As part of its company-wide sustainability strategy, Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia announced it is bolstering its sustainable business commitment by launching its Circular Economy Strategy. The new strategy, which sets out a roadmap towards achieving circularity across the group’s operations in the next ten years, was unveiled during a virtual event on circular economy hosted by the UAE Ministry of Economy and the Canadian Business Council.

The entity aims to achieve its ambitious circular economy vision in two ways: making crucial changes to the entire eco-system, and integrating lifecycle thinking into all business planning and decision-making. The 10-year framework sets clear targets around keeping materials and products in use and outlines how this will be achieved through utilising durable alternatives and achieving the highest possible recycling rates. The strategy reiterates the company’s long-term commitment to renewable energy solutions and becoming net positive in carbon and water by 2040, as per the statement.

Under the new roadmap, all Majid Al Futtaim operating companies will embed circular economy principles into business operations to minimise harmful impacts on the environment and generate new revenue streams. Based on five pillars, the strategy addresses key areas of impact and aims to leverage the relationships between key stakeholders. The five pillars of the new circular economy strategy are: Resource Mapping, Maximising Value, Closed-loop Supplies, Circular Lifestyles, and Collaborate to Accelerate. The strategy also addresses two of the most crucial waste streams: food and construction. It maps out an operating model that seeks to source food grown regeneratively, reducing food waste to the absolute minimum, and designing and marketing healthier food products. The plan prioritises reuse of materials and maximising the value of construction waste from the design stage throughout the lifecycle of the asset.

“As pioneers of sustainability in this region and building on our promise to rethink how we use resources, the launch of our circular economy strategy is a significant milestone in our sustainability journey. By 2030, it is our ambition that all operating companies have circularity at the core of their operations, actively engaging with our suppliers, customers and the wider business and government communities, to bring about systemic change and impact,” said Ibrahim Al-Zu'bi, Chief Sustainability Officer, Majid Al Futtaim Holding.