Emirati leading shopping mall, communities, retail and leisure pioneer Majid Al Futtaim is aiming to rely on renewable energy sources in 7.5% of its electricity consumption, Invest-Gate reports.
Majid Al Futtaim’s targets for its new developments, including City Centre Almaza, have become increasingly reliant on renewable energy in consumption as greater focus is being given to market and legislative mechanisms for investing in renewable energy globally.
City Centre Almaza, due to open in 2019, is one component of Majid Al Futtaim’s significant investment plan in Egypt worth USD 1.4 bn (over EGP 23 bn). The plan also includes the newly-opened Mall of Egypt and the expansion of City Centre Maadi, in addition to four neighborhood centres in new residential cities in Cairo and the development of four new shopping malls in greater Cairo.
“Investing in renewable energy aligns with Majid Al Futtaim’s existing ambitions and is a win-win situation for communities, companies and governments,” says Ibrahim Al-Zu’bi, Head of Sustainability at Majid Al Futtaim.
“Committing to renewable energy is a natural step in our sustainability journey. As a regional sustainability leader, we hope to continue setting sustainability best practices and policies that will not only support the communities in which we work, but will serve as a blueprint for others in the business as well.”
The first brick at City Centre Almaza’s site was laid on January 14, 2016, with total investments worth EGP 4 bn.