UAE’s Lootah Real Estate Development has partnered with International Real Estate Partners (IREP) to cut down on the cost of maintenance and energy consumption in all its properties, Invest-Gate reports.
As part of its sustainable cost-saving initiative, Lootah has forged this partnership with IREP in a project called “IREPort Energy Bureau,” aiming to enhance building operations and sustainability of Lootah’s properties by identifying head-on problems related to energy consumption, alongside faulty maintenance equipment and systems, amongst others, the UAE-based company said in a press release on May 27.
The significance of the project comes as “aberrations are tracked beforehand or reported as they happen,” underlined CEO of Lootah Saleh Abdullah Lootah, noting that the sustainable solutions offered by the IREPort Energy Bureau project are currently in phase I.
“The instant alerts provided by the IREPort Energy Bureau project will make sure that any issues and concerns as regards maintenance and utilities are prevented or resolved in a timely manner. In this way, we create a system that is not only beneficial to our tenants and owners but contributes, in the long run, to Lootah’s energy conservation efforts,” the CEO elaborated.
For the first phase, IREP will audit each Lootah property to assess its energy performance. It will also retrofit a number of underperforming equipment, specifically in the cooling and lighting systems, with the latest technology and smart solutions, the statement concluded.