Abu Dhabi Global Market (ADGM) today announced the implementation of its sustainable finance regulatory framework with immediate effect, following significant support received through public consultation, reinforcing its position as a leading sustainable financial hub and a natural hub for sustainable finance activities.

The framework encompasses rules on sustainability-orientated investment funds, managed portfolios and bonds as well as requirements for environmental, social and governance (ESG) disclosures by ADGM companies. The measures will accelerate the growth of a sustainable finance ecosystem in the jurisdiction and support the UAE’s transition to net zero greenhouse gas emissions.

The framework for green and climate transition funds and portfolios, green and sustainability-linked bonds and sukuks is a significant step in enabling capital to be channelled towards financing the transition to net zero.

In order to recognise products and services that are aiding the transition, ADGM will confer a designation on those that purport to meet its robust minimum standards. It will also permit ADGM’s “designation mark” to be used in marketing materials and client communications. A designation mark will provide investors with a level of confidence that those products and services purport to meet ADGM’s minimum standards, catalysing investors to channel capital towards the green transition.

In keeping with ADGM’s keen focus on stakeholder engagement, a feedback statement has also been issued that reflects on the meaningful feedback received and addresses the key issues raised in response to the consultation paper and through associated stakeholder engagements.

The overwhelming support for its proposals from industry, including stakeholders who indicated their plans to launch products under the proposed framework, crystallised ADGM’s intention to proceed with one of the first and most comprehensive sustainable finance frameworks in the region.

The feedback statement reflects how industry engagement has not only helped to shape the framework as implemented but also provided a clear indication of the areas that ADGM will examine in a post-implementation review to be undertaken in 2025 as part of its commitment to further develop and refine its regulatory framework going forward. ADGM will continue to rely on input from its stakeholders to help shape its ecosystem into a world-class hub for sustainable finance and a significant enabler to further the UAE’s net zero strategic initiative.

The framework and its stakeholders are further supported by knowledge acceleration initiatives such as the School of Sustainable Finance and the Research Centre at the ADGM Academy.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and COP28 President-Designate, said, “I warmly welcome ADGM’s regulatory framework for sustainable finance. The lack of available, accessible, affordable finance is putting the world’s climate goals and sustainable development at risk and addressing this issue is one of the top priorities of the COP28 Presidency. To make transformational progress, we need to shift gears in mobilising private finance.”

“ADGM endeavours in advancing such a crucial initiative and in establishing a global hub for sustainable finance are highly commendable. This initiative will play a vital role in mobilising capital for the transition to net zero not only in the UAE, but also in EMDEs, and will enable increased green transactions from local and global financial institutions," he added.

“I also welcome the ongoing work of the Sustainable Finance Working Group, chaired by ADGM and composed of UAE regulatory authorities, Federal Ministries and exchanges. These initiatives encompass joint efforts to advance frameworks for ESG disclosures, measures to require sustainability-focused corporate governance and the development of a UAE green taxonomy," he continued.

“Finance is the key to turn good intentions into real results. The Paris Climate Agreement set our collective ambition, and we need initiatives such as ADGM’s Sustainable Finance Regulatory Framework to help us keep 1.5C within reach," Dr. Al Jaber concluded.

Ahmed Jasim Al Zaabi, Chairman of ADGM, commented, “In the year that the UAE is hosting COP28, ADGM proudly aligns its actions with those of the country’s leadership who have declared this year as the Year of Sustainability. We believe our regulatory framework for sustainable finance is the most comprehensive in the Middle East and South Asia region, and comparable in scope and content with the most comprehensive regulatory frameworks globally.”

“Our requirements, particularly those which set minimum standards for sustainability-focused products and services, will help to channel capital into projects and activities that advance the country’s transition to net zero. We are grateful to market participants for their feedback, which reflects the excellent relationship between ADGM and its stakeholders within our sustainable finance ecosystem. Their engagement will continue to be essential as ADGM actively supports the UAE's progress towards its goal of net zero by 2050 and the continuing development of Abu Dhabi’s green falcon economy," he added.

