2023 SUSTAINABILITY REPORT

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About Us About This Report

At Majid Al Futtaim, we strive to create This report covers the period from 1 January to The absolute environmental data in this report
great moments for everyone, everyday. 31 December 2023. It demonstrates our covers 100% of the floor area of the assets where
Founded in 1992, Majid Al Futtaim is the management of environmental, social and we have operational control and which were
leading shopping mall, communities, retail governance (ESG) risks and opportunities and operational at any point in 2023. We report both
and leisure pioneer across the Middle East, progress towards delivering our sustainability location and market-based approaches for our
Africa and Asia. A remarkable business ambitions to employees, tenants, operators, scope 2 emissions in line with the Greenhouse
success story, Majid Al Futtaim started customers and suppliers, to regional and global Gas (GHG) Protocol’s dual reporting principle. As
from one man’s vision to transform the face peers, communities, NGOs, governments and we have recently expanded our renewable energy
of shopping, entertainment and leisure. global investors. procurement, our market-based emissions have
decreased more rapidly than our location-based
It has since grown into one of the United We have adopted internationally accepted best emissions, however reducing our energy demand
Arab Emirates’ (UAE) most respected practices to measure and report our activities and remains a priority. In addition, the environmental
and successful businesses spanning 15 benchmark our performance with reference to the impacts of all Majid Al Futtaim’s major
international markets, employing more 2021 Global Reporting Initiative (GRI) Standards on construction projects underway during 2023 have
than 43,000 people and maintaining the page 168. This report includes all the operations been included in the Environmental Data Annex
highest credit rating (BBB) amongst and assets in our portfolio, including four office available on our website.
privately-held corporates in the region. buildings, one of which is our headquarters. Our
Our brand is a legacy that represents UAE property portfolio includes hotels, Matajer To increase transparency and ensure the accuracy
our founder’s heritage, culture and vision Malls, a neighbourhood retail centre concept by of disclosed information, we have appointed
for a future where families, friends Sharjah Holding, and Al Zahia, Sharjah’s first gated Jones Lang LaSalle Limited as our third-party
and communities connect, create and mixed-use community; both are joint ventures with auditor to provide independent assurance of our
experience those great moments, everyday. the government of Sharjah. This year, we have also 2023 environmental data. This report includes
Representing our past, present and future, included our new development phases at Tilal Al assurance of our full portfolio across all four
the Majid Al Futtaim brand is the glue that Ghaf. This excludes other joint venture projects Operating Companies. The scope of the assurance
holds the magic and moments together. where we did not have full operational control or engagement as well as the Assurance Statement
responsibility for 100% of the floor area in 2023. can be found on page 146. Our Green Capital
Market Issuances Report 2024 can be found here.

1
Floor area is measured by gross internal area (GIA) for the majority of
assets, but common parts area is used for malls. For community assets,
land area is included in the Company total floor area.

