Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, aims to produce a minimum of 7.5% of its electricity consumption through renewable energy.
As the third City Centre in the company’s portfolio in Egypt, City Centre Almaza is currently under construction and in the process of adopting Majid Al Futtaim’s sustainability targets. These targets incorporate solar thermal technology where feasible, and assessing ground source cooling for potential implementation.
In line with international practices in sustainability, Majid Al Futtaim’s targets for new developments, including City Centre Almaza, have become increasingly viable from a business perspective as greater focus has been given to market and legislative mechanisms for investing in renewable energy around the world.
Egypt’s national renewable energy strategy introduced a target of 20% renewable energy (9,500 MW) by 2020, with at least 2,300 MW to be generated from solar energy.
City Centre Almaza, due to open in 2019, is one component of Majid Al Futtaim’s significant investment plan in Egypt worth $1.4 billion (over EGP23 billion), which also encompasses the newly-opened Mall of Egypt and the expansion of City Centre Maadi, in addition to four neighborhood centres in new residential cities in Cairo and the development of four new shopping malls in greater Cairo. The first brick at City Centre Almaza’s site was laid on 14 January 2016, with the total amount of investments reaching EGP4 billion.