In a strategic step towards achieving its sustainability goals, Gargash Group, a leading business enterprise in the UAE, has partnered with Mashreq, one of the leading financial institutions in the MENA region. This collaboration, officially inaugurated with an MoU signing ceremony at the Mercedes-Benz Brand Center in Dubai Design District, was crystalized with their debut Green Loan that was extended earlier for a number of projects across Gargash Group. The two institutions are also in discussion on future ESG integration initiatives for the Group, including but not limited to other Sustainability-Linked facilities.
By obtaining its first Green Loan, Gargash Group aligns itself with a prestigious and select group of UAE enterprises that have leveraged impactful and sustainable financing solutions. The partnership aims to promote and advance robust sustainability agendas for both Gargash Group and Mashreq by setting and achieving ambitious sustainability targets.
As a tangible expression of these goals, Gargash Group is planning solar installations across 25 sites in the next three years, with an energy potential totaling over 5 MW. While 5 sites are expected to be completed as early as 2025, plans are also underway to execute energy efficiency projects spanning across 25 of its sites. Finance requirements for these plans are to be covered through the Green Loan facility from Mashreq.
Walid Hizaoui, Group Chief Strategy Officer at Gargash Group shared his insights at the event, stating, “This partnership marks a critical milestone in our sustainability journey. With a reliable and trusted banking partner supporting us, we are wholeheartedly committed to integrating sustainability practices into every aspect of our operations for a greener future. We have meticulously scoped our businesses and implemented the necessary infrastructure to monitor our progress towards decarbonization—our ultimate long-term goal. This initiative not only underscores our unwavering commitment to reducing the nation’s carbon footprint but also aligns with the UAE Green Agenda 2030 and UAE Net Zero Strategy 2050, promoting sustainable practices across the board.”
Thomas Schulz, General Manager Mercedes-Benz Passenger Cars at Gargash Enterprises, added, “This is an important milestone that will help drive the Mercedes-Benz brand forward, a brand long rooted in values of innovation and sustainability. This collaboration is a main catalyst fueling our commitment to achieve net zero carbon emissions by 2030 in the UAE. Our commitment to this objective reflects our dedication to the brand and our responsibility to the UAE, as we push forward in sustainable mobility. With a solid framework in place, we are confident our efforts will drive meaningful progress towards a greener future.”
Karim Amer, Head of Automotive Sector at Mashreq commented, “Mashreq is proud to support Gargash Group’s transition towards a sustainable future through their inaugural Green Loan and other potential Sustainability-Linked facilities. This financing is designed to enable remarkable reductions in emissions and accelerate decarbonization initiatives which we have been actively driving across the Automotive sector, through proactive engagement with our clients on both formulization as well as execution of their Sustainability Strategies. By aligning financial incentives with sustainability objectives, we aim to enhance operational efficiencies for our partners and set a benchmark that encourages other organizations to integrate energy efficiency and sustainability into their core strategies.”
The partnership between Gargash Group and Mashreq is a significant step forward in the collective effort to achieve a sustainable future and it also demonstrates their commitment to a more responsible and environmentally conscious business landscape.
Work on the expansion of Al Maktoum International Airport is progressing on schedule, with Phase 1 expected to commence operations in 2032, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, , has announced.
In a post on social media platform X, Sheikh Hamdan said the project has recorded more than 10 million work hours over the past 15 months, reflecting steady progress across key construction phases.
Work on the Al Maktoum International Airport expansion continues according to the approved timeline, with Phase 1 scheduled to begin operations in 2032. Contracts worth AED13 billion are currently being executed, and more than 10 million work hours have been completed over the… pic.twitter.com/CAfe2TGsxo
— Hamdan bin Mohammed (@HamdanMohammed) June 15, 2026
He noted that contracts worth AED 13 billion are currently under execution, while additional contracts valued at AED 55 billion are expected to be awarded in the coming months as part of the expansion programme.
Once completed, the airport is designed to handle more than 250 million passengers annually, reinforcing Dubai’s long-term strategy to strengthen aviation capacity and support economic growth.
“Under the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s major projects continue to advance with steady progress and confidence,” Sheikh Hamdan added.
Dubai’s Road and Transport Authority (RTA) has announced free public parking and a revised public transport schedule for the Hijri New Year 1448 holiday on Monday June 15.
Public parking across Dubai, except for multi-storey parking facilities will be free with parking fees will resume on Tuesday June 16.
All RTA Customer Happiness Centres will be closed on Monday, but customers will still be able to access services through the Customer Happiness Centre in Umm Ramool and Smart Kiosks located in Deira, Al Barsha, Al Tawar, Al Kifaf and the RTA Headquarters.
#RTA has outlined the operating hours for its services during the Hijri New Year 1448 public holiday, covering Customer Happiness Centres, Paid Public Parking, Public Buses, Dubai Metro and Tram, Marine Transport, and Service Provider Centres (Vehicle Testing).
Dubai Metro services on both the Red and Green Lines will run from 5am until midnight on Monday while Dubai Tram services will operate from 6am until 1am the following day.
Passengers using public buses are advised to check the S’hail app for updated holiday schedules.
The RTA also announced that Bus Route E100, which normally operates between Al Ghubaiba Bus Station and Abu Dhabi, will be suspended from June 13 to 15. Passengers heading to Abu Dhabi during this period can use Route E101 from Ibn Battuta Bus Station instead.
Marine transport services will be unaffected during this period.
Shares in Elon Musk’s aerospace and technology company SpaceX have surged on their trading debut in New York, in what is being described as the largest initial public offering in history.
The stock climbed as much as 30% in early trading on the Nasdaq, pushing the company’s valuation above $2 trillion and briefly placing it among the most valuable firms in the United States.
The listing, which raised more than $75bn, marks a dramatic milestone for the firm founded in 2002 by Elon Musk, who has become one of the most influential—and divisive—figures in global technology.
Speaking at a launch event in Texas, Mr Musk said the company’s ambitions extended far beyond Earth. “SpaceX wants to be able to take you to the Moon, take you to Mars, and ultimately beyond,” he said, adding that its teams would “make that happen” for customers.
The billionaire entrepreneur—Elon Musk—has reportedly become the world’s first trillionaire following the surge, according to market estimates cited in the offering’s early trading performance.
The IPO priced more than 555 million shares at $135 each, valuing the company at just under $1.8 trillion ahead of its market debut. Within hours of trading, prices peaked at around $175 per share.
The listing also allows for the potential sale of an additional 83 million shares, which could lift total proceeds beyond $86bn.
Investor demand was reported to be heavily oversubscribed, reflecting strong interest in both space exploration and the company’s expanding role in satellite communications and artificial intelligence.
SpaceX has increasingly evolved from a rocket launch provider into a broader technology conglomerate, incorporating satellite operations and artificial intelligence assets linked to Mr Musk’s wider business portfolio.
Market analysts say the listing is being closely watched as a potential benchmark for other high-profile technology firms, including artificial intelligence companies expected to pursue public offerings in the coming months.
The debut also comes against the backdrop of Mr Musk’s increasingly polarising public profile, shaped by his political commentary, business decisions, and ownership of social media platform X.
Despite the controversy, investor appetite for the company appears undiminished, with strong early demand signalling continued enthusiasm for Musk-led ventures.
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