- The loan will be tracked against a set of relevant Key Performance Indicators (KPIs) during the 10-year tenure of the facility.
- Dar Al Marefa has set an ambitious and comprehensive plan to increase teacher professional development targets in addition to extending scholarship programs to widen access to inclusive and quality education.
Mashreq, a leading financial institution in the MENA region, has announced its collaboration with Dar Al Marefa School, Dubai’s only bilingual (English and Arabic) IB Curriculum school and part of Al Ghurair, providing it with a sustainability-linked loan (SLL), reflecting Mashreq's steadfast commitment to sustainable finance.
In this ten-year SLL agreement, Dar Al Marefa commits to enhancing the Continuing Professional Development (CPD) hours for all its educators, ensuring the continuous development of highly qualified teachers in their specialised fields.
The SLL will also support an increase in the number of scholarships offered by the school under the “Mohammed Bin Rashid Distinguished Students Program”, an initiative aimed at providing outstanding Emirati students with the opportunity to join private schools in Dubai. The school has committed to welcoming an additional 10 scholarships specifically targeting female students, promoting equal and inclusive access to quality education.
Ahmed Abdelaal, Group Chief Executive Officer at Mashreq, commented: “We are proud to announce our commitment to sustainable finance by extending a groundbreaking sustainability-linked loan to Dar Al Marefa. This initiative, aligning with our dedication to meaningful impact, supports the school's development goals, fostering lifelong learning and scholarships. By connecting loan terms with sustainability objectives, we actively contribute to SDG 4, ensuring inclusive and equitable education, while indirectly advancing many other goals. This commitment reflects our belief that sustainable finance is a cornerstone for fostering economic stability, responsible consumption, climate resilience, and social inclusivity through the transformative power of quality education."
John Iossifidis, Group Chief Executive Officer at Al Ghurair, commented: “Thanks to the sustainability-linked loan from Mashreq, Dar Al Marefa can accelerate its efforts in meeting SDG4 objectives, whilst widening access to inclusive, high-quality education for regional youth. Since its establishment in 2008, the school has cemented its status as a premier learning institution, and with the implementation of this SLL, it will be accessible to an increasing number of promising young talents. The heightened focus on Continuing Professional Development for the school's educators will play a pivotal role in upholding the school’s high standards of excellence and ensuring exceptional pass rates. Beyond that, this SLL empowers the school to sustain its important role as a community that nurtures its young students, fostering their development and equipping them with the skills and mindset needed to excel in post-secondary education, as well as thrive in a competitive and challenging global job market."