Dubai-based Lootah Biofuels has signed an agreement with Atmosphere Hotels & Resorts, a leading hospitality group in Maldives, under which it will supply biodiesel and provide waste cooking oil recycling services in the South Asian island country.
The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors held from November 1 to 2 at Madinat Jumeirah in Dubai.
It was signed as part of The Deals Hub, a dedicated impact-driven platform for global business leaders and investors to forge and announce major business initiatives, partnerships, investments, and commercial alliances during the Dubai Business Forum.
The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel, said Yousuf bin Saeed Lootah, CEO of Lootah Biofuels, after signing the deal with Ismail Hilmy, Chairman of Atmosphere Hotels & Resorts, in the presence of Faisal Naseem, Vice President of the Republic of Maldives; Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.
The agreement also supports the collection and recycling of used cooking oil from luxury resorts, hotels, restaurants, and households to produce biodiesel in the Maldives.
With the UAE poised to host the COP28 climate summit, the agreement supports the country's ambition to become a leading global hub for sustainability and the circular economy, as well as Dubai Chambers’ drive to promote the overseas expansion of local companies.
The MoU will also play a key role in supporting the Maldives’ target to achieve net-zero emissions by 2030, said the statement.
Valued at $15 million, Lootah Biofuels was established in 2010 to address the growing demand for sustainable and environmentally friendly fuel alternatives.
In line with the UAE's vision for sustainable development and the circular economy, the company is committed to innovating and introducing sustainable long-term solutions for energy requirements.
Lootah Biofuels collects used cooking oil – which is considered a waste material for households, hotels, and restaurants – and recycles it to produce green biofuel (biodiesel).
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