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Contents
OVERVIEW RETHINKING RESOURCES - ENVIRONMENTAL GOVERNANCE
A MESSAGE FROM OUR 5 SUSTAINABLE STANDARDS ACROSS 32 GOVERNING WITH ACCOUNTABILITY 116
CHIEF EXECUTIVE OFFICER THE PROPERTY LIFECYCLE
TASK FORCE ON CLIMATE-RELATED 123
A MESSAGE FROM OUR 6 NET POSITIVE CARBON 36 FINANCIAL DISCLOSURES AND
CHIEF FINANCIAL OFFICER TASKFORCE ON NATURE-RELATED
CLIMATE RESILIENCE AND 54
FINANCIAL DISCLOSURES
OUR BUSINESS 7 NATURE-BASED SOLUTIONS
LOOKING TO THE FUTURE 144
OUR VALUE CREATION MODEL 13 NET POSITIVE WATER 58
2023 HIGHLIGHTS 14 CIRCULAR ECONOMY 63
PERFORMANCE AND REPORTING
INDEPENDENT ASSURANCE STATEMENT 146
DARE TODAY, CHANGE TOMORROW TRANSFORMING LIVES - SOCIAL
2028 SUSTAINABLE BUSINESS 147
OUR SUSTAINABILITY JOURNEY 15 LOCAL ECONOMIC DEVELOPMENT 74
COMMITMENTS PROGRESS
MANAGING OUR STRATEGIC CONTEXT 16 CUSTOMER WELLBEING 85
2023 ANNUAL TARGETS ASSESSMENT 149
OUR SUSTAINABILITY STRATEGY 17 INNOVATING FOR CUSTOMER EXPERIENCE 90
SUSTAINABILITY-LINKED LOAN 162
OUR ADVOCACY AT COP28 28 DISRUPTIVE TECHNOLOGY 91 TARGET PROGRESS
COMMUNITY SUPPORT 92 UNITED NATIONS SUSTAINABLE 163
DEVELOPMENT GOALS DISCLOSURE
GLOBAL REPORTING INITIATIVE 168
EMPOWERING OUR PEOPLE - SOCIAL
CONTENT INDEX
ATTRACTION AND RETENTION 96
WORLD ECONOMIC FORUM 182
TRAINING AND DEVELOPMENT 105 STAKEHOLDER CAPITALISM METRICS
HEALTHY WORKPLACES 109 SUSTAINABILITY ACCOUNTING 184
STANDARDS BOARD INDEX
HUMAN RIGHTS AND 113
EMPLOYMENT CONDITIONS

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List of Abbreviations
ACT-D Assess, Commit, Transform and Disclose GCC Gulf Cooperation Council RAS Risk Appetite Statement
AI Artificial Intelligence GFA Gross Floor Area RTA Roads & Transport Authority
ARTC Almaza Recruitment and Training Centre GGBS Ground Granulated Blast-Furnace Slag RO Reverse Osmosis
BH Borehole GHG Greenhouse Gas SAF Sustainable Aviation Fuel
BMS Building Management System GLA Gross Leasable Area sBPR Sustainability Best Practices Recommendations
CECs Clean Energy Credits GRI Global Reporting Initiative SBTi Science Based Targets Initiative
CHRB Corporate Human Rights Benchmark GST Global Stocktake SBTN Science Based Targets Network
CIGs Collaborative Impact Goals HSSE Health, Safety, Security and Environmental SBTns Science-Based Targets for Nature
CPA Circular Packaging Association HVAC Heating, Ventilation, and Air Conditioning SBTs Science-Based Targets
DCEIC Dubai Circular Economy Incubation Centre I-RECs International Renewable Energy Certificates SDGs Sustainable Development Goals
DEI Diversity, Equity and Inclusion IBAT Integrated Biodiversity Assessment Tool SGL Scan Global Logistics
DET Department of Economy and Tourism ICMA International Capital Market Association SHORE Safe Hospitality, Offices, Retail, and Exhibition
DFM Dubai Financial Market ICO International Charity Organisation SLL Sustainability-Linked Loan
EBRD European Bank for Reconstruction and Development ILFI International Living Future Institute SMEs Small to Medium-Sized Enterprises
EFE-Egypt Education for Employment (EFE)-Egypt IOSH Institute of Occupational Safety and Health SRI Solar Reflectance Index
EGSEP Emirates Government Service Excellence Programme IPCC Intergovernmental Panel on Climate Change SUP Single-Use Plastic
EIA Environmental Impact Assessment IUCN International Union for Conservation of Nature TCFD Task Force on Climate-Related Financial Disclosures
EMR Environment Management Representative LCA Life Cycle Assessment TNFD Taskforce on Nature-Related Financial Disclosures
EMS Environmental Management System MENA Middle East and North Africa TSE Treated Sewage Effluent
EPC Energy Performance Contract MENAP Middle East, North Africa and Pakistan UACA UAE Alliance for Climate Action
EPDs Environmental Product Declarations MIT Massachusetts Institute of Technology UAE United Arab Emirates
ERM Enterprise Risk Management MOE Ministry of Education USAID United States Agency for International Development
ESG Environmental, Social and Governance MOCCAE Ministry of Climate Change and Environment USGBC US Green Building Council
FCSC Federal Competitiveness and Statistics Centre MSA Master Services Agreement WBCSD World Business Council for Sustainable Development
FDI Foreign Direct Investment NBD National Bank of Dubai WEC Water Efficiency and Conservation
FMCG Fast-Moving Consumer Goods NbS Nature-Based Solution WEF World Economic Forum
FSC Forest Stewardship Council PPA Power Purchase Agreement WWF BRF World Wide Fund for Nature Biodiversity Risk Filter
GAV Gross Asset Value PV Photovoltaic
GBCI Green Business Certification Inc. RAKFAF Ras Al Khaimah Fine Arts Festival