The new sustainable finance regulatory framework is further supported by several ongoing initiatives of ADGM such as the Abu Dhabi Sustainable Finance Declaration which has over 100 signatories, and the School of Sustainable Finance at the ADGM Academy. ADGM FSRA’s regulatory amendment to the capital markets framework last year, introduced an environmental instrument as a class of financial instrument, allowing carbon offsets to come under its regulatory framework and AirCarbon Exchange, the world’s first regulated voluntary carbon exchange platform, to be established in the financial centre.

These strategic endeavours, combined with a regulatory framework for sustainability-focused funds, portfolios, bonds and sukuks, as well as requirements for ESG disclosure and the regulation of carbon offsets distinguish ADGM as a premier hub for sustainable finance.

Source: Khoder Nashar/ Hazem Hussein, Emirates News Agency (WAM)

Dubai Investments, a leading investment company, has achieved a 32% reduction in total greenhouse gas (GHG) emissions in 2022, equating to an estimated decrease of 212,768 tonnes of CO2, according to the group’s latest ESG report.

The achievement demonstrates the company’s commitment to sustainable business practices developed in accordance with the latest Global Reporting Initiative (GRI) Standards, a statement said.

The emissions intensity decreased from 204.9 tonnes of CO2 equivalent per employee in 2021 to 116.8 tonnes of CO2 equivalent in 2022, with a 61% reduction in total GHG emissions intensity. 

Acknowledging the critical importance of energy consumption, Dubai Investments has proactively pursued strategies aimed at curbing overall energy consumption. Over the course of 2021 to 2022, the company effectively reduced energy consumption derived from diesel, petrol and electricity sources by an impressive 5%. The reliance on fossil fuels also has been significantly curtailed, with diesel consumption witnessing a substantial decline of 14.5%, resulting in a reduction of 31,000 litres since 2020. 

Mohammed Saeed Al Raqbani, Head of Sustainability Committee, Dubai Investments & General Manager, Dubai Investments Industries and Masharie, said: “Maintaining and evaluating ESG performance is an essential part of how we conduct business and reflects our unwavering commitment to environmental sustainability and responsible business practices. Our focus on ESG is a crucial component of our corporate philosophy and enables us to create sustainable long-term value and secure financial returns.”

“Aligning with the UAE marking 2023 as the ‘Year of Sustainability’, we are also embarking on what I believe will be an extraordinary year for the Group as we are making a profound commitment to prioritize sustainability across our investment sectors like real estate, financial investments and manufacturing by applying green building principles for our upcoming new real estate projects, engaging in sustainable due diligence for new acquisitions and focussing on proper treatment of industrial waste respectively”, added Raqbani. 

Water efficiency represented another component as part of the Dubai Investments sustainability efforts. Water efficiency with a decrease in water consumption and an increase in water recycled and reused by over 21% and 28% respectively compared to 2020 in 2022, represented a reuse and recycling rate of over 55.3% for 2022, as against a rate of 32.8% in 2020. A 61% increase in total training hours included other significant highlight in the 2022 Sustainability Report. 

In 2022, Dubai Investments supported projects related to a wide range of community and environmental initiatives focussed on youth development, innovation and environmental protection. Diversity and inclusion marked another important component of Dubai Investments ESG strategy with 9% female representation in the total workforce and 13% representation at middle and senior management level, almost double the level in 2021, it said.

Source: Gulf Daily News

FIVE has become the first and only hotels in the UAE to obtain the International Renewable Energy Certificates (I-REC) to achieve 100% renewable electricity for 2022.

These Certificates were received from the Mohammed bin Rashid Al Maktoum Solar Park, which Dubai Electricity and Water Authority (Dewa) is implementing. The solar park is the largest single-site solar park in the world, using the Independent Power Producer (IPP) model. It will have a production capacity of 5,000MW by 2030 with a total investment of AED 50 billion.

FIVE’s single delivery I-REC agreement was subsequently verified through the International Renewable Energy Certification Foundation (I-REC), the global leader in standardized renewable energy schemes and sustainability claims.

FIVE’s latest achievement of tapping into future-focused solutions for Sustainable Development distinguishes its unwavering commitment to Sustainable Hospitality.

