Majid Al Futtaim advances its net-zero goal

Notable development across the year includes securing a $1.5 billion Sustainability-Linked Loan (SLL), a first in the region, dependent on measurable improvements on specific yearly targets that seek to positively impact people and the planet. As part of the SLL, Majid Al Futtaim will work to ensure its entire shopping mall portfolio is certified by 2026, with non-certified malls achieving a minimum of LEED Gold or equivalent.

The Company proudly  holds the world’s first LEED Platinum certification for its hotel portfolio, and Mall of Oman is its first superregional mall to be LEED Platinum certified.

 Majid Al Futtaim Properties’ near and long-term greenhouse gas emissions (GHG) targets have been validated by the Science Based Targets initiative (SBTi) to support its transition to Net Positive. The Company also signed up to the Business Ambition for 1.5°C Commitment, requiring emissions reductions of 50% by 2030 and to reach net-zero by 2050 at the very latest. This target covers all GHG emissions across the Majid Al Futtaim business.

Ibrahim Al-Zu’bi, Chief Sustainability Officer, Majid Al Futtaim - Holding, said: “ With ethical buying and sustainability gaining importance for consumers, we want to create a positive impact in everything we do, from our local communities and the organisations we partner with, to the products we procure, and sell. In that regard, our 2021 report reveals our most recent accomplishments and represents a milestone in our journey to become Net Positive in carbon by 2040. Our team is unified in its vision with a tenfold growth ambition over the next decade, focussed on discovering new opportunities, expanding consciously towards a more connected, sustainable, and equitable future for all.”

With the ever-increasing need for clean energy solutions worldwide, Majid Al Futtaim also notably advanced its renewable energy progress during 2021, with its shopping malls, communities and retail assets growing their renewable energy generation to 21.4 million kWh compared to 17 million kWh in 2020, an increase of 26%. A new solar park in Jordan became operational last year, comprising more than 49,000 solar panels and providing 100% of the energy use of 35 Carrefour stores across the country with renewable supply. A second agreement was also signed, which will provide the largest private solar plant in the Kingdom of Bahrain  located over  40,000 m² and generating 50% of the shopping mall’s energy consumption needs.

Majid Al Futtaim – Retail has also completely phased out single-use plastic bags in seven countries of operation. The company adheres to its transparency in reporting on performance against a globally aligned set of environmental, social and governance indicators.