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A Message From Our

Chief Executive Officer
2023 was a seminal year for both Majid Al Futtaim 2023 also marked the year we embarked on the With COP28 being hosted in the UAE, we were
and the region in which we operate, in both the second phase of our ambitious sustainability presented with an opportunity to be bolder in
challenges and progress made. strategy, 'Dare Today, Change Tomorrow'. As a firm addressing the existential challenge that climate
believer in sustainability being a 'trade on' rather change poses for our customers and communities.
On the one hand, key markets faced continued than a 'trade off', our approach focuses on ways in The signing of a solar power agreement with
economic challenges such as devaluation and which we can become more relevant and deliver a engazaat is helping to fast track our journey to
rising inflation, while on the other, actions to secure competitive edge that will deliver value to all our net positive, providing 737 million kWh of clean
long-term prosperity for the region and its people stakeholder groups. electricity to our malls in Egypt and Lebanon over
gained impressive traction and global support. the project’s lifespan. As we work to optimise the
Our actions, aligned to three pillars 'Rethinking sustainability performance of our assets, 'Unity
For Majid Al Futtaim, it was a year marked by Resources, Transforming Lives and Empowering for Change', an alliance created alongside other
resilience in the face of those challenges and Our People', have delivered impressive results. major retailers in the region, will be instrumental
resoluteness in our commitment to deliver value- From realising operational efficiencies that have in driving collective action towards a more
reduced energy, water and waste consumption sustainable future for the entire sector.
I am a firm believer accretive profitable and sustainable growth.
and expanded our green certified portfolio by
that sustainability is Thanks to the drive and dedication of our 43,000 2,070 assets, residential units and neighbourhood I look forward to continue working alongside
not a 'trade off' but MAFers, Majid Al Futtaim continued to grow our communities, to creating environments that my fellow MAFers, partners and stakeholders
core businesses, opening 52 new Carrefour stores, foster local 'green' innovations through our to deliver the next stage of Majid Al Futtaim's
rather a 'trade on', welcoming 6 new brands to our Lifestyle business, SME accelerator programme and uplift regional growth journey and the 2028 Sustainable Business
creating opportunities adding 36 VOX Cinemas screens and creating talent through bespoke diversity, equity and Commitments that support it.
homes for more than 2,303 new community inclusion (DEI) hiring and retention programmes,
for companies to residents. Majid Al Futtaim is proud to actively contribute In coming together, working in unity to deliver our
stay competitive and to the economic and social development of our collective goals, we will create a more sustainable,
Our commitment to upholding the highest region, and act as a sustainability lighthouse for prosperous and equitable future for our region,
relevant. reporting standards and prudent financial organisations looking to ramp up their own efforts. our communities and for the generations to come.
discipline has seen us maintain our position as the
highest-rated private company in the region by AHMED GALAL ISMAIL
S&P and Fitch, and uphold a 'low risk' ESG rating Chief Executive Officer
from Sustainalytics. Majid Al Futtaim

