Majid Al Futtaim, a leading shopping center, community, retail and leisure pioneer in the Middle East, Africa and Asia, has been awarded the Global Real Estate Sustainability Benchmark (GRESB) "Green Star" designation for the ninth consecutive year.
for implementing outstanding sustainability practices across its property portfolio. The company also received full marks for incorporating environmental, social and governance best practices into its management processes including leadership, risk management, reporting and stakeholder engagement.
Based on the latest GRESB assessment and demonstrating the company's commitment to achieving its environmental goals, Majid Al Futtaim received scores of 97 and 85 for its long-term development and investment portfolios, respectively.
The company performed particularly well in the social and governance areas, outperforming its peers on many topics, including energy efficiency.
Majid Al Futtaim's score was strengthened by its progress on its 2040 Net Return Commitment and its greenhouse gas emissions, which were verified this year by the Science Based Targets Initiative (SBTi).
Majid Al Futtaim - Properties CEO Ahmed Galal Ismail said." Effective benchmarking is a key element of our sustainability commitment, ensuring that Majid Al Futtaim continually identifies areas for improvement and remains an industry leader in this important area. Achieving 'Green Star' status for our global real estate sustainability benchmark is a testament to our bold vision, strategic management and dedicated team. Through our collective efforts, we continue to improve performance and take advantage of new opportunities to improve the quality of life for people across our markets while protecting our ecosystems and conserving natural resources."
Majid Al Futtaim's property portfolio also increased by nine points this year to 97, earning it a five Green Star rating, the second highest among 11 companies, according to GRESB.
It earned perfect scores for waste, water, building certification and ESG requirements, further reinforcing the company's rigorous standards in all construction activities to mitigate negative impacts and improve the environmental performance of its buildings.
The company's most recent 2021 ESG report shows that Majid Al Futtaim generated 21.4 million kWh of renewable energy, achieved 45 LEED, BREEAM or equivalent certified assets, and achieved a company-wide 1 and 2 emissions reduction of 3.6%, among others.
At the heart of Majid Al Futtaim's sustainability strategy is a "Dare Today, Change Tomorrow" roadmap to address significant risks and opportunities, ensuring that the company manages the issues that matter most to its stakeholders, while responding effectively to ESG issues that impact operations.