Saeed Mohammed Al Tayer, MD & CEO of Dewa, said: "I congratulate FIVE on becoming the first and only hotel in the UAE to obtain the International Renewable Energy Certification Foundation (I-REC) to achieve 100% renewable electricity for 2022. FIVE's commitment to sustainability is a role model for other businesses in the UAE and around the world at all levels.”

Al Tayer added: "At Dewa, we promote sustainability and the shift towards a sustainable green economy by increasing the share of renewable and clean energy within Dubai’s energy mix. The current production capacity of the Mohammed bin Rashid Al Maktoum Solar Park, which Dewa is implementing, is 2,327MW using photovoltaic solar panels and Concentrated Solar Power (CSP) technologies. This is about 15.7% of the total production capacity of energy in Dubai. We continue our efforts to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050."

Continuing the cutting-edge of trailblazing luxury and entertainment in harmony with social and environmental responsibility, FIVE aims to inspire the world through its innovative platform dubbed, in classic FIVE Flair, ‘Sustainable Indulgence’.

As the only hotels in the UAE to purchase i-RECs from Dewa to achieve 100% solar powered electricity for its hotels, FIVE demonstrates the potential of working with stakeholders to spark innovation on the path towards decarbonization. This achievement propels FIVE’s Sustainability Objective of Vibrant Communities and Partnerships to ‘Innovate to address social and environmental challenges’.

FIVE’s Future-Focused Vision
In 2022, FIVE achieved colossal carbon use intensity reduction of 76.2% (MtCO2e/AED mn), electricity consumed per capita by 35.3% (kWh/cover) and water use intensity by 36.2% (litres/cover) compared to 2020 baseline. In relentless pursuit of continual improvement, FIVE will seek to increase its energy and environmental efficiencies while lowering its carbon footprint through ambitious action plans including a commitment to setting Science Based Targets (SBTi) in line with a 1.5°C scenario by 2025.

The company is a signatory to the UN Global Compact, a member of the Global Sustainable Tourism Council (GSTC) and continuing to expand its participation in key environmental and social alliances through a global community engagement.

Kabir Mulchandani, Chairman and Founder, FIVE, said: “Ahead of COP28, FIVE's electric milestone demonstrates the power of collaborative innovation when two future-focused changemakers (FIVE and Dewa) come together in pursuit of Sustainable Development. As the first hotel group in the UAE to receive 100% renewable electricity from Dewa, we share a great honour amidst this historic 'Year of Sustainability.'

“I hope that this achievement sets an example on how conviction in vision and commitment to action can create a reality where we continue to dream audaciously, build creatively, and pursue life vigorously within a world that moves closer to climate revitalization.”

Source: Gulf Daily News

Saudi Arabia’s Public Investment Fund (PIF) and UAE’s ADQ have reported the highest improvement in the Global Sovereign Wealth Fund’s (SWF) governance, sustainability and resilience (GSR) scoreboard for 2023.

Among the funds rated in both 2022 and 2023, 69 got higher marks, 94 stayed the same and only 22 got lower marks, according to a report by the wealth fund tracker. 

The Middle East’s state-owned investors (SOIs) with the largest improvements are:

PIF (+32%) is managing to make its unparalleled growth sustainable by pursuing best practices, the report said. Its annual report is a rare display of transparency, including audit accounts, evolution of assets under management, asset allocation, returns and assets, and its chairman announced a “net zero by 2050” commitment in November 2022.

Oman’s OIA (+28%) is also pursuing operational excellence and identity following the merger of two different organisations and portfolios - SGRF and OIF - in 2020. Its latest annual report sheds light on major investments and exits, portfolio strategy and governance, and it is forming a new framework to align with SDGs.

Abu Dhabi’s ADQ (+24%) recently published a new and detailed website and its first sustainability report with plenty of details and metrics. Ahead of COP28, which will be celebrated in the UAE in December 2023, the newest Abu Dhabi SWF wants to set an example by aligning national priorities with SDGs.

Egypt’s TSFE (+24%) is following the example of its Eastern neighbours and pursuing specific sustainable policies that align with responsible investment frameworks. Its website now offers a window into the fund’s regulations, including the SWF Law, and actions, such as its multi-sector investments and contribution to Egypt’s GDP.

