In this episode we look at the factors driving sustainability to the forefront at Dubai Investments and how its strategy aligns with the UAE's plans for long-term growth.
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV
#UAEnews #podcast #Dubai
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV
#UAEnews #podcast #Dubai
Category
🗞
NewsTranscript
00:00Hello, and welcome to Investing in the Future, a three-part podcast series by Golf News,
00:19where we take you on a journey behind one of the major players in the economy of Dubai
00:23and the UAE, Dubai Investments. My name's Lachlan Kitchen, and in the first episode
00:28of the series, we focused on the power of diversification, how the strategic investments
00:33enable the company to navigate through the changing market dynamics.
00:37In this episode, we explore Dubai Investments' dedication to sustainability and environmentally
00:42responsible investments. Joining us today is Mohammed Saeed Al Rakhbani, head of Sustainability
00:48Committee Dubai Investments and General Manager, Dubai Investments Industries and Mashari.
00:53Mohammed Al Rakhbani is responsible for spearheading the operations and leveraging market excellence
00:58and steering growth in various sectors across the region for Dubai Investments. With over
01:0328 years of professional experience, Mohammed Al Rakhbani is a seasoned professional with
01:08knowledge across various business sectors. Leading the Sustainability Committee, Mohammed
01:13Saeed Al Rakhbani plays a pivotal role in developing, overseeing, and communicating
01:18the organization's sustainability plans and goals. He's dedicated to integrating responsible
01:24and ethical practices into the fabric of Dubai Investments' investment strategies. The Sustainability
01:30Committee ensures that every decision aligns with the organization's commitment to sustainability.
01:37Mohammed Saeed Al Rakhbani, thank you very much for joining us on this episode of the
01:40podcast.
01:41Most welcome.
01:42When it comes down to business in the UAE, particularly sustainability, how critical
01:47is sustainability within business in the UAE landscape?
01:51Well, Kitch, let me tell you that sustainability has become increasingly critical in the last
01:58couple of years in UAE. And the UAE strives to become a global leader in innovation, social
02:05development, and environmental protection. UAE has chosen that path due to several important
02:13factors, among which I can maybe mention a couple of them. Economic diversification
02:21was the first to come on my mind as UAE has been actively diversifying its economy away
02:28from oil and gas. Sustainability initiatives such as renewable energy, green technology
02:38are integrated in the diversification strategy to ensure a long-term economic stability.
02:47Then comes our country's global commitment. The UAE is a signatory to international agreements
02:54and accords like the United Nations Sustainable Development Goals, the SDGs, and of course
03:01the Paris Agreement, which in turn encourages businesses to align with global sustainability
03:09objectives. The third factor is renewable energy. The UAE has significantly invested
03:16in renewable energy projects, not only in UAE but also outside UAE, especially in solar
03:23and wind power. Sustainable energy practices are a priority to meet the nation's growing
03:31energy needs while reducing, of course, the environmental impact. Also, then comes the
03:37environmental conservation. The UAE is dedicated to preserving its unique natural environment.
03:47For this, sustainability practices are crucial to maintain these natural assets. On the other
03:55hand, don't forget that social responsibility also plays a vital role. Businesses in the
04:02UAE are increasingly recognizing the importance of the corporate social responsibility and
04:11strive to demonstrate their commitment to sustainability. Enhancing companies' reputation
04:20is also part of what sustainability does. Aligning with the values of social conscious
04:32consumers and investors. All of these factors come together under the umbrella of government
04:40initiatives. As you can see, the UAE government is very aware and interested in the subject
04:47of sustainability, thus induced various policies, incentives, regulations. All of this is to
04:55encourage sustainable practices in businesses. For example, in the last couple of years we've
05:04seen a lot of initiatives that have to do with green building standards, energy efficiency
05:11programs and waste management regulations. These factors and all of these initiatives
05:19have significant role in attracting, of course, investment into UAE.
05:24There's a lot of key points that you made there, both from a government level when you
05:29speak about policy and environmental level about the local environment and also business
05:35factors about the need to be sustainable in order to be competitive. When it comes down
05:40to business success, it's obviously very important to be profitable and make money,
05:45but why is it important for business success to translate to a greater social impact?
