Aldar Properties said Tuesday that it has recirculated AED8.8 billion ($2.39 billion) to the local economy through In-Country Value (ICV) program, a UAE government program headed by the Ministry of Industry and Advanced Technology.
The ICV aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy.
Through its involvement with the ICV program, Aldar prioritizes engaging with local contractors, consultants and suppliers (including SMEs) to reinvest in the local economy, the company said.
In its sustainability report, Aldar said that Aldar Projects also signed development project contracts worth AED8.5 billion, including 16 contracts with UAE-based companies.
The company brought the percentage of UAE nationals in the corporate workforce to 35 percent from 29 percent in 2020. At the same time, the proportion of women employed at Aldar rose to 42 percent in 2021, up from 31 percent in 2020.
Aldar said it was able to close gaps in data collection and strengthen its capabilities and processes, paving the way for more detailed and stronger reporting of sustainability metrics. This included the launch of a new data management system to streamline reporting across the group and track more than 500 non-financial KPIs across the ESG spectrum.
Talal Al Dhiyebi, Chief Executive Officer, Aldar, said, “The steps we have taken in 2021 to prioritise the environment and impose on ourselves greater accountability and transparency are fully aligned with UAE’s robust sustainability agenda and global international ESG standards.”
“As we continue to support the UAE leadership’s vision and decarbonise our building operations, we are also redefining Middle East real-estate sustainability benchmarks and putting ourselves on track to become industry leaders,” he said.
The company said it reduced energy consumption across its portfolio by 20 percent and its retrofit project, the largest of its kind in the UAE, is expected to remove 80,000 tons of carbon emissions annually across the company’s 80 hotel, school, commercial, leisure and residential assets.