- Significantly reduce the consumption of electricity, water, chilled water and gas
- The project will enable Aldar to save AED 40 million annually in energy costs
- The project accelerates Aldar’s efforts to achieve its energy and emissions reduction goals for 2025
Abu Dhabi, United Arab Emirates: Aldar Properties (“Aldar”) has launched a portfolio-wide energy management project to reduce its energy consumption by approximately 20% across 80 assets including hotels, schools, commercial, leisure and retail buildings and residential buildings. In addition to reducing energy emissions, the project will enable Aldar to save approximately AED 40 million annually in energy costs.
The project aims to reduce carbon emissions in Al-Dar by 80 thousand tons, electricity consumption by 110 gigawatt-hours, and water consumption by 886 thousand cubic meters.3, chilled water consumption by 23,000,000 TRH, and gas consumption by 726,000 m3 on an annual basis.
In addition to the positive environmental impact, sustainability projects like these are also beneficial to business. This project is a clear case where the time and effort invested in sustainability initiatives can generate strong financial returns in line with broader societal priorities. “
Based on the completion of Level 3 audits by the selected partners, Aldar awarded five-year energy performance contracts to four energy service companies, including Siemens, Enova, ENGIE (in association with Tabreed), and Johnson Controls (in association with Alliance for Global Sustainability). Each ESCO will be responsible for a set of buildings, while GRFN Global has been appointed as a project management consultant.
In the next phase of the project, ESCOs will implement retrofit projects on all 80 assets with an expected completion date in the third quarter of 2022. Upon successful completion of the project, ESCOs are required to achieve guaranteed energy savings for five Years. The savings will be measured and verified according to the guidelines in the International Verification and Measurement of Performance Protocol (IPMVP).
Aldar’s energy management project is in line with the group’s sustainability strategy and 2025 energy and emissions reduction targets.
For more information, please contact:
Obaid Al Yammahi
+971 2810 5555
+971 2234 4600
Aldar Properties is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Developments and Aldar Investments.
Aldar Developments is a master developer of integrated, vibrant and thriving communities across desirable destinations in Abu Dhabi, including Yas Island, Saadiyat Island, Al Raha and Al Reem Island. It is responsible for developing c. Land of 65 million square meters and includes three companies: Aldar Enterprises, which manages fee-based management business, including AED 45 billion of government housing and infrastructure projects; Aldar Enterprises, which incubates and nurtures new business opportunities and areas of innovation; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.
Aldar Investments comprises of Aldar’s core asset management business, which includes an investment portfolio of AED 16 billion and income-generating real estate assets across the retail, residential and commercial sectors. It also operates three primary platforms: Aldar Education, Aldar Properties and Aldar Hospitality and Leisure. Aldar Education encompasses the entire educational portfolio, including Aldar Academies, the leading educational group in Abu Dhabi, with 20 schools, more than 24,000 students and a growing network of 3,000 teachers of more than 100 nationalities, offering a wide range of curricula and additional services such as Tadreeb Academy teachers.
Aldar Properties is unifying Aldar’s retail operations alongside existing residential and commercial property operations under Provis and will also include community management under a single property management platform. Aldar Hospitality and Leisure Company looks after Aldar’s portfolio of hotel and leisure assets, which are centered around Yas Island and Saadiyat Island. It includes Aldar’s 10-hotel portfolio, comprising more than 2,900 hotel keys and managing operations across golf courses, beach clubs and marinas.
Aldar shares are traded on the Abu Dhabi Stock Exchange (Quote: ALDAR: UH), a profitable, cash-generating company that provides recurring revenue, and benefits from a diverse and supportive shareholder base. Aldar operates under high standards of corporate governance and is committed to running a long-term and sustainable business in order to provide continued value to its shareholders.
Aldar is driven by its vision to be a leading real estate developer and manager in the region by playing a major role in developing high quality, convenient and desirable destinations where people can live, work, and visit.
For more information about Aldar, please visit www.aldar.com
© Press Release 2022
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