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A Message From Our

Chief Financial Officer
A robust financial performance in 2023 has In 2023, our efforts to align growth with purpose
positioned Majid Al Futtaim on a steady course saw us setting new standards in sustainable
for sustainable growth. Despite significant financing. The issuance of our third Green Sukuk,
socioeconomic and geopolitical headwinds, valued at USD 500 million, received nearly six
our net profit surged by 12% year-on-year to times oversubscription and achieved the lowest
AED 2.7 billion, underscoring the effectiveness premium ever paid for a 10-year bond by a BBB
of our strategic approach. issuer in the region, highlighting the continued
confidence from the global investment community
With corporate sustainability now under my in our Company.
stewardship, we've created a tangible link between
our financial and sustainability performance and With a focus on building a more resilient,
reinforced our commitment to responsible growth. equitable, and sustainable organisation, we not
Now in its second phase with renewed Sustainable only secure our own future success but also
Business Commitments, our Dare Today, Change create enduring value for our stakeholders and
In 2023, our efforts Tomorrow sustainability strategy is deeply rooted communities.
to align growth with in creating long-term value for the region and its
people. This strategic evolution will see us scale ZIAD CHALHOUB
purpose saw us setting ambitious new heights to ensure that our business Chief Financial Officer
new standards in development aligns with our environmental and Majid Al Futtaim
social commitments.
sustainable financing
with the issuance of
our third Green Sukuk.

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Our Business
We have an unparalleled ecosystem that allows
us to leverage economies of scale and offer
quality products and experiences. We believe OUR VISION OUR MISSION
the way we do business is fundamental to our
success. This is why our lean and agile approach, To create great moments We create unique and engaging
and sustainable business practices, are an for everyone, everyday experiences by applying
integral part of our business model and sit at the a pioneering mindset and
heart of our growth strategy. Ultimately, our goal mastering the art of delivery
is to be a source of good in the world and deliver
value for all our stakeholders.

Our strategy and business model are focused

on delivering value-accretive, profitable long-
term growth. To deliver on this, we aim to reduce
the complexity inherent to large ecosystems,
improve accountability and encourage OUR VALUES
ownership.
BOLD TOGETHER PASSIONATE
Operating across diverse industries, our
We promote a creative We cultivate synergy where the whole We nurture a spirit of excellence
approach maximises the efficiencies and
environment where there is is greater than the sum of the parts. We and perseverance. We take pride
effectiveness of a Company-wide strategy whilst
courage to challenge convention shape and deliver the future together in an in what we do, how we do it, and
accounting for the unique context of each of our
and make the impossible atmosphere of support and openness that who we do it for
Operating Companies.
possible, celebrating progress respects diversity, facilitates communication
through innovation and makes collaboration constructive

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Our Properties Business

My first year as CEO of the Properties business has
been defined by record financial performance and a
We are proud to be recognised as a leading COMMUNITIES number of exciting new initiatives, all made possible by
shopping mall, hospitality and community the unwavering commitment of our teams. Our primary
developer and operator in the Middle East. Our focus has been on reinforcing operational excellence
commitment to sustainable business practices We create human-centric destinations in our and exploring innovative solutions that strengthen
starts from our foundations, with a portfolio of communities by uniting people, business and our understanding and execution of optimum building
assets that have sustainability solutions embedded management. This is best reflected in the growth of
culture, shaped by our philosophy of placemaking, 2023 PORTFOLIO SNAPSHOT our green certified portfolio, which now encompasses
throughout the asset lifecycle. From acquisition with sustainability at the core. We strive to
to building management, our assets and the 3,181 assets, residential units and neighbourhood
build civic pride and a sense of belonging as
standards to which they are designed, are built communities with LEED, BREEAM or equivalent

29
our communities are designed to deliver long- certifications, and we continue to pioneer global firsts.
with climate resilience and environmental best- term value and continue to grow and evolve in
practices top of mind. character and culture. We currently operate three We consistently set new standards across our
communities in the UAE and Oman: Tilal Al Ghaf, shopping malls successfully developments, particularly in the context of net
SHOPPING MALLS Al Zahia and Al Mouj. operating across MENA positive living and sustainable construction. At our
Distrikt office, we leveraged innovative water and
power technologies to reuse wastewater for irrigation