Global SWF rated 200 SOIs from 81 different countries in the fourth edition of the GSR scoreboard.

Source: Zawya

he Ministry of Climate Change and Environment announced the formation of a task force to bolster the ‘National Farm Sustainability Initiative’. This is part of the strategic efforts exerted by the ministry to support food sustainability by enabling a national agricultural sector to support the UAE's food security.

The task force to enhance the National Farm Sustainability Initiative seeks to find new mechanisms and partnerships and link major supply companies with national farms through cooperation with various relevant government and private sector entities in the country. This paves the way for increasing purchases of national farm products and expanding local production through ensuring purchase agreements, thereby increasing the country's self-sufficiency ratio for selected food items and improving the income of Emirati farms without affecting food trade.

The task force is led by Engineer Mohammed Mousa Alameeri, Assistant Undersecretary of the Food Diversity Sector at the Ministry of Climate Change and Environment, and includes Peter Nichols, Chief Operating Officer at ADNH Compass Group; Dr Ray Tinston, Market Director of Monbat; Hamed Ahmed Al Hamed, founder of Gracia Agricultural Group, Omar Al Shamsi, CEO of Watermelon Limited; Yazan Al Qudmani, a partner in 3YAgtech agricultural consulting company and Deputy General Manager of Emirates Biological Farm; and Hussein Al Hussein, Regional Director of Farm to Belt.

On this occasion, Alameeri said: "We move forward in the Year of Sustainability armed with a spirit of determination and commitment to building a more sustainable and resilient future for the UAE. The task force to enhance the (National Farm Sustainability Initiative) will play a pivotal role in enhancing food security and will serve as a model for change in adopting sustainable environmental practices."

He added: "The formation of the task force, which includes seasoned experts from various sectors, is an important step towards enhancing the UAE's food security and ensuring the well-being of its society. The task force will work to increase government purchases of local products to 50% by the end of 2023, an ambitious but achievable goal. There is no doubt that the UAE's journey towards sustainability is a shared responsibility. The formation of the task force is tangible evidence of the power of teamwork among the member institutions and our common vision to enhance food security and sustainability in the UAE."

The task force working on enhancing the National Farms Sustainability Initiative enjoys the support of ten entities: the Government of Ajman, the Ministry of Defense, the Ministry of Interior, Emirates Health Services (EHS), Abu Dhabi Agriculture and Food Safety Authority, Abu Dhabi Health Department, Sharjah Agriculture and Animal Wealth Department, Dubai Police General Command, Abu Dhabi Police General Command, and the Abu Dhabi National Oil Company (ADNOC). The cooperation of these institutions is a tangible demonstration of their shared understanding of the importance of local food security and their collective will to build a sustainable future.

The National Farms Sustainability aims to make citizens' farms a primary source of crops and products for major food supply companies operating in the UAE. This is achieved by establishing a mechanism to organize purchases of national food products, developing a database of local government needs and other entities for fresh national food products, and obtaining production quantities from national farms.

The initiative also seeks to adopt a list of types of fresh national food products, prepare a plan to increase the percentage of purchases for government entities and other bodies of national food products, and establish an evaluation and follow-up mechanism to ensure the execution of purchases specific to national food products. Additionally, it aims to provide a structured mechanism for companies specializing in sustainable agricultural production to supervise the availability of products from farms to related entities.

In the upcoming months, the task force for National Farms Sustainability Initiative will work on finding new partnerships to enhance purchases of national farm products for various relevant entities in the state. The task force will inform the public about its progress, strategies, and plans in the upcoming period.

Source: Tariq Al Fahaam/Hatem Mohamed, Emirates News Agency (WAM)

Trimble (NASDAQ: TRMB), a leading digital construction solutions provider in the Middle East, recently partnered with ResponsibleSteel, an independent and non-profit organisation which represents the steel industry's first global multi-stakeholder standard and certification initiative. Globally, Trimble is the first Building Information Modelling (BIM) software technology provider to join the ResponsibleSteel initiative. This partnership is part of Trimble's ongoing efforts to revolutionise the construction industry with innovative technology solutions, while adhering to their sustainability targets.

