Dubai, UAE — Lootah Biofuels has signed a Memorandum of Understanding (MoU) with Atmosphere Hotels & Resorts to produce and supply biodiesel and provide waste cooking oil recycling services in the 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 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, according to WAM.
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.
A Dubai Chambers’ initiative aimed at driving growth in international trade and investment, The Deals Hub consolidates Dubai’s position as a leading global city for doing business, WAM said.
The Dubai Business Forum brings together key stakeholders from the government and private sectors across the globe to explore strategic economic partnerships, develop international networks, and open new horizons for business, trade, and investments.