ENBD concludes Dhs3.9b bondingfacilities for Dubai Metro project

Emirates NBD (ENBD) has concluded Dhs3.9 billion Syndicated Bonding Facilities to a consortium created by MAPA, LIMAK and CRRC that will deliver the new Dubai Metro ‘Blue Line’ Project.

Dubai Road and Transport Authority (RTA) awarded a consortium of MAPA, LIMAK, and CRRC - the design and build project for the Dubai Metro Blue Line Project.

As such, Emirates NBD engaged with the consortium as part of a seamless, comprehensive, and collaborative process.

Valued at Dhs20.5 billion, the landmark infrastructure initiative is a key component in Dubai’s 2040 Urban Master Plan to create, develop, and expand a world-class network of public transportation services and mobility solutions that connects communities with key locations, alleviates traffic congestion, and enables easier movement of people around the emirate.

Scheduled for completion by September 2029, the Dubai Metro Blue Line will provide seamless connections with the existing Red and Green Metro lines, as well as bus and taxi routes.

The project, which was officially announced by the RTA at the end of last year, will serve approximately 350,000 daily passengers by 2040.

As a state-of-the-art electrified railway network, the Dubai Metro Blue Line project aligns with the Emirates NBD Sustainable Finance Framework, qualifying as Green Financing under the "Clean Transportation” category

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: "The Dubai Metro ‘Blue Line’ Project is a milestone undertaking that will strategically and significantly empower the continuous development of the emirate by providing a rising population with new, efficient, accessible, and reliable public transportation and mobility solutions. This major transaction positions Emirates NBD’s status as the go-to banking partner for diverse mega projects that are transforming Dubai’s landscape, capabilities, and global appeal.” Murathan Doruk Günal, Vice President & CEO at MAPA, said: "We are proud to be part of this landmark infrastructure project, which is an integral part of the Dubai 2040 Urban Master Plan launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum.

The successful closing of the financing with Emirates NBD marks a key milestone and reflects the trust placed in our consortium’s ability to deliver complex, high-impact projects.

At MAPA, we remain committed to contributing our engineering expertise and project-execution capabilities to support Dubai’s vision of sustainable and integrated urban development." Serdar Bacaksız, Board Member at Limak Group of Companies, stated: "The new Dubai Metro Blue Line Project is a testament to Dubai’s forward-thinking approach to urban development. Limak is honoured to be a key partner in this transformative journey, collaborating with our esteemed colleagues. This financing agreement with Emirates NBD is a crucial milestone, empowering us to bring our global expertise, insights and innovative solutions to life, and contribute to Dubai's ambition for a seamlessly connected, sustainable city.” Meanwhile in June 2025 Emirates NBD has partnered with Siemens to announce an innovative finance and resourcing agreement aimed at accelerating the funding of future green infrastructure projects in the UAE.

The agreement is the culmination of an extensive and strategic collaboration that synergises technology, sustainability, and finance, and is fully aligned with the UAE’s Net Zero by 2050 Strategic Initiative.

Emirates NBD was approached by Siemens to develop and design the administrative, technical and structural aspects of the agreement. This collaboration resulted in the creation of a unique credit framework, complemented by an innovative suite of financing tools.

These resources will support green infrastructure projects from installation through their entire lifecycle, including decarbonisation efforts.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said, “Emirates NBD’s role in developing this expansive agreement with Siemens highlights our commitment to helping the UAE reach its sustainability and decarbonisation ambitions.

It reinforces our goal to expand important working relationships with multinational conglomerates that share our ESG vision and are eager to establish new opportunities for growth within the fields of energy efficiency and sustainable technologies.” Helmut von Struve, CEO of Siemens in the UAE, said, “Decarbonising infrastructure is a critical part of achieving the energy transition. The technologies required to accelerate energy efficiency progress are available today, but implementation needs to speed up to reach global goals.” Emirates NBD held its 18th General Assembly Meeting on 24 February 2025.

At the General Assembly Meeting, a review of the Group’s performance during 2024 was presented.

Commenting on the Group’s performance, Emirates NBD Chairman, Sheikh Ahmed Bin Saeed Al Maktoum, said: “The story of Dubai and the UAE in 2024 is one of relentless ambition and boundless opportunity. Dubai and the UAE had another exceptional year, cementing their position among the leading global hubs for innovation, talent, and investment. Dubai’s GDP grew by 3.2 per cent in 2024 to reach Dhs443 billion, driven by the expansion of key sectors, including transport, hospitality, logistics, and financial services.”

Sheikh Ahmed Bin Saeed added: “A key catalyst in this remarkable growth story is Emirates NBD, which continues to perform and transform, as Dubai’s largest bank and the most profitable financial institution in the region. The Dubai Economic Agenda, D33 aims to double the size of Dubai’s economy by 2033 and position the city among the top three global cities. Emirates NBD is actively driving progress through strategic initiatives that prioritise innovation, financial inclusion, and sustainable growth, solidifying its standing as a critical enabler in Dubai’s vision.”

“Our landmark financial performance has been achieved in harmony with Emirates NBD’s longstanding commitment to responsibility and sustainability. In 2024, Emirates NBD expanded its sustainable finance offerings with innovative solutions, such as Sustainable Fixed Deposits and ESG-linked working-capital facilities for customers across the region. It also introduced the region’s first globally recognised Sustainability- Linked Loan Bond Framework, fully aligned with the latest International Capital Market Association guidelines,'' he noted.

"Our ESG Forward Journey outlines a comprehensive roadmap to enhance sustainable finance governance, achieve net zero emissions for key sectors, and reduce Scope 1 & 2 Greenhouse Gas emissions by 30 per cent from the 2023 baseline by 2030. We have also committed to provide $30 billion in sustainable finance and achieve 25 per cent female representation in senior leadership by 2027.”

WAM