Dubai's Majid Al Futtaim tops sustainability rank
The Global Real Estate Sustainability Benchmark survey measures the sustainability performance of real estate portfolios globally
Retail developer Majid Al Futtaim achieved the ‘Green Star’ status, for the second year in a row from the Global Real Estate Sustainability Benchmark (GRESB), for the implementation of international best practices in sustainability throughout the company’s real estate portfolio.
The announcement comes during Dubai Chamber Sustainability Week 2015 and provides a timely reminder of the role the private sector can play in helping Dubai become on the world’s most sustainable cities by 2020.
In 2015, the company achieved a score of 100% for management of sustainability practices and 95% for the understanding of risks and opportunities to the Majid Al Futtaim business.
Alain Bejjani, CEO, Majid Al Futtaim Holding, said: “Sustainability is at the foundation of our business strategy. By embedding it in our business we operate as an organisation that focuses not only on profitability, but on making a positive social impact on the lives of those whom we serve.
“Our Global Real Estate Sustainability Benchmark rating allows us and our stakeholders to better understand our performance in comparison to our peers and we hope that in applying international best practices, our commitment to sustainability will encourage other organisations to follow suit.”
The Global Real Estate Sustainability Benchmark survey measures the sustainability performance of real estate portfolios globally. In 2015 the survey compared 688 companies on a range of measures from energy reduction performance, building certifications, stakeholder engagement to quality of sustainability policies, new constructions and major renovations.
With sustainability at the core of Majid Al Futtaim’s business, it has set ambitious goals for 2018 to deliver results across three key areas – developing and managing high performance assets that support prosperous communities and in doing so deliver pioneering standards across its business.
Majid Al Futtaim recently announced its 2014 sustainability results which reported that 73% of its goals were achieved. Among its achievements, the company committed $1.9m (AED7.3m) to community investment, 7 of its assets were awarded with green building certification and its construction sites were fatality free during 2014. Furthermore, Majid Al Futtaim’s ‘Green Star’ rating system was implemented, setting a sustainability design criteria for shop fit-outs in its malls, which is now also a mandatory requirement of all lease renewals.