Dubai, UAE – Chalhoub Group, LVMH, EMAAR Malls Management (L.L.C), Majid Al Futtaim Properties LLC, and Aldar Properties PJSC join forces to create “Unity For Change, a pionneering partnership among prominent retailers and real estate developers in the Emirates. This alliance is dedicated to defining and achieving sustainability targets.
The first partnership of its kind in the Middle East retail sector, between the five leading industry players, focuses on energy efficiency, clean energy, eco-design, water, and waste management, demonstrating a strong commitment to environmental responsibility and achieving each of the parties’ Environmental, Social, and Governance (ESG) goals.
This initiative reflects how to reduce the carbon and biodiversity footprints of the retail sector, with all entities intending to negotiate and execute a formal agreement within the next year.
The cooperation specifically 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, as well as other initiatives. Additionally, there will be concerted efforts to research green concrete usage to achieve recycling objectives.
Patrick Chalhoub, Group President at Chalhoub Group, commented: “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. We are pleased to collaborate with our partners to enhance our sustainability impact, setting clear objectives for both malls and retail operations. This first of its kind agreement marks the beginning of future partnerships aimed at ensuring a sustainable and resilient future for all.”