Emirates NBD Group has strengthened its position as one of the Middle East's leading sustainable finance institutions, with three group entities, Emirates NBD, Emirates Islamic and Emirates NBD Capital, recognised across landmark green, sustainability-linked, sukuk and transition finance transactions in Environmental Finance's Middle East Transition Finance Awards
The awards highlight the breadth of the Group's sustainable finance activity across banking, Islamic finance and investment banking, spanning large-scale infrastructure, Shariah-compliant capital markets innovation and regional transition finance leadership.
Together, Emirates NBD, Emirates Islamic and Emirates NBD Capital have supported transactions that demonstrate how sustainable finance structures are evolving in the region - from metro infrastructure linked to measurable environmental outcomes, to the world's first sustainability-linked financing sukuk, to more than $35 billion in sustainable finance mobilisation across multiple markets.
Emirates NBD: financing sustainable infrastructure through Dubai Metro Blue Line
Emirates NBD has partnered with Mapa and Limak to deliver the new Dubai Metro 'Blue Line', which won Green, social, sustainability or sustainability-linked loan of the year.
The project was supported by an AED3.9 billion ($1.06 billion) syndicated bonding facility in 2025, structured under Emirates NBD's Sustainable Finance Framework.
The deal will fund a 30 km metro extension with 14 stations, expected to serve 200,000 passengers daily by 2030 and up to 350,000 by 2040.
Emirates NBD Capital acted as coordinator, initial mandated lead arranger and bookrunner, with Emirates NBD Bank as underwriter on the transaction. Beyond capital provision, the bank embedded sustainability principles into the financing structure, including clear eligibility criteria, governance standards and transparent impact metrics. These include indicators such as passenger-kilometres shifted and carbon emissions avoided, linking the financing directly to measurable environmental and social outcomes.
Judges highlighted the replicability of the structure as a key strength, noting that in a market often focused on first-of-its-kind transactions, the most powerful models are those that can be applied consistently, refined over time and repeated with discipline.
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 continued development of the emirate by providing residents with efficient, accessible and reliable public transport 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," he said.
Emirates Islamic: pioneering the world's first sustainability-linked financing sukuk
Emirates Islamic, a subsidiary of Emirates NBD Group, was recognised for the Sustainable sukuk deal of the year following its landmark $500 million sustainability-linked financing sukuk issued in August 2025. The transaction marked the world's first sustainability-linked financing sukuk, setting a new benchmark for sustainable Shariah-compliant innovation.
Given that approximately half of labelled debt capital market issuances in the Middle East are in sukuk format, the transaction represents an important milestone for the development of sustainable finance across Islamic capital markets. The issuance was the first sukuk fully aligned with the Sustainability-Linked Loan Financing Bond Guidelines developed by the International Capital Market Association (ICMA) and the Loan Market Association (LMA).
The sustainability-linked financing sukuk structure enables issuers across sectors such as real estate development, retail trade, education and beyond, to embed sustainability performance improvements into their financing frameworks. These improvements may include climate change mitigation and social priorities such as diversity and inclusion, supporting the United Arab Emirates (UAE) Net Zero 2050 strategy. The framework was underpinned by key performance indicators and sustainability performance targets, validated through an independent Second Party Opinion.
The transaction received strong investor demand, attracting a $1.2 billion order book and achieving 2.4 times oversubscription, underscoring appetite for credible sustainability-linked Shariah-compliant instruments.
Emirates NBD Capital: advancing transition finance across markets
Emirates NBD Capital (EmCap) has emerged as a central player in advancing transition finance across the Middle East, combining scale, innovation, and market influence to deliver a broad range of sustainable financing solutions.
The investment banking arm of Emirates NBD Group, EmCap was named Lead manager of the year, green bonds, and Loan sustainability coordinator of the year after supporting clients in mobilising more than $35 billion in sustainable finance and over $20 billion in labelled bonds across 20 transactions during 2025–2026. Its work spans multiple markets, including Turkey, Saudi Arabia, South Africa, and Hong Kong, reflecting both geographic reach and sectoral diversity.
Among its standout deals is Ziraat Bank's $1.7 billion sustainability-linked loan – one of the largest transactions of its kind – as well as Al Rajhi Bank's sustainability Murabaha facility.
However, it is EmCap's role in pioneering new structures that has drawn particular attention.
EmCap also acted as sustainability coordinator for Emirates Islamic's world-first sustainability-linked financing sukuk, further demonstrating its ability to bring innovative structures to market across both conventional and Islamic finance.
The firm's capabilities extend across debt capital markets. Named Lead manager of the year, green bonds, EmCap played a role in several high-profile issuances, including Sobha Realty's green sukuk — the largest green sukuk issued by a real estate company — as well as innovative blue, digital and green bonds for Emirates NBD.
Judges praised EmCap for its "strong regional leadership and structuring role" in major green and blue bond issuances, describing the firm as "passionate, innovative and deliberate", with "very strong local knowledge".
Beyond execution, EmCap is helping shape the broader sustainable finance ecosystem. It is the only Middle East-based member of key advisory bodies within ICMA, contributing to the development of global guidelines for sustainability-linked bonds and sukuk. Its influence also extends to global platforms such as the World Economic Forum, where it contributes to thought leadership on sustainable and digital finance.
Through market innovation, regional execution and institutional engagement, EmCap is positioning itself not only as a dealmaker but as a driver of the region's transition finance agenda.
A group-wide sustainable finance platform
The awards collectively underline Emirates NBD Group's ability to deliver sustainable finance across the full spectrum of the market: balance sheet financing, Islamic capital markets and investment banking advisory.
From Dubai's transport infrastructure to Shariah-compliant sustainability-linked finance and cross-border labelled bond transactions, the Group's work reflects the growing sophistication of sustainable finance in the Middle East.
For more information, see: https://www.emiratesnbd.com