Trimble has consistently advanced its efforts to promote sustainability across its operations. The company received approval for its emissions reduction targets in 2022 from the Science Based Targets initiative (SBTi), a coalition of the CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature, thereby joining a growing number of companies taking immediate action on climate change. Trimble has also teamed up with other companies and climate leaders for the ‘Business Ambition for 1.5°C campaign,’ the ‘We Mean Business Coalition,’ and the ‘Race to Zero’ campaign.

Paul Wallett, Regional Director of Trimble Solutions Middle East and India said: “As concerns about climate change rise, it is critical to adopt innovative and sustainable methods for construction activities. As a leading provider of design software for steel structures, we have significantly contributed to the advancement of sustainability in the building industry by increasing productivity, reducing waste during construction, and enabling project-level reporting of climate impact data. We believe ResponsibleSteel has the ability to fundamentally reshape the way that steel is produced, distributed, procured, and used, resulting in significantly positive results. Our affiliation with ResponsibleSteel is a clear indication of our commitment to safeguarding and contributing to a better and sustainable future. Moreover, we take great pride in being the first software technology provider to join the initiative and look forward to contributing even more significantly to the sector.”

Trimble’s Tekla software is one of the most widely used software product suites in the industry for the design, engineering, fabrication, and detailing of steel structures. The solution helps engineering, detailing, and construction companies, as well as fabrication shops to accurately calculate and plan the use of steel in structures. Similarly, Tekla's Embodied Carbon Calculator allows designers and detailers to promptly compare the carbon impact of various structural options and evaluate the potential environmental implications of these designs.

Annie Heaton, ResponsibleSteel’s CEO, commented: “As the only global multi-stakeholder initiative for the responsible production of steel, we offer a space for companies throughout the steel value chain to unite, collaborate, and influence the industry's future. As a prominent software provider in the construction sector striving to enhance efficiency, safety, transparency, and sustainability, Trimble will be a valuable addition to the ResponsibleSteel membership community. Buildings and construction make up around 39 percent of global carbon emissions, 11 percent of which is from construction and the manufacture of building materials such as steel. Tekla software allows engineers to measure and compare the carbon footprint of different structural designs, helping to reduce their environmental impact.”

“Companies, through industry associations, are uniting to advance sustainability and facilitate collective action. Associations provide opportunities to share best practices, collaborate on industry-specific challenges, and set standards on GHG emission and the sourcing of input materials. By aligning with ResponsibleSteel, Trimble and Trimble technologies can play an important role in helping to drive the production and use of low-carbon steel as well as help position the construction industry as a sustainability innovator,” said Dietmar Grimm, Vice President, Trimble Corporate Strategy and Sustainability.

As one of the major industrial producers of CO2, the steel sector is adopting an industry-wide strategy to ensure that steel is responsibly sourced and produced. With owners and managers of both building and infrastructure assets expecting their construction partners to promote the use of sustainable materials, Trimble continues to offer advanced solutions that assist stakeholders in moving closer to their sustainability goals.

Source: Press release

The OPEC Fund for International Development (OFID) has signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments.

The OPEC Fund plans to support the platform with up to US$250 million in financing until 2030 for renewable energy solutions in its partner countries.

OPEC Fund Director-General Abdulhamid Alkhalifa and Director-General of IRENA Francesco La Camera signed the agreement in Vienna on the sidelines of the OPEC Fund Development Forum.

Commenting on the agreement, Alkhalifa said, “This collaboration marks an important milestone in our joint efforts to tackle the twin challenges of climate change and energy poverty via this innovative platform. It will help to progress an inclusive and just energy transition that leaves no one behind with investments, new technologies and knowledge sharing."

La Camera, in turn, stated, "Accelerating a renewables-based energy transition is imperative in the fight against climate change, as it enables us to simultaneously tackle pressing energy challenges and alleviate persistent social inequalities. We are proud to announce the OPEC Fund’s decision to join IRENA’s ETAF Platform, which will significantly strengthen the Platform’s role as an effective and agile mobiliser of capital for the most vulnerable economies.”

The ETAF platform initially aimed to mobilise at least US$1 billion of capital by 2030. Now, with the commitment from the OPEC Fund and contributions from all other existing ETAF partners, this initial target has been surpassed, with total commitments amounting to US$ 1.15 billion.

