Emirati retail conglomerate Majid Al Futtaim said on Monday it had raised a $1.25 billion revolving credit facility linked to the company’s ESG goals.

First Abu Dhabi Bank led the fund raising, the conglomerate’s second sustainability-linked loan, as sustainability coordinator and agent.

Majid Al Futtaim (MAF), which operates malls across the Middle East, “has set sustainability performance targets (SPTs) which will be measured on an annual basis throughout the tenor of the facility,” it said.

The loan aims to cut MAF’s Scope 1 and 2 emissions and implement LEED certification for its malls, the company said.

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Leadership in Energy and Environmental Design (LEED) is a global green building certification.

MAF raised a $1.5 billion sustainability-linked loan in August last year.

In June, it raised $500 million with perpetual green bonds, refinancing existing hybrid bonds.

Source: Reuters