Financing to support the UAE-based steelmaker’s expansion in low-carbon steel production
Dubai, UAE, 26 February 2026: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has successfully structured and completed a green facility for Arabian Gulf Steel Industries (AGSI). This financing will support the expansion of low-carbon steel production by AGSI, a leading private sector steel manufacturer and recycler in the UAE, noted for its low-emission production technology.
AGSI, which operates with one of the lowest carbon footprints in the Middle East, will use the facility to increase low-carbon steel production capacity in response to rising demand for green steel from the real estate and construction sectors. As a pure play green company, AGSI has achieved significant milestones including being recognised as the first net-zero steel manufacturing plant in the MENA region and the first in the world to achieve carbon neutrality.
The transaction, classified as ‘green’ under Emirates NBD’s Sustainable Finance Framework, strengthens the Bank’s position as a regional leader in sustainable finance and reflects its commitment to supporting the UAE’s transition to a low-carbon economy.
Steel production accounts for 8% of global CO₂ emissions, making its decarbonisation central to achieving net-zero goals. As the industry continues its shift towards lower-emission iron, this transaction reflects Emirates NBD’s contributions to the UAE’s Net-Zero by 2050 agenda through sector-diverse green financing.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: “By structuring this green facility, we are setting a clear precedent for sustainable industrial finance. AGSI’s verified status as one of the lowest carbon footprint steel producers in the region highlights its leadership in sustainable production. This collaboration between Emirates NBD and AGSI reflects a benchmark for sustainable industrial practices that is in line with the UAE’s national ambitions in green manufacturing.”
The financing is aligned with the Green Loan Principles of the Loan Market Association (LMA), with strict requirements on use-of-proceeds, ongoing environmental monitoring, and annual impact reporting. This ensures market transparency and accountability, while demonstrating how financial institutions and private companies can co-create value through environmentally responsible financing solutions.
Asam Hussain, CEO and Founder of Arabian Gulf Steel Industries, said: “This facility reflects growing confidence in the role industrial companies must play in delivering measured decarbonisation. Continued access to green financing supports our ability to scale low-carbon steel production responsibly, while remaining deliberate in how we invest, operate, and grow. Partnering with Emirates NBD, the leading financial institution in the region, reinforces the importance of aligning shared industrial priorities with credible financial frameworks.”
Vijay Bains, Chief Sustainability Officer and Group Head of ESG, Emirates NBD, added: “Our Sustainable Finance Framework aligns each green financing facility with international standards, supported by rigorous monitoring and reporting requirements. This provides stakeholders assurance that financing delivers genuine climate benefits. The facility reflects how Emirates NBD collaborates with a wide range of industries to support the transition to a low-carbon economy.”