Latest news with #ArabianGulfSteelIndustries
Zawya
08-07-2025
- Business
- Zawya
Arabian Gulf Steel gets key sustainable financing from Mashreq
Mashreq, a leading financial institution in the Mena region, has announced the provision of an AED126 million ( ) sustainable financing facility to Arabian Gulf Steel Industries (AGSI) to help the company's smooth transition toward cleaner industrial practices by 2030. One of UAE's largest private sector steel makers, ASGI is also a recycler and a recognised leader in low emission steel production. Its operations are fully based on local recycled raw materials and powered mostly by renewable energy. The transaction will further support AGSI's sustainability agenda and enable the company's transition toward cleaner industrial practices in line with UAE Vision 2030. As one of the UAE's first steel producers to secure a green facility tied to emissions goals, AGSI is setting a precedent for how industrial players can integrate environmental performance into their financing strategy. AGSI's carbon neutrality was verified by DNV, leading global assurance and certification firm, confirming emissions of 0.13 tonnes of CO₂ per tonne of crude steel. Looking ahead, the company plans to produce 5 million tonnes of green steel by 2030 and aims to cut emissions by 95 percent compared to traditional steelmaking. The facility will fund environmentally friendly projects focused on improving production efficiency to help AGSI meet these targets. It will also accelerate the adoption of green technologies, with cost savings expected over time through better energy use and reduced operating expenses. Joel Van Dusen, Head of the Mashreq Corporate and Investment Banking Group, said: "AGSI is setting a benchmark for low-emission steel production, and we are pleased to provide a financing solution that enables them to scale their efforts. Responsible finance is a business imperative for Mashreq, and we are focused on delivering structures that help our clients lead that transition with confidence." Steel industry is currently responsible for 7% of total global CO₂ emissions. This facility represents a significant step forward for green finance in the Middle East, applying sustainable funding to a sector that is traditionally difficult to decarbonise. Faisal AlShimmari, Head of ESG at Mashreq, said: "This transaction reflects a broader shift taking place across the region's industrial sector, where more companies are using finance as a strategic tool to meet their sustainability goals." It is the latest addition to Mashreq's pledge to facilitate $30 billion in sustainable finance by 2030. "Steelmaking remains one of the most resource-intensive industries globally, and AGSI is among the first in the UAE to secure a green facility that directly supports its decarbonisation efforts," stated AlShimmari. "This deal also reinforces Mashreq's leading role in driving sustainable industrial growth in the UAE and the region by aligning finance with tangible environmental outcomes," he added. Asam Hussain, founder and CEO at AGSI said: "Securing this facility reflects both the strength of our business model and the growing confidence in industrial sustainability as a viable path forward. Our partnership with Mashreq marks an important step forward in our growth journey and our shared commitment to a low-carbon future." "It gives us the momentum to keep moving forward, scaling responsibly, and continuing to deliver real value to the UAE's green economy," he stated. The company has achieved net zero carbon emissions per tonne of steel and remains committed to carbon neutrality through 2035 and beyond. By 2030, AGSI aims to produce 5 million tons of low-carbon steel while maintaining a 90% reduction in emissions compared to traditional steelmaking. The company has already eliminated more than 7.28 million tons of carbon dioxide emissions through its current production model.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
ME Construction
13-02-2025
- Business
- ME Construction
SEE Holding and Arabian Gulf Steel Industries partners to advance sustainable construction practices
Sustainability SEE Holding and Arabian Gulf Steel Industries partners to advance sustainable construction practices By The partnership will prioritise performance monitoring and is implementing reporting mechanisms to track environmental impact, measure emission reductions, and enhance project transparency SEE Holding has signed a Memorandum of Understanding (MoU) with Arabian Gulf Steel Industries (AGSI), marking a step towards advancing sustainable construction practices in the region. The partnership will prioritise the integration of low carbon steel in future projects, reinforcing SEE Holding's commitment to selecting sustainable materials to achieve its Net Zero ambitions. Additionally, both entities will explore opportunities to promote circular economy practices, focusing on recycling and repurposing steel products to minimise waste and environmental impact. Faris Saeed, Chairman & CEO of SEE Holding stated: 'Achieving Net Zero emissions requires a holistic commitment to reducing both embodied and operational emissions across every facet of the built environment. Our partnership with Arabian Gulf Steel Industries reaffirms our dedication to selecting materials that align with our Net Zero strategy, while driving innovation in sustainable cities and communities. Through this collaboration, we aim to inspire transformative change in Net Zero construction practices across the region, redefining how sustainable infrastructure and cities are designed and built.' The collaboration extends beyond material selection, focusing on research and development (R&D) to innovate and refine techniques that enhance the adoption of low carbon steel in construction processes. Both parties will work together to develop new methodologies that optimise energy efficiency and reduce embodied emissions in building projects. Asam Hussain, AGSI's Chief Executive Officer said, 'The partnership with SEE Holding represents a significant step forward by driving sustainable transformation in construction practices in the UAE. Our collaboration will ensure that we structurally embed demand for low-carbon materials to seize the opportunity of accelerating decarbonisation of the hard-to-abate sector. Together, we are advancing environmental sustainability and driving positive economic and social impact.' AGSI is the first Carbon Neutral Steel Plant and Low Carbon Steel Manufacturing Facility based in the UAE. The company is pioneering low carbon products to play a critical role in decarbonising not only the steel industry but also the built environment. By incorporating 100% recycled low carbon steel SEE Holding aims to reduce embodied emissions, while maintaining the highest standards of durability and strength required for modern construction. AGSI's state-of-the-art facilities are designed to minimise waste and energy consumption, aligning seamlessly with SEE Holding's ethos of responsible urban development. Both companies will work together to introduce training programs targeted at architects, engineers, and construction professionals to raise awareness of low carbon steel benefits and foster its adoption across the sector. The partnership will also prioritise performance monitoring, implementing reporting mechanisms to track environmental impact, measure emission reductions, and enhance project transparency.