05:51You know, translating business success into a more significant, as you've mentioned, social
05:57impact is essential for several reasons. To illustrate a bit more on this, let me talk
06:03about us and Dubai Investments as an example. We're entirely devoted to sustainability to
06:10enhance our reputation for social betterment and grow in a broader customer base, foster
06:19valuable partnership. At the end of the day, by doing this, the reputation for social betterment
06:31and grow in a broader customer base, we foster valuable partnerships and attract investors,
06:40thereby achieving heightened success. So demonstrating a solid commitment to sustainability positions
06:48a company, any company, favorably gaining the loyalty of socially conscious consumers
06:58in today's market. And since focusing on social impact often spurs innovation, business
07:05that aims to solve social challenges will frequently also develop creative solutions
07:12to improve operational efficiency and competitiveness.
07:17There's a lot of key points there, particularly about the need for businesses to be proactive,
07:21to be able to future-proof themselves for the needs of both the consumer, the environment
07:27and also the changes in the business landscape. But focusing more on Dubai Investments, what
07:34is Dubai Investments strategy towards sustainability?
07:39In today's world of fast developments, modern businesses must recognize new areas of risk,
07:48opportunity linked to these sustainability concerns and respond accordingly. We at Dubai
07:56Investments also made it our goal to support the UAE's Vision 2031. And all the 17 SDGs from
08:05strategic planning to day-to-day operations, sustainability is a critical component of
08:13our business model at Dubai Investments operations and the management, of course, approach.
08:19You can't obviously reveal too many secrets about Dubai Investments, but if we could maybe
08:23just find out what are some of those pillars, those key sustainability pillars that you
08:29have within Dubai Investments?
08:31We've defined a couple of pillars at Dubai Investments. One, we act with integrity. And
08:39two, we work to basically amplify our positive economic impacts. Three, we operate responsibly.
08:52And four, we strive to protect the natural resources within the country. The fifth one,
09:01we employ a strong workforce. Six, we preserve and develop valuable relationships. And seven,
09:09we support our beloved communities. So basically, to achieve our objectives and goals, under
09:16each pillar, we always work hard, put our program and initiatives in place. Collectively,
09:24these seven pillars represent our holistic and responsible approach to our business within
09:31Dubai Investments.
09:32Further to some of those pillars that you've got, when it comes down to the company, Dubai
09:38Investments, what are some of the actual initiatives? What are the programs that you have in place?
09:44You know that Dubai Investments is a public listed company in Dubai's financial market.
09:49So we basically established protocols that recognize the importance of transparency and
09:58accountability in our operations. So as part of our commitment to the environment, social
10:05and of course governance, ESG principles, we at the company issue an annual sustainability
10:13report that serves as a comprehensive account of the group's sustainability initiatives,
10:22progress and impact. Let me talk with some numbers here, if you don't mind.
10:29Our subsidiaries have made significant steps in reducing greenhouse gas, the GHG. Emissions
10:37by SIGNIF by about, I think, in 2022, we have reduced it by 32% the GHG emission. 61% reduction
10:52in total GHG emission intensity. We recycled or reused around 55.3% of water and zero accidents
11:05within the group.
11:05It's impressive, yeah.
11:06One of our companies called Emicool switched, for example, to solar energy and
11:14all of the cars are electrical cars in the operation since 2023.
11:19And the report, of course, will carry more of that.
11:22I would like also to stress that Dubai Investments building material companies
11:29are at the forefront of sustainability, as have introduced a series of innovative products
11:35that promote eco-friendly construction practices, such as energy efficient building material,
11:44sustainable construction solutions.
11:47Our, for example, low solar powered glass, in addition to insulation material,
11:55all of this plays a crucial role in maintaining the thermal comfort of building.
12:02We are also integrating green building principles across different projects in the UAE.
12:09All of this is to minimize the environmental impact and also prioritize sustainable design
12:17and incorporate energy efficient technologies.
