Aldar Properties recirculates Dhs8.8 billion to local economy

Aldar Properties released its 2021 Sustainability Report on Tuesday, showcasing the continued evolution of its sustainability strategy, in alignment with international best practices and supported by enhanced governance and data collection.

In 2021, Aldar recirculated Dhs8.8 billion to the local economy through In-Country Value programme (ICV). Aldar Projects also signed development project contracts worth Dhs8.5 billion, including 16 contracts with UAE-based companies.

The report also highlighted the progress the company had made across its four sustainability pillars of Environment, Economy, Community and People. By focusing on data quality, Aldar was able to close gaps in data collection and strengthen its capabilities and processes, paving the way for more detailed and stronger reporting of sustainability metrics. This included the launch of a new data management system to streamline reporting across the group and track more than 500 non-financial KPIs across the ESG spectrum.

The system aligns with international sustainability reporting frameworks including major sustainability indices, GRESB, and Global Reporting Initiative (GRI). Aldar will soon expand it to incorporate other ESG frameworks and ratings such as the Carbon Disclosure Project (CDP).

Meanwhile, reflecting both international best practices and Aldar’s own deep commitment, the Group fully embedded sustainability into its governance framework in 2021. This ensures clear accountability at all levels, and that sustainability is given an appropriately high weighting in Aldar’s strategic decision-making. Ultimate accountability for the Group’s sustainability strategy and performance rests with its Group Executive Management Committee, which is supported by sustainability councils and sustainability specialists within each business unit.

Talal Al Dhiyebi, Chief Executive Officer, Aldar, said, “The steps we have taken in 2021 to prioritise the environment and impose on ourselves greater accountability and transparency are fully aligned with UAE’s robust sustainability agenda and global international ESG standards. As we continue to support the UAE leadership’s vision and decarbonise our building operations, we are also redefining Middle East real-estate sustainability benchmarks and putting ourselves on track to become industry leaders.”

Greg Fewer, Group Chief Financial and Sustainability Officer at Aldar, added, “As with any long-term commitment, there is a need for regular review and enhancement. In 2021, our goal was to accelerate our sustainability capabilities and put in place the infrastructure to accurately measure the progress of our ambitious targets. We achieved this by enhancing data collection, increasing our levels of governance, and expanding our sustainability teams. We are now in a position to expedite our agenda and report the areas of progress most important to our stakeholders more robustly.”

To bolster its commitment to the environment, the company has strengthened its alignment with sustainability best practices and the UAE’s net zero targets and is working on its own Net Zero Action Plan, the details of which are due to be announced later in 2022.

Leveraging enhanced methodologies, Aldar has also improved the quality of measurements in its carbon footprint, setting the environmental baseline for the Group’s decarbonisation journey.

WAM