Trade Arabia
27-01-2025
- Business
- Trade Arabia
SEE Holding seals partnership with Arabian Gulf Steel
SEE Holding, the parent company behind The Sustainable City brand, has signed an agreement with Arabian Gulf Steel Industries (AGSI), thus marking a significant step towards advancing sustainable construction practices in the region. The partnership will prioritise the integration of low carbon steel in future projects, reinforcing SEE Holding's commitment to selecting sustainable materials to achieve its net zero ambitions. Additionally, both entities will explore opportunities to promote circular economy practices, focusing on recycling and repurposing steel products to minimize waste and environmental impact. The first carbon neutral steel plant and low carbon steel manufacturing facility, AGSI is pioneering low carbon products and plays a critical role in decarbonizing not only the steel industry but also the built environment. By incorporating 100% recycled low carbon steel SEE Holding aims to significantly reduce embodied emissions while maintaining the highest standards of durability and strength required for modern construction. The MoU signing ceremony was held at SEE Institute, SEE Holding's knowledge partner and the region's first operational net zero emissions building, underscoring a shared commitment to environmental responsibility. On the deal, Chairman & CEO Faris Saeed said: "Achieving net zero emissions requires a holistic commitment to reducing both embodied and operational emissions across every facet of the built environment. Our partnership with Arabian Gulf Steel Industries reaffirms our dedication to selecting materials that align with our net zero strategy while driving innovation in sustainable cities and communities." "Through this collaboration, we aim to inspire transformative change in net zero construction practices across the region, redefining how sustainable infrastructure and cities are designed and built," he stated. The collaboration extends beyond material selection, focusing on research and development (R&D) to innovate and refine techniques that enhance the adoption of low carbon steel in construction processes. Both parties will work together to develop new methodologies that optimize energy efficiency and reduce embodied emissions in building projects, it added. AGSI's Chief Executive Officer Asam Hussain said: "The partnership with SEE Holding represents a significant step forward by driving sustainable transformation in construction practices in the UAE. Our collaboration will ensure that we structurally embed demand for low-carbon materials to seize the opportunity of accelerating decarbonization of the hard-to-abate sector."
Zawya
27-01-2025
- Business
- Zawya
SEE Holding and Arabian Gulf Steel Industries forge partnership to advance sustainable construction practices
Dubai: SEE Holding, the parent company behind The Sustainable City brand, has signed a Memorandum of Understanding (MoU) with Arabian Gulf Steel Industries (AGSI), marking a significant step towards advancing sustainable construction practices in the region. The partnership will prioritize the integration of low carbon steel in future projects, reinforcing SEE Holding's commitment to selecting sustainable materials to achieve its net zero ambitions. Additionally, both entities will explore opportunities to promote circular economy practices, focusing on recycling and repurposing steel products to minimize waste and environmental impact. The MoU signing ceremony was held at SEE Institute, SEE Holding's knowledge partner and the region's first operational net zero emissions building, underscoring a shared commitment to environmental responsibility. Faris Saeed, Chairman & CEO of SEE Holding, stated: "Achieving net zero emissions requires a holistic commitment to reducing both embodied and operational emissions across every facet of the built environment. Our partnership with Arabian Gulf Steel Industries reaffirms our dedication to selecting materials that align with our net zero strategy while driving innovation in sustainable cities and communities. Through this collaboration, we aim to inspire transformative change in net zero construction practices across the region, redefining how sustainable infrastructure and cities are designed and built." The collaboration extends beyond material selection, focusing on research and development (R&D) to innovate and refine techniques that enhance the adoption of low carbon steel in construction processes. Both parties will work together to develop new methodologies that optimize energy efficiency and reduce embodied emissions in building projects. Asam Hussain, the AGSI's Chief Executive Officer, said: 'The partnership with SEE Holding represents a significant step forward by driving sustainable transformation in construction practices in the UAE. Our collaboration will ensure that we structurally embed demand for low-carbon materials to seize the opportunity of accelerating decarbonization of the hard-to-abate sector. Together, we are advancing environmental sustainability and driving positive economic and social impact.' AGSI is the World's first Carbon Neutral Steel Plant and Low Carbon Steel Manufacturing Facility based in the UAE. The company is pioneering low carbon products play a critical role in decarbonizing not only the steel industry but also the built environment. By incorporating 100% recycled low carbon steel SEE Holding aims to significantly reduce embodied emissions while maintaining the highest standards of durability and strength required for modern construction. AGSI's state-of-the-art facilities are designed to minimize waste and energy consumption, aligning seamlessly with SEE Holding's ethos of responsible urban development. AGSI has also signed the Memorandum of Understanding with SEE Institute with a shared vision of advancing knowledge. Both companies will work together to introduce training programs targeted at architects, engineers, and construction professionals to raise awareness of low carbon steel benefits and foster its adoption across the sector. The partnership will also prioritize performance monitoring, implementing robust reporting mechanisms to track environmental impact, measure emission reductions, and enhance project transparency.
