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In addition, the UAE has set clear goals for the country to be more sustainable and has implemented several sustainability initiatives, including the UAE Energy Strategy 2050, which aims to increase the contribution of clean energy to the total energy mix from 25% to 50%. % by 2050. The UAE is also home to Masdar City Abu Dhabi, a pioneering centre for sustainable urban development and innovative sustainable technology research and development. Masdar City was conceived in 2008 by Masdar Abu Dhabi Future Energy.
In January 2021, Masdar entered into a strategic agreement with Emirates NBD Asset Management to provide services to Masdar Green Real Estate Investment Trust (REIT), the first company in the UAE to invest exclusively in sustainable real estate projects. The portfolio currently includes four commercial properties within Masdar City, all of which consume around 40% less electricity and water than comparable buildings in Abu Dhabi. The buildings have achieved three or more pearl ratings in Abu Dhabi’s Estidama Pearl Building Rating System, and one has also achieved LEED Platinum certification (Leadership in Energy and Environmental Design), the highest level of LEED certification , is the most widely used green building rating system in the world.
Masdar Green REIT will facilitate the entry of more sustainable real estate assets into the market by providing institutional funding to support the future expansion of Masdar City through new sustainable building developments.
As for Dubai, the city has demonstrated its intention to become a global leader in sustainable living by building a “sustainable city”. This residential development by Diamond Developers is Dubai’s first operational net zero energy city with a state-of-the-art waste management system designed to achieve 100% waste diversion from landfill. The city already consists of 500 townhouses and villas and has the potential to become a Dubai landmark community.
In addition, Expo 2020 is also an important part of the UAE’s sustainable development agenda and is therefore called the most sustainable Expo. Terra – Sustainability Pavilion, a model of environmental self-sufficiency – is a 100% self-sustaining structure in the middle of the desert, consisting of solar panels that can power cars on their way to Mars, technology that can harvest water from the air, And a greywater system that reduces water consumption by up to 75%. The pavilion has also achieved the prestigious LEED Platinum certification.
ENBD REIT is also heavily involved in advancing the UAE’s green agenda. Most recently, the company completed the refurbishment of its flagship property, Al Thuraya Tower 1, creating a functional and sustainable high-end office destination in Dubai Media City. The upgrades include the installation of four eco-friendly chillers as well as LED lighting designed to reduce energy consumption, increase efficiency and promote a healthy, safe and clean environment. Al Thuraya Tower 1 is one of the first buildings in the UAE to receive a WELL health and safety rating, designed to prioritise the health and safety of tenants, visitors and other key stakeholders. Last March, ENBD REIT’s The Edge Building, its most valuable asset in Dubai Internet City, achieved LEED Gold certification, a true testament to the company’s commitment to sustainable buildings serving the property’s initial energy efficient design and construction manage. By implementing environmentally friendly initiatives and solutions in areas such as energy, water, waste management, indoor environmental quality, etc., the building was able to reduce its water consumption by 50% – equivalent to the water consumption of 47 households per month – reducing energy consumption by 24% (equivalent to powering 15.4 households in a year), reducing waste generation by 11% (equivalent to 469 garbage bags recycled instead of landfill).
While the UAE currently has one of the largest environmental footprints in the world and still has much to do to increase the transparency of its real estate sector, the country is striving to become one of the lowest-emitting countries in the world. There’s still a long way to go – but we’re definitely seeing the budding of UAE real estate.
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