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Majid Al Futtaim is the first company from the Middle East to commit to Net Positive
Company aims to become Net Positive in water consumption and carbon emissions by 2040
Majid Al Futtaim joins other leading global corporations in Net Positive movement
Dubai, 18 April 2017
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has today launched its Net Positive strategy in the presence of Dr. Thani Ahmad Al Zeyoudi, Minister of Climate Change and Environment. The strategy aims to significantly reduce the company’s water consumption and carbon emissions to the extent that it puts more back into the environment than it takes out, resulting in a positive corporate footprint by 2040.
Dr. Thani Ahmad Al Zeyoudi, Minister of Climate Change and Environment commented: “Majid Al Futtaim’s Net Positive commitment is a landmark step in helping to create a more sustainable future for our region. The strategy is in line with the UAE Green Agenda and the UAE National Climate Change Plan to address solutions to pressing current and future environmental challenges. Collaboration with the private sector is key to realising our sustainability goals and promoting a shared responsibility for our environment.”
As part of its Net Positive strategy, Majid Al Futtaim will measure current carbon and water impact and implement measures to reduce it through projects focused on decreasing carbon emissions and water consumption at all its assets across the region. These projects will range from small scale energy efficiency measures and on-site renewable energy installations to on-site rainwater harvesting and grey water recycling. In the long term, Majid Al Futtaim will create positive impact by providing more accessible and better quality water to local communities where it has extracted water for business purposes.
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim – Holding commented: “We see it as not only a moral imperative, but also a core responsibility to our stakeholders to set the standard for sustainable development in the region and to continually strive to become one of the most environmentally considerate companies in the world. We are delighted with the progress we have already made in this space but ultimately know our work will not be complete until we have reached a stage where we are giving more back to the environment than we take. It is for this reason why we have set ourselves the ambitious, while realistic target of becoming Net Positive in our carbon emissions and water consumption in less than 25 years. We are extremely proud to be the first company in the Middle East to commit to such a target and hope our action inspires others in the region follow suit.”
Ibrahim Al-Zu'bi, Head of Sustainability at Majid Al Futtaim – Holding said: “Our sustainability journey at Majid Al Futtaim started almost a decade ago and in that time, we have made incredible progress. Becoming Net Positive is the next ambitious goal that we have set and we are fully committed to achieving it by 2040. In doing so, we will help provide a framework to ensure the private sector becomes a force for good, further protecting our shared resources in a region that faces challenges around water scarcity and energy consumption. As always we are grateful for the continued support of the UAE government in helping us achieve our sustainability goals.”
The Net Positive movement was developed through the work of the Net Positive Group, a collaboration formed by Forum for the Future, The Climate Group and World Wildlife Fund (WWF). The group started a movement to encourage businesses to transform their sustainability ambitions from doing less harm to becoming Net Positive, and is led by multi-nationals such as Kingfisher, BT, Coca-Cola and Lego.
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The legal name of this company is “Majid Al Futtaim” and should not be shortened or replaced by an acronym to avoid confusion with another business entity.
Disclaimer: All facts and figures in this release are accurate at the time of issuance.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, employing more than 35,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.
Majid Al Futtaim owns and operates 21 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in 38 markets across Middle East, Africa and Asia, and operates a portfolio of more than 175 outlets in 15 countries.
Majid Al Futtaim operates 284 VOX Cinema screens and 30 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and Ski Egypt, among others. The Company is parent to the consumer finance company 'Najm', a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, and Crate & Barrel and a healthcare business that operates City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
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© Press Release 2017
