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Today, in a first-of-its-kind partnership in the Middle East retail sector, five leading industry players in the UAE – Chalhoub Group, LVMH, EMAAR Malls Management, Majid Al Futtaim Properties, and Aldar Properties PJSC — have joined forces to achieve sustainability targets and reduce the carbon and biodiversity footprints of the retail sector.
This alliance aims to enhance understanding and management of energy consumption across the entities’ properties, tenant stores, and landlords’ common areas while also 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, concerted efforts will be made to research green concrete usage to achieve recycling objectives and set new standards in ESG practices within the Middle East.
“In 2022, the Science Based Target Initiative (SBTi) validated our short-term carbon reduction goals. Achieving these targets requires collaborative efforts, and I firmly believe in the power of collective action towards a common goal,” said Patrick Chalhoub, Group President at Chalhoub Group.
He added the collaboration will enhance sustainability impact, setting clear objectives for malls and retail operations. “This first-of-its-kind agreement marks the beginning of future partnerships to ensure a sustainable and resilient future for all.”
In the context of COP28, Antoine Arnault, LVMH Image & Environment, said this agreement highlights its “strong commitment” to fighting climate change.
Meanwhile, Ahmed El Shamy, CEO of Majid Al Futtaim Properties, said the partnership enhances and accelerates its existing efforts to reach its 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 related to retail landlord and tenant collaboration.”
Faisal Falaknaz, Chief Financial and Sustainability Officer at Aldar, said the partnership provides a framework for Aldar to work closely with an important group of fellow industry leaders who share its commitment to “creating environmentally-friendly retail spaces that benefit developers, tenants, and our customers.”
Emaar Malls Management said the sustainability task force focuses on fostering sustainable practices, emphasizing the importance of energy efficiency, eco-responsible design, and responsible use of resources. “This collaboration is another component of our strategic plan to seamlessly integrate sustainable solutions into our business operations, demonstrating our commitment to cultivating a sustainable future for our communities and stakeholders.”
The joint sectoral partnership between the five parties highlights their commitment to working as a collective unit towards their ambitious goals, enhancing their sustainable practices and setting a new standard for environmental stewardship in the Middle East’s retail sector.
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