13
HOTELS and to generate more power than we consume.
At Majid Al Futtaim, we own, develop and operate
Additionally, we diverted 96% of our construction
29 destination shopping malls, across 5 countries:
hotels waste in our Harmony Community at Tilal Al Ghaf from
UAE, Oman, Lebanon, Egypt and Bahrain. Majid Al Futtaim develops hotels that are reaching landfills.
Anchored by long-term leases to 2,382 tenants, connected or adjacent to our malls, offering value,

+1.8 million m²
we deliver more than great shopping, we offer an convenience, and experience to guests from COP28 created a unique platform for us to form
immersive lifestyle experience. transformative partnerships, including the signing
overseas, the region and the surrounding
of a solar PPA with engazaat to power our iconic
business community. We own 13 hotels, all of gross leasable area (GLA) prime malls in Egypt and Lebanon with clean electricity,
operated by international hotel brands. retail space and expanding and forming ‘Uniting for Change’ an alliance that
brings together the Middle East’s foremost retail

3
businesses to collectively advance sustainability
progress in the region.

new projects under development

+228 million
AHMED EL SHAMY
Chief Executive Officer
Majid Al Futtaim - Properties
visitors across all of our malls

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Our Retail Business

Majid Al Futtaim brought Carrefour to the region in Deeply rooted in our ethos is the belief that Our Carrefour brand caters to 770,000
1995 and our exclusive rights to operate the brand retailers must continue to seek solutions that customers daily, providing us with a
in 30 countries across the Middle East, Africa and remove access barriers to healthy food and significant platform to affect meaningful
Asia. Today, we operate 475 Carrefour outlets increase the availability, accessibility and change. In 2023, COP28 presented us with
serving 770,000 customers daily and employing affordability of healthier products, improving a unique opportunity to showcase some
38,000 people. community wellbeing whilst reducing the impact of our pioneering initiatives on a global
on the environment. We do this through initiatives scale. We unveiled our flagship ‘Choose
such as Healthy Kitchen, offering over 2,500 of the Better’ programme, which empowers
best eating products from organic and ‘freefrom’
customers to make informed choices
to diet and fitness food at competitive prices, as
through sustainability ratings displayed
well as Carrefour Private Label, which clearly
on smart food labels. We also launched
labels over 3,000 high-quality, nutritious products
to help customers make informed choices. the ‘Together for Better’ Supplier
Sustainability Forum, fostering innovative
In line with our commitment to provide the widest collective action amongst our supply
range of quality products and value for money, chain partners to champion a sustainable
2023 PORTFOLIO SNAPSHOT Carrefour offers an unrivalled choice of more than future for grocery retail and establish new
500,000 food and non-food products and a locally industry standards. Our efforts were best
inspired customer experience. With this comes a reflected in our Carrefour store at COP28

475 strong focus on our supply chain and we source at Expo City in Dubai. Designed from the
more than 80% of our products within our UAE ground up with sustainability in mind,
Carrefour outlets Carrefour stores from the region, making us a key the store welcomed 22,000 customers
enabler in supporting local producers, suppliers, over the course of 15 days, serving as a

15
families and economies. model of what environmentally friendly
grocery retail can and should be in the
present day.
countries across the Middle East,
Africa and Asia

30 HANI WEISS
Chief Executive Officer
countries with exclusive Majid Al Futtaim - Retail
franchise rights

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Our Entertainment Business

Our Entertainment business owns and operates As an organisation deeply rooted
over 600 VOX Cinemas screens across 8 markets in the regional cinema industry,
in MENA, 4 iconic indoor ski locations in Dubai, we understand the pivotal role that
Abu Dhabi, Cairo and Muscat as well as Magic local film content plays in cultivating
Planet, Little Explorers and family entertainment a dynamic and sustainable ecosystem.
centres. We aspire to offer a harmonised and By producing homegrown productions,
diversified entertainment portfolio that provides we are not only contributing to the
the best omnichannel experience. growth of the local economy, but we are
2023 PORTFOLIO SNAPSHOT also investing in the very foundation of
The business focuses on portfolio optimisation our industry’s future. As the region’s
and new concept development, and sustainability largest exhibitor, we have a great

