Emirates NBD has structured a green financing facility for Arabian Gulf Steel Industries (AGSI) to support the expansion of low-carbon steel production in the United Arab Emirates. The funding aims to help the company scale sustainable steel manufacturing.

AGSI, a major private steel producer and recycler in the UAE, plans to use the financing to increase its green steel production capacity. Demand for environmentally friendly steel is rising, particularly from the real estate and construction sectors.

The company is recognized for operating one of the lowest-carbon steel production facilities in the Middle East. It has also been identified as the first net-zero steel manufacturing plant in the MENA region and among the first globally to achieve carbon neutrality.

The transaction has been classified as green financing under Emirates NBD’s Sustainable Finance Framework. It reinforces the bank’s role in supporting sustainable industrial development and low-carbon economic growth.

Steel production accounts for nearly 8% of global CO₂ emissions, making decarbonisation a major priority. This financing aligns with the UAE’s Net Zero 2050 strategy and follows the Green Loan Principles of the Loan Market Association, ensuring transparency, environmental monitoring, and impact reporting.