UAE-based Arabian Gulf Steel Industries (AGSI) has secured a Sustainable Finance Working Capital Facility from Ajman Bank, further strengthening its sustainable finance framework and supporting its green steel strategy.
The facility is intended to align AGSI’s financing with its sustainability commitments while supporting ongoing operations and low-carbon steel initiatives, the company said.
Ajman Bank said the financing supports industrial decarbonization by partnering with a regional steel producer advancing lower-carbon steel production while contributing to the UAE’s broader sustainability agenda.
The development follows another green financing facility secured by AGSI last month, arranged by Emirates NBD, aimed at expanding the company’s low-carbon steel production capacity to meet growing demand from the real estate and construction sectors.
AGSI is a privately owned steel producer and the largest scrap recycler in the UAE, with annual production capacity of 720,000 tons of billet, 960,000 tons of rebar, and 240,000 tons of light and medium sections. The company has achieved net-zero emissions at its Abu Dhabi plant, becoming the first net-zero steel plant in the MENA region.
