UAE-based shopping mall conglomerate Majid Al Futtaim has released its fifth annual Environmental, Social and Governance (ESG) report, titled ‘Dare Together’.
The report highlights the Group’s achievements in delivering on its sustainability targets across its three strategic focus areas: rethinking resources, transforming lives and empowering our people.
CEO at Majid Al Futtaim Holding, Ahmed Galal Ismail, said: “Our ESG commitments are a core pillar of our long-term strategy and have been instrumental in steering the successful evolution of our organisation. Success for us is ensuring Majid Al Futtaim is able to meaningfully contribute to the long-term prosperity of the Mena region and its people.
“Sustainable and responsible business practices have always been a core tenet of our organisation. Our 2022 report reflects the significant strides we have made over the past year to reduce emissions, champion innovative solutions, and foster inclusive economic development.”
Rethinking resources
Through 2022, Majid Al Futtaim achieved and partially achieved 93 per cent of its ESG targets.
The Group secured its second Sustainability-Linked Loan, remaining the first privately-owned Dubai corporation to borrow through such a facility and the region’s only ‘penalty-only’ borrower.
The Group remains on track to become net positive in carbon and water by 2040.
“As we embark on the next phase of our ESG journey, our renewed 2028 Sustainable Business Commitments serve as the bedrock for sustained progress. We embrace the challenges and opportunities ahead as catalysts for driving positive change for our customers, colleagues, and communities,” added Mr Galal Ismail.
Majid Al Futtaim increased its renewable energy capacity by 19 per cent to reach 40.5 million kWp and reduced Scope 1 and 2 emissions by 11 per cent compared to the 2019 baseline. Its operating companies, including Majid Al Futtaim – properties, retail, lifestyle and entertainment, established validated science-based targets.
Transforming lives
Majid Al Futtaim recruited 700 Emiratis through the UAE Government’s NAFIS programme between September 2021 and 2022.
The company also supported the development of skills and entrepreneurship through initiatives such as the Launchpad Programme, which selected 14 start-ups to join the Majid Al Futtaim innovation ecosystem and strengthen their commercial viability across the region.
Empowering Our People
As of 2022, 20 per cent of senior management positions across the Group are held by women. The representation of people of determination across the business also increased by 27 per cent to 227 employees in 2022.