12:20So as part of our efforts to reduce our carbon footprint, many of our subsidiaries
12:29have transitioned to using electrical vehicles for their operations.
12:36The groups, I know with Dubai Investments run,
12:40promotes the wellness and well-being across the country.
12:45And you touched on there just a couple of the in-house brands.
12:47If I can go further into that, how are ESG considerations integrated
12:54into your investment activity?
12:56Well, we have integrated the ESG considerations into our investment activities
13:03through various methods, ranging from screening and research to active engagement
13:10and thematic investing.
13:13So depending on the investor's objectives, values, the nature of investment,
13:19and investments, but integrating ESG factors is becoming increasingly crucial
13:27for those seeking to align their investments with sustainability
13:32and responsible business practices.
13:35Global Pharma, one of our subsidiaries into pharmaceuticals,
13:39this is the first pharmaceutical factory in Dubai.
13:42It installed a new effluent treatment plant,
13:46which is called ETP, of waste water treatment.
13:52The treated water is used in the Dubai Investments park
13:55for irrigation and landscaping.
13:57Similarly, Emicool completed the installation
14:02of 1500 cubic meter reverse osmosis plant,
14:08which is RO, reducing the consumption of the DEWA water
14:13and also switching to solar energy, as I've mentioned in the past.
14:17So in the sustainable infrastructure projects,
14:21Dubai Investments park, for example, completed an LED light project,
14:27replacing more than 1300 or 1400 sodium streetlights with LED streetlights,
14:35and that saved more than 700,000 kilowatt of energy annually.
14:42So the group's unwavering commitment basically to health safety regulations
14:51has led to remarkable achievements.
14:54Zero workplace accidents across the group contributed
14:58to another significant ESG highlight.
15:00It is a sensational, I guess, a plethora of achievements
15:05across a variety of fields and also sectors within those in-house brands.
15:10And they're great achievements.
15:11But if we can lastly look forward, we had COP28 and that was a remarkable,
15:17it was a landmark event for both Dubai and also the UAE.
15:21But against the backdrop of COP28 and the lessons we learned
15:25from the incredible leaders that were in the country,
15:28what sort of future do you envisage for environmental sustainability
15:33and responsible business practices going forward in the region and beyond?
15:38So COP28, as everybody knows, was a great achievement in Dubai.
15:44And as you know, it's the world's biggest event
15:49in terms of sustainability and environmental responsibility.
15:56Recognizing the profound impact of climate change,
16:02during COP28, 18 countries took a further step
16:06to demonstrate the spirit of international solidarity
16:11and made commitments totaling to $725 million,
16:16which includes $100 million commitment from the UAE.
16:21The UAE also committed $200 million,
16:25special drawing rights to the resilience and sustainability trust of the IMF.
16:33The first day of COP also, UAE announced the $30 billion commitment
16:41to the newly launched catalytic climate vehicle, Altera,
16:47that will also drive forward international efforts
16:51to create a fairer climate finance systems.
16:56The UAE is also, you know, the first country in the region
17:02to ratify the Paris Agreement,
17:05the first to commit to an economy-wide reduction in emissions,
17:11and the first to announce a net zero by 2050,
17:16strategic initiative by UAE.
17:19The UAE will lead the world in adopting cleaner and more efficient technologies,
17:28reducing the carbon footprint,
17:30and also fostering a circular economy that minimizes waste.
17:39Well, Mohamed Saeed Rakhbani, we do appreciate your time.
17:42It's been a fascinating conversation to be able to hear
17:45just some of the insights and some of the practices
17:47behind the sustainable business initiatives
17:50and the business practices of Dubai Investments.
17:52Thank you very much.
17:53Most welcome. Thank you very much.
17:55If you would like more information about Dubai Investments
17:57or would like to learn more about the topics covered in this series,
18:01please visit the website www.gulfnews.com forward slash investing-in-the-future.
18:10In the final episode of Investing in the Future,
18:12we focus on building tomorrow, the evolution and development of Dubai
18:17and the UAE's property market,
18:19focusing on notable real estate projects and developments by Dubai Investments.
18:24I'm Lachlan Kitchen, and I look forward to having your company then.