652
is a core consideration in everything that we do.
opportunity to leverage our scale and
We are committed to ensuring that our strategic
illuminate the untold stories from our
decisions strengthen the communities we operate
VOX Cinemas screens region on the big screen and provide
in and make a positive and lasting impact for
across 8 markets in MENA generations to come. audiences with a window into the rich
culture of the Arabic world.

22
Magic Planet centres
IGNACE LAHOUD

9 Chief Executive Officer

Majid Al Futtaim -
Entertainment
Yalla! Bowling sites

4
indoor ski locations

1
Dreamscape, iFly and Little Explorers

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Our Lifestyle Business

Our Lifestyle business is home to world-class Throughout the planning phase of our new store 2023 marked a year of remarkable
fashion and retail brands with more than 70 openings, we also prioritise sustainable design growth and transformation for our
stores and 22 digital platforms across the Gulf and construction practices while maximising Lifestyle business with the opening
Cooperation Council (GCC). As the retail partner energy efficiency and resource conservation. of 20 new stores, the launch of 3 new
of choice for some of the most desirable brands This includes considerations such as energy- digital platforms and an expansion
in the world, we hold exclusive licensing rights for efficient lighting, water-saving fixtures, and eco- into Luxury Home and Beauty. Our
lululemon, LEGO, Abercrombie & Fitch, Hollister, friendly materials. We also continue to find new success is rooted in a customer-centric
AllSaints, Psycho Bunny, Eleventy, Shiseido, ways to reduce our existing stores’ impact on the approach and authentic collaboration
Alessi, Poltrona Frau CB2, Crate and Barrel, and environment, including a 20% reduction in energy with partners, with a keen focus on
THAT, a Majid Al Futtaim multi brand concept consumption at THAT Concept Store. driving initiatives which resonate with
store and app. Our priority remains on scaling the
customers. This commitment extends
business geographically and unlocking new brand
to prioritising sustainable practices
opportunities, whilst maintaining an omnichannel
across all facets of the business.
and customer-centric approach.
Sustainability is not just about
shaping a brighter future, it’s also a
We are committed to providing customers with
meaningful retail experiences, which provide pivotal pathway for growth, unlocking
genuine value to the shopping journey. As opportunities for cost efficiencies and
advocates for informed choices, we recognise innovation. By consistently applying
the crucial role of ongoing dialogue with our a ‘customer lens’ to every business
customers, especially amidst a pivotal shift decision, we aim to demonstrate
towards sustainable preferences. This highlights the transformative potential for
2023 PORTFOLIO SNAPSHOT
the significance of our commitment to shaping a sustainability in fostering a thriving
more sustainable future together. Understanding and forward-thinking business.
our pivotal role in customer education, we are
intensifying our efforts to guide shoppers towards
conscious consumption, including spotlighting the +70
more than 50 sustainability-focused brands in Lifestyle stores across MENA
curated edits at THAT Concept Store. FAHED GHANIM
Chief Executive Officer

+50 Majid Al Futtaim - Lifestyle

sustainability-focused brands at
THAT Concept Store

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Georgia

Where We Operate Armenia

Our diverse and expanding Jordan 2023 SNAPSHOT

portfolio comprises shopping
malls, communities, retail, Iraq

637,231 tCO2e
and leisure assets spanning Lebanon

15 countries in the Middle Kuwait

East, Africa, and Asia. scope 1 and 2 market-based carbon
Pakistan
Bahrain emissions

Egypt

Saudi Arabia
Qatar
40,719 kWp
renewable energy installed capacity
United Arab Emirates

Oman 26%
women in senior management
in the top three seniority levels
KEY
AFRICