- Landmark structured funding transaction is aimed at constructing the largest natural gas-fired plant in Europe.
Dubai, UAE, 06 January 2026: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced a landmark structured funding transaction valued at USD 500 million to Mass Group Holding.
The funding will be used to construct a natural gas fired power plant with an impressive capacity of 1.7GWh, in Romania, set to be the largest of its kind in Europe. With a total project value estimated at EUR 1.2 billion, this facility is poised to become a cornerstone of Europe’s energy security and a significant driver of economic growth for Romania.
The new power plant, located in the northwest of Romania, will play a pivotal role in strengthening the energy infrastructure of Romania and its neighbouring countries. Romania’s power grid is already interconnected with Hungary, Ukraine, Moldova, Bulgaria and Serbia, which is crucial for ensuring a robust and reliable power supply across the European region. Romania’s gas grid connections with Hungary and Ukraine guarantee a steady supply of natural gas, essential for the plant’s operations. The project is anticipated to commence electricity generation by the first quarter of 2026, and to be under full operation by the end of 2026.
Through this financing agreement, Emirates Islamic is taking a significant step forward in reinforcing its commitment to advancing the bank’s objectives. The bank’s primary goal is to support its customers’ business ventures overseas, specifically in the development of critical energy infrastructure in strategic regions. This initiative aligns perfectly with its mission to provide comprehensive financial solutions that enable its customers to achieve their goals and contribute to the growth and sustainability of key sectors. The bank believes that by fostering such developments, it not only enhances customers’ capabilities but also plays a crucial role in the broader economic landscape.
Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic, said: “The financing agreement with Mass Group Holding solidifies the position of Emirates Islamic as a leading regional Islamic financier known for its structured financing excellence. This agreement underscores our unwavering commitment to ethical banking principles and our dedication to delivering advanced, Shariah-compliant financing solutions that meet the evolving demands of the market. Our financing in the development of Europe’s largest gas-fired power plant is not just about finance; it represents a significant leap towards achieving energy resilience, economic advancement and a greener future.”
Ahmed Ismael Saleh, Chairman of Mass Group Holding, stated: “We are proud to partner with Emirates Islamic, whose commitment to innovative financing solutions has been instrumental in making this ambitious project a reality. This USD 500 million funding from Emirates Islamic represents a monumental step forward for Mass Group Holding and the energy landscape of Europe. This project is a testimony to our vision for a secure and sustainable energy future.”
Emirates Islamic continues to solidify the bank’s position as a leader in providing innovative Islamic financial structures, leading the market with Shariah-compliant product innovation.
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About Emirates Islamic:
Emirates Islamic Bank PJSC (Emirates Islamic) is the Islamic banking arm of the Emirates NBD Group and is a leading Islamic financial institution in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.
Emirates Islamic offers a comprehensive range of Shariah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 39 branches and 231 ATMs/CDMs across the UAE. In the area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp.
Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The Bank won the “Islamic Retail Bank of the Year – Middle East” and “Most Innovative Murabaha” awards at the prestigious The Banker’s Islamic Banking Awards 2025. Additionally, the bank was named ‘Best Islamic Corporate Bank in the World’ and ‘Best Islamic Financial Institution in the UAE’ at the Global Finance – Best Islamic Financial Institutions Awards 2025. Emirates Islamic was also awarded the prestigious title of ‘The World’s Best Islamic Digital Bank’ at the Euromoney Islamic Finance Awards 2025.
As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions. For further information please visit www.emiratesislamic.ae