National Bank of Kuwait (NBK) and Mabanee Company, one of the region’s leading real estate developers, have signed Kuwait’s first green financing agreement, reinforcing their commitment to sustainability and responsible environmental practices.
Under this agreement, the National Bank of Kuwait will extend a $81 million (KD 25 million) loan to Mabanee.
According to the statement, Mabanee will utilize the loan to finance the Sabah Al-Ahmad Project (S3), an ambitious development targeting LEED Gold Certification for Building Design and Construction (LEED BD+C) from the US Green Building Council, the world’s leading authority on sustainable building standards.
Highlighting the significance of this agreement, Sulaiman K. Al Fulaij, Chief -Domestic Corporate Banking Group at NBK, said that “At NBK, we take pride in being the first institution in Kuwait to extend a green loan in line with the LMA principles. This milestone underscores our strong commitment to driving environmental transformation across diverse sectors, while further cementing our leadership in responsible banking.
Al Fulaij noted that it also highlights our effective contribution to the pillars of Kuwait Vision 2035, particularly in fostering a sustainable living environment and advancing a sustainable, diversified economy, while reinforcing the private sector’s role as a key driver of growth.
Tareq A. Al Adsani, Deputy Chief Executive Officer at Mabanee, emphasized the significance of signing this agreement with NBK, noting that it reflects the alignment of visions between two pioneering institutions driven by a shared ambition to shape a meaningful impact on the future of Kuwait and the wider region.
“Securing the first green loan in Kuwait from NBK represents a significant milestone in our journey to develop real estate projects that meet the highest international environmental standards. S3 Project is not merely a real estate venture, but a manifestation of our vision to create a responsible and sustainable urban environment that prioritizes human health and enhances quality of life,” Al Adsani added.
Mabanee’s S3 project
Located in Sabah Al-Ahmad City, S3 is a landmark mixed-use development spanning 40,121 square meters, with 23,200 square meters dedicated to retail components.
The project will feature a hotel, a shopping mall, retail outlets, restaurants and cafés, cinemas, a supermarket, family entertainment zones, and a multi-storey car park with capacity for over 500 vehicles. The development also integrates green spaces and landscaped parks, creating a vibrant and sustainable destination.