The OPEC Fund and IRENA partnership also reinforces the platform's global reach and ability to attract interest from other international financing institutions, multilateral development banks, development financial institutions, donors and corporate sector entities.

Source: Wam / Rola AlGhoul

The UAE Carbon Alliance, a new coalition of partners dedicated to advance the development of a carbon market ecosystem, was launched on Wednesday by the UAE Independent Climate Change Accelerators (UICCA).

The UICCA, an Abu Dhabi Global Market (ADGM) registered non-governmental organisation, is a think tank and accelerator supporting the nation’s transition to a green economy.

Chaired by Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, the UAE Carbon Alliance comprises leading organisations recognising the importance of carbon credits to achieve net zero goals. The alliance’s founding members include AirCarbon Exchange (ACX), First Abu Dhabi Bank (FAB), Mubadala Investment Company (Mubadala), Abu Dhabi National Energy Company (TAQA) and Abu Dhabi Future Energy Company (Masdar), in addition to UICCA.

The Carbon Alliance looks to establish national cooperation in decarbonisation efforts, develop innovative standards and frameworks for constructive carbon financing, increase education and knowledge of carbon markets, and support organisations on greenhouse gas emission reduction projects. The establishment of a resilient, transparent, and high-quality carbon market will direct investment and capital towards projects that support decarbonisation, while providing corporations with a market-based mechanism to accelerate their transition journey and achieve reduction targets.

Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President & CEO of UICCA, commented: “Carbon reduction is both fundamental and non-negotiable for the health of our planet. To reach Net Zero, we must actively reduce our emissions across all sectors, and it is imperative that public and private sectors take active steps to reduce emissions. Productive partnerships like the UAE Carbon Alliance will help the world find practical solutions on the path to decarbonisation, by funding the actual physical carbon abatement efforts and making them financially, environmentally, and socially viable. The UAE Carbon Alliance will establish the UAE as a leading hub for high integrity, high quality carbon markets, to help fund the much-needed action to limit global warming to 1.5 degrees.”

In line with the UAE Net Zero by 2050 Strategic Initiative, the United Nations Framework Convention on Climate Change (UNFCCC), and terms laid out in the Paris Agreement, the UAE Carbon Alliance will facilitate inclusive dialogue between all stakeholder groups to promote a robust framework and action plan for implementing a carbon market in the UAE. The alliance will convene its first executive committee meeting with all its founding members this week.

Source: Gulf News

Mall of the Emirates, owned and operated by Majid Al Futtaim, the leading shopping malls, retail and leisure group across the Middle East, African and Asia, has been awarded the Leadership in Energy and Environmental Design (LEED) Platinum certification – the highest level of certification possible in the LEED green building rating system. The LEED certification is a globally recognised symbol of sustainability achievement for the built environment and the most widely used green building rating system in the world. The certification for 2022 was awarded under LEED Operation and Maintenance certification, through its sustainability partnership with Enova, a joint venture between Majid Al Futtaim and Veolia, the regional leader in integrated energy and multi-technical services, making it the world’s largest operational mall to receive this international certification.

The achievement follows the Mall of Oman becoming the world’s biggest mall to have achieved LEED Platinum for Building Design and Construction under New Building Core and Shell (LEED BD+C: Core and Shell) in 2021. The latest milestone is a reflection of Majid Al Futtaim’s continued efforts towards becoming a global sustainability leader and aligns with its broader sustainability commitment of becoming Net Positive in carbon and water by 2040.  

As part of the certification process, the Mall of the Emirates was evaluated on its environmental performance across five categories: energy, water, waste, transportation and human experience.

Since 2018, through its energy and water conservation initiatives, Mall of the Emirates has saved an average of 15 million kilowatt hours of energy and 40,000 cubic metres of water per year – enough to power almost 1,300 homes for a year and fill an Olympic-sized swimming pool more than 16 times. The mall also generates clean electricity through the installation of 7,291 Solar PV (photovoltaic panels) on the rooftop car park that spans 11,996 square meters. The solar PV plant reduces 5,360 CO2 tonnes of carbon dioxide emissions every year. In addition, for the LEED certification, the mall made remarkable progress in the Transportation category with an almost perfect score of 99/100 and 96/100 in the Human Experience category.

