Mohammed Al Marzouqi, Head of Global Banking, HSBC UAE, said: “The real estate sector plays an important role in helping the world tackle climate change, considering up to 70% of emissions in a large city are related to its buildings. By securing the first LMA Sustainability Linked Loan Principles compliant facility in the real estate sector in the MENA region, Aldar not only demonstrates its commitment to addressing these relevant ESG issues in the sector, but also sets an important precedent in the region. This transaction also highlights the strength of our partnership with Aldar as we work together towards building a more sustainable and prosperous future for the UAE.”

Last year, Aldar launched a sustainability strategy that focuses on improving the way it does business and ensures that the company has a positive impact on the economy, environment, people and the communities in which it operates. The strategy is aligned to both national and international sustainability frameworks, including Vision 2021, Ghadan 21, the National Climate Change Plan, UAE Green Agenda and UN Sustainable Development Goals.

Aldar’s key sustainability commitments for 2021 include the introduction of a Sustainability Data Management System (SDMS) to enhance the availability and quality of sustainability data across the business. The company is also a supporter of the Task Force on Climate-related Financial Disclosures (TCFD). In its 2020 sustainability report, Aldar will publish its first response in line with TCFD’s recommendations for best practice climate risk disclosures. In addition, Aldar is prioritizing the development of an Energy Efficiency Plan to significantly reduce energy consumption across 87 assets as well as a new Waste Management Plan.

For further information on Aldar’s ESG strategy and its sustainability report, please visit: aldar.com/en/sustainability