Aldar invests 25 million dirhams in its residential communities to reduce energy consumption in them

The latest Aldar project will achieve AED 12 million in energy and utility savings in 13 residential compounds, and reduce CO2 equivalent emissions by a decrease of 19,000 tons per year.

Reduce electricity consumption by 29% or 45,000 megawatts per year

Reduction of water consumption by 3% or 290,000 cubic meters per year

Reduction of chilled water consumption by 13% or 11 million and 800 thousand chilled tons per hour per year

Abu Dhabi, UAE: Aldar Properties Company (“Aldar”) has announced its intention to invest AED 25 million in a package of energy efficiency projects within the group’s 13 residential compounds, which will contribute to achieving significant savings for owners and tenants in utilities . This project comes as part of the company’s efforts to improve energy efficiency in its communities and transform them into environmentally friendly buildings.

Aldar’s new project will reduce carbon dioxide equivalent emissions by 19,000 tons annually and achieve savings in energy consumption and utilities worth 12 million dirhams annually across 13 residential complexes. The project was developed in partnership with the Community Owners Associations, managed by Aldar’s property management company Provis. The company “Grfn” was appointed as the project manager for the energy, while Siemens is responsible for the implementation of the project.

The company’s investment in its residential communities is the first project of its kind for real estate developers in Abu Dhabi, and comes as a continuation of the project to improve the efficiency of energy consumption management that Aldar announced in early 2022 at the level of its asset . portfolio including hotels, schools, commercial assets, leisure facilities, residential and retail properties.

Commenting on the launch of the project, Greg Fewer, chief financial officer and sustainability at Aldar, said: “Our commitment to reducing energy consumption in our residential communities reflects the pioneering role the Group plays in the property sector in the region around our carbon footprint. The importance of this project is its innovative business structure. Which opens the door to investment in assets while achieving reductions in energy consumption and carbon emissions and savings on utility fees. We pride ourselves on our team’s ability to plan and implement win-win solutions that raise industry standards and create tangible value for owners within the communities they manage. The House.”

HP Ingar, CEO of Provis, said: “At Provis, we continue to introduce innovative technologies, put them into practice and launch sustainability-based initiatives that reduce the company’s carbon footprint and improve energy efficiency in the communities where we operate This project, which Aldar intends to implement, will increase our investments in high-impact solutions and modernization programs focusing on sustainability and the environment, and will enable us to build on our previous achievements, and will of investors, owners and tenants in the real estate sector.”

Launched by Aldar in January this year, the project is expected to reduce energy consumption across its portfolio by 20% and support the company’s efforts to align its sustainability practices with the UAE’s goals of achieving climate neutrality. This project is a milestone in the company’s march towards achieving carbon neutrality, as it will seek to reduce its carbon emissions across its asset portfolio by 80,000 tonnes, reduce electricity consumption by up to 110 gigawatt-hours and water consumption by 886,000 cubic metres. , in addition to rationalizing the consumption of chilled water by 23 million chilled tons per hour, and reducing natural gas consumption by 726,000 cubic meters annually.

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About Aldar Company

Aldar is a pioneer in the field of property development and management in the UAE, as it adopts a diversified and sustainable operating model supported by two main companies, Aldar Development and Aldar Investments.

Aldar Development Company continues its leadership role in developing integrated communities that enrich the lives of residents across the most sought-after destinations in the Emirate of Abu Dhabi, including Yas Island, Saadiyat Island, Al Raha Beach and Al Reem Island . It also owns a land portfolio of 69 million square meters, consisting of three business units: Al Dar Enterprises, and will be responsible for managing the fee-based project management business unit, including a portfolio that includes civic housing and major infrastructure projects; Al-Dar for Entrepreneurship, which is in charge of seizing new business opportunities and developing areas of innovation; and “Al Dar Misr”, a platform that focuses on the promising and profitable Egyptian real estate market, as a major market for the development of integrated mixed-use communities.

Aldar Investments comprises the Asset Management division of Aldar Group, which includes a portfolio of AED 30 billion of recurring income producing real estate assets in the retail, residential, commercial and hotel communities. It also manages the three main platforms, which are:

Al Dar for Education, Al Dar for Real Estate, and Al Dar for Hospitality and Leisure. Aldar Education’s platform includes a portfolio of educational assets, including Aldar Academies, a leading educational group in Abu Dhabi with a portfolio of 21 schools and over 27,000 students in addition to a growing network of 3,000 teachers who more than 100 nationalities belong, which adopt a wide variety of the educational curricula and additional services such as the Teacher Training Academy.

While Aldar Properties integrates commercial and residential property operations into the portfolio of “Provis”, a property management company, it also includes the management of communities through an integrated property management platform. Aldar Hospitality and Leisure Company is responsible for overseeing the Aldar’s portfolio of hotel and leisure assets, which are primarily located on Yas Island and Saadiyat Island, in addition to Ras Al Khaimah. Aldar’s hotel portfolio includes 13 hotels, with a total of 4,250 hotel rooms, in addition to managing operations across golf courses, beach clubs and marinas.

Aldar’s shares are listed on the Abu Dhabi Securities Exchange (trading code: ALDAR: UH), and the company’s business generates stable recurring profits and income, and has a broad and diversified shareholder base. Aldar accepts the best standards of corporate governance, and is committed to managing sustainable operations over the long term, in order to continuously add value to its shareholders.

Aldar adopts an ambitious vision as it aims to be the most trusted real estate developer and manager in the region. It plays a crucial role in the development of high-quality, comfortable destinations that meet the needs of community members and have the ingredients and capabilities needed for work, living and leisure.

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