Emaar Malls, MAF, and Aldar forge alliance for sustainability
Staff Report
Dubai, UAE
Chalhoub Group, LVMH, EMAAR Malls Management, Majid Al Futtaim Properties, and Aldar Properties have partnered to create Unity For Change to help them achieve sustainability targets.
An Emaar Malls Management spokesperson said, “Our participation in this sustainability task force further demonstrates our unwavering commitment to environmental and social responsibility in the retail sector. We are focusing on fostering sustainable practices, emphasising the importance of energy efficiency, eco-responsible design, and responsible use of resources.”
The partnership will focus on energy efficiency, clean energy, eco-design, water, and waste management, the fundamental practices to ensure a sustainable environment. Furthermore, it will help the parties to attain their Environmental, Social, and Governance (ESG) goals, reflecting their environmental responsibility.
Faisal Falaknaz, Chief Financial and Sustainability Officer at Aldar, said, “A key part of Aldar’s science-aligned net zero plan is to decarbonize our retail spaces and other commercial assets. This involves us actively engaging our supply chain and tenants to support their own transition to net zero. The partnership we have announced today provides a framework for Aldar to work closely with an important group of fellow industry leaders who share our commitment to creating environmentally friendly retail spaces that benefit developers, tenants, and our customers.”
This initiative will entail reduction in carbon emissions and check biodiversity footprints of the retail sector, with all entities intending to negotiate and execute a formal agreement within the next year. The cooperation specifically aims to enhance understanding and management of energy consumption across the entities’ properties, tenant stores, and landlords’ common areas. Other initiatives include developing a comprehensive eco-design checklist, polling resources for clean energy purchases to optimize energy consumption, cooperating in chilled water management and air conditioning to enhance efficiency. Additionally, there will be concerted efforts to research green concrete usage to achieve recycling objectives.
Antoine Arnault, LVMH Image & Environment, said, “The excellence of our stores extends to their environmental performance. To do so, we need to collaborate with landlords. After having signed a first partnership with Hang Lung in China in 2022, LVMH is proud to sign this second agreement with local partners in the United Arab Emirates. In the context of COP28, this agreement highlights our strong commitment to fighting climate change.”
The partnership between the five parties highlights their commitment to integrate sustainable practices in their businesses and set a new standard for environmental stewardship in the Middle East’s retail sector.
Ahmed El Shamy, Chief Executive Officer Majid Al Futtaim Properties, said, “This partnership enhances and accelerates our existing efforts to reach our ambitious target to produce more energy and water than we consume, reaching Net Positive by 2040. We are proud to be a part of this shared commitment, aiming to set a new global standard in sustainable practices and achievements as it relates to retail landlord and tenant collaboration.”
Ends
Also read: Emirates to invest US$200 million in aviation sustainability fuel to reduce carbon emission
