Lootah Biofuels signs MoU with hotel chain to produce biofuels in Maldives
The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors held from 1-2 November at Madinat Jumeirah in Dubai.
The agreement was signed in the presence of Faisal Naseem, vice-president of the Republic of the Maldives; Faisal Juma Khalfan Belhoul, vice-chairman of Dubai Chambers; and Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers.
The MoU was inked by Yousuf bin Saeed Lootah, CEO of Lootah Biofuels, and Ismail Hilmy, chairman of Atmosphere Hotels Resorts.
The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
The agreement also supports the collection and recycling of used cooking oil from luxury resorts, hotels, restaurants, and households to produce biodiesel in the Maldives.
With the UAE poised to host the COP28 climate summit, the agreement supports the country's ambition to become a leading global hub for sustainability and the circular economy, as well as Dubai Chambers’ drive to promote the overseas expansion of local companies. The MoU will also play a key role in supporting the Maldives’ target to achieve net-zero emissions by 2030.
The agreement was signed as part of The Deals Hub, a dedicated impact-driven platform for global business leaders and investors to forge and announce major business initiatives, partnerships, investments, and commercial alliances during the Dubai Business Forum.