Khalifa Bin Braik, CEO of Majid Al Futtaim – Asset Management, commented: “At Majid Al Futtaim, our north star is always to create value for both people and the planet, which has become more deeply integrated into our transformation journey. With Mall of the Emirates achieving LEED Platinum for Operation and Maintenance and becoming the largest mall worldwide to accomplish this feat, we are even more determined in our journey towards our Sustainable Business Commitments, which include becoming Net Positive in carbon and water by 2040. This latest achievement is a testament to our years of hard work and dedication and also a result of our increased focus on sustainability, resulting in Majid Al Futtaim now having 19 LEED certified malls. We remain steadfast in our pursuit of progress because we understand the significance of every step towards creating a sustainable future for all.”

Renaud Capris, Chief Executive Officer at Enova: “Achieving the highest sustainability standard in retail for Majid Al Futtaim's Mall of the Emirates, thereby becoming the world's largest operating LEED Platinum mall, is a testament to the ambitious sustainability goals set by the organization. Benchmarking resource consumption and achieving significant energy and water savings contributes to the company’s status as the regional leader in the hospitality sector, and Enova is proud to support that objective through our energy performance solutions. We are proud of our Sustainability Partnership with Majid Al Futtaim and their commitment to environmental stewardship.”

With the addition of Mall of the Emirates as a LEED-certified property, Majid Al Futtaim now has more than seven million square meters of green-certified assets across its portfolio. Malls including City Centre Deira, City Centre Muscat and City Centre Bahrain are pegged to be put forward for assessment and certification in 2023. This comes as Majid Al Futtaim announced its second Sustainability-Linked Loan (SLL), structured as a $1.25 billion revolving credit facility (RCF) linked to the company’s environmental, social and governance (ESG) related targets.

The LEED rating system recognises buildings that are energy and resource efficient, demonstrating a reduction in waste generation and the use of energy, water and other resources in a cost-effective manner, through their design, structure and overall operations.

The certified buildings are also measured by their success in providing an enhanced environment for occupants and visitors by supporting healthier indoor environmental quality, including clean air and access to natural light.  As a globally recognised symbol of sustainability achievement, it is backed by an entire industry of committed organizations and individuals paving the way for market transformation.

Source: Sarah Alsalem, Zawya

Sinaha Platform has signed an agreement with international partners to build the first automobile facility in Abu Dhabi dedicated to manufacturing automobiles from recyclable materials. The move is aimed at establishing Abu Dhabi as a prominent auto hub for sustainable production.

This initiative marks a significant milestone for the country’s automotive industry, contributing to the achievement of Operation 300Bn and the Abu Dhabi Industrial Strategy. The vehicles produced in this facility will feature eco-friendly and recyclable external structures, promoting environmental sustainability and incorporating technologies that enhance fuel efficiency by reducing weight and material consumption.

In addition to catering to local demand, the factory will supply the international market with affordable, high-quality cars equipped with advanced four-wheel drive technology, the statement noted.

The agreement for the plant was signed by Kardous Mohammad bin Salem bin Kardous Al Ameri, Deputy CEO of Sinaha, and Kirill Kuzin, Director-General of APAL International, during the ‘Make it in the Emirates Forum’ held recently in Abu Dhabi. The deal is also in alignment with the UAE’s upcoming hosting of the 28th session of the Conference of the Parties (COP28) in November.

Sinaha Chairman Mohammed bin Salem bin Kardous Al Ameri explained that the purpose of the platform was to improve quality investment opportunities to build a more sustainable, efficient, and competitive industrial sector in a way that supports the national economy and global climate action plans. “In the Sinaha platform we support all national efforts and strategies in an integrated way with all partners to support the national industrial sector and improve industrial capacity. Our products proudly carry the ‘Made in the Emirates’ mark and target local, regional, and international markets.”

Made using local raw materials, the new vehicle model has a highly advanced and effective damping protection system that meets all applicable standards. Plus, the model will feature two engines; an economical petrol engine and an all-electric engine, the statement concluded.

Source: Paul Godfrey, Middle East Construction News