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- The taskforce represents the unity of major retail players for a shared commitment towards sustainability goals
- New standards in environmental, social and governance (ESG) practices within the Middle East
- Clear objectives for malls and retail operations, focusing on water consumption, air conditioning efficiency, use of clean energy, design and construction practices.
Dubai, United Arab Emirates: 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 - أفــــــــــــــــق” (pronounced UFQ in Arabic, meaning horizon and symbolizing the future), 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.”
Antoine Arnault, LVMH Image & Environment, said: “Our 5,600 stores around the world create experiences for our customers that we strive to make as exceptional and as unforgettable as possible. The excellence of our stores extends to their environmental performance. To do so, we need to collaborate with landlords. After having signed a first partnership with Hang Lung in China in 2022, LVMH is proud to sign this second agreement with local partners in the United Arab Emirates. In the context of COP28, this agreement highlights our strong commitment to fighting climate change.”
An Emaar Malls Management spokesperson said: "Our participation in this sustainability taskforce further demonstrates our unwavering commitment to environmental and social responsibility in the retail sector. We are focusing on fostering sustainable practices, emphasising the importance of energy efficiency, eco-responsible design, and responsible use of resources. This collaboration is another component of our strategic plan to seamlessly integrate sustainable solutions into our business operations, demonstrating our commitment to cultivating a sustainable future for our communities and stakeholders."
Ahmed El Shamy, Chief Executive Officer Majid Al Futtaim Properties, said: “This partnership enhances and accelerates our existing efforts to reach our ambitious target to produce more energy and water than we consume, reaching Net Positive by 2040. We are proud to be a part of this shared commitment, aiming to set a new global standard in sustainable practices and achievements as it relates to retail landlord and tenant collaboration.”
Faisal Falaknaz, Chief Financial and Sustainability Officer at Aldar, said: “A key part of Aldar’s science-aligned net zero plan is to decarbonize our retail spaces and other commercial assets. This involves us actively engaging our supply chain and tenants to support their own transition to net zero. The partnership we have announced today provides a framework for Aldar to work closely with an important group of fellow industry leaders who share our commitment to creating environmentally friendly retail spaces that benefit developers, tenants, and our customers.”
The joint sectoral partnership between the five parties highlights their commitment to working as a collective unit towards their ambitious goals, and marks a testament to each of their commitments to enhancing their sustainable practices and set a new standard for environmental stewardship in the Middle East’s retail sector.
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About Chalhoub Group
INSPIRE | EXHILARATE | DELIGHT
For over six decades, Chalhoub Group has been a partner and creator of luxury experiences in the Middle East. The Group, in its endeavour to excel as a hybrid retailer, has reinforced its distribution and marketing services with a portfolio of eight owned brands and over 300 international brands in the luxury, beauty, fashion, and art de vivre categories. More recently, the Group expanded its expertise into new categories of luxury watches, jewellery, and eyewear.
Every step at Chalhoub Group is taken with the customer at heart. Be it constantly reinventing itself or focusing on innovation to provide luxury experiences at over 750+ experiential retail stores, online and through mobile apps, each touch point leads to delighting the customer.
Today, Chalhoub Group stands for 15,000 skilled and talented professionals across eight countries, whose cohesive efforts have resulted in the Group being certified as a Great Place to Work® in several countries.
To keep the innovation journey going, the Group has set up “The Greenhouse”, which is not just an innovation hub, but also an incubator space and accelerator for start-ups and small businesses in the region and internationally. This is just one of the several initiatives taken by the Group to reinvent itself, catalysed by forward thinking and future proofing. The Group has also been embedding sustainability at the core of its business strategy with a clear commitment towards people, partners and the planet, and by being a member of the United Nations Global Compact Community and signatory of the Women's Empowerment Principles.
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About LVMH
LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Newton, Bodega Numanthia, Ao Yun, Château d’Esclans, Château Galoupet and Joseph Phelps. Its Fashion and Leather Goods division includes Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA, Patou. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh, Fenty Beauty by Rihanna, Maison Francis Kurkdjian and Officine Universelle Buly. LVMH's Watches and Jewelry division comprises Bulgari, Tiffany & Co., TAG Heuer, Chaumet, Zenith, Fred and Hublot. LVMH is also active in selective retailing as well as in other activities through DFS, Sephora, Le Bon Marché, La Samaritaine, Groupe Les Echos, Cova, Le Jardin d’Acclimatation, Royal Van Lent, Starboard Cruise Services, Belmond and Cheval Blanc hotels.
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About Emaar
Emaar Malls Management (LLC) manages some of the most iconic malls, entertainment, and community-integrated retail centres in the Middle East, including Dubai Mall, its flagship asset, the world’s most visited shopping and entertainment mall, and Dubai Hills Mall, the leading lifestyle destination in Dubai Hills Estate.
Emaar Malls Management (LLC) (Emaar Malls) also manages Souk Al Bahar, an Arabesque style dining and entertainment development in Downtown Dubai; Dubai Marina Mall, a lifestyle shopping mall for residents and visitors of the Dubai Marina community; and Gold & Diamond Park, a shopping destination dedicated to gold and jewellery.
About Majid AL Futtaim
Founded in 1992, Majid Al Futtaim is a diversified lifestyle conglomerate spanning 16 countries across the Middle East, Africa and Asia. The company employs 46,000 people representing 114 nationalities and welcomes 600 million customers to its shopping malls, communities, retail and entertainment destinations each year.
With owned assets valued at US$18 billion, Majid Al Futtaim has the highest credit rating (BBB) among privately-held corporates in the region. The company is committed to becoming Net Positive in water and carbon by 2040.
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Sarah Alsalem
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About Aldar
Aldar Properties PJSC is the leading real estate developer, investor, and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Development and Aldar Investment.
Aldar Development is a master developer of integrated, liveable, and thriving communities across Abu Dhabi’s most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for developing Aldar’s c. 69 million sqm land bank and includes three businesses: Aldar Projects, which is Aldar's dedicated project delivery arm and the manager of its project management business; Aldar Ventures, which incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.
Aldar Investment houses Aldar’s core asset management business comprising over AED 35 billion portfolio of investment grade and income-generating assets diversified across retail, residential, commercial, hospitality, and logistics segments. Aldar Investment also manages three core platforms: Aldar Education, Aldar Estates, and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, with almost 38,000 students across 31 operated and managed schools, and a growing network of educators from over 100 nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy. Aldar Estates, the region’s largest integrated property and facilities management platform, consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will further include Community Management under one integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat, in addition to Ras Al Khaimah. It includes Aldar’s portfolio of 13 hotels, comprising over 4,200 hotel keys and managing operations across golf courses, beach clubs, and marinas.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash-generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long-term and sustainable business in order to provide ongoing value for its shareholders.
Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.
For more information on Aldar please visit www.aldar.com
