Majid Al Futtaim receives Global real estate sustainability benchmark ‘Green star’ rating for 9th consecutive year

Published on December 27, 2022

For the ninth consecutive year Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has attained the ‘Green Star’ status from the Global Real Estate Sustainability Benchmark (GRESB) for implementing outstanding sustainability practices across its Properties portfolio. The Company also achieved a full score for integrating ESG best practices into management processes encompassing leadership, risk management, reporting and stakeholder engagement.

According to GRESB’s latest assessment and testament to the company’s commitment to delivering on its environmental targets, Majid Al Futtaim achieved scores of 97 and 85 for standing development and investment portfolios, respectively. The Company performed particularly well in social and governance areas and outperformed peers on many topics, including energy efficiency. Majid Al Futtaim’s score was strengthened by the progress made against its 2040 net positive commitment and greenhouse gas emissions validated this year by the Science-Based Targets initiative (SBTi).  

Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim – Properties, said: “Effective benchmarking is a critical element in our sustainability commitment and ensures Majid Al Futtaim continually identifies areas for improvement and remains an industry leader in this important space. Attaining the ‘Green Star’ status from the Global Real Estate Sustainability Benchmark is a testament to our bold vision, strategic management and dedicated team of people. Through our collective efforts, we continue to boost performance and take advantage of new opportunities to improve the quality of life for people across markets while protecting our ecosystem and preserving natural resources.”

According to GRESB, Majid Al Futtaim’s Properties portfolio also increased this year by nine points to reach 97, achieving a Five Green Star rating and ranking 2nd out of 11 companies. It attained full scores for waste, water, building certifications and ESG requirements, amongst others, further reinforcing the strict standards the company integrates into all construction activities to mitigate negative impact and improve the environmental performance of the buildings.

The latest accolade follows a long-term trend of solid sustainability performance, with the Company’s recent 2021 ESG report revealing Majid Al Futtaim generated 21.4 M kWh of renewable energy, achieved 45 LEED, BREEAM or equivalent certified assets, and realised a 3.6% reduction in Scope 1 and 2 emissions across the Company, and more.

At the heart of Majid Al Futtaim’s sustainability strategy is the Dare Today, Change Tomorrow roadmap to address material risks and opportunities, ensuring the Company manages the issues that matter most to its stakeholders while responding effectively to the ESG issues that impact operations.

Source: press release

Source: Press release

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