integrating responsible financing solutions with impactful sustainability goals, the collaboration exemplifies how private sector initiatives can align with regional ambitions for environmental and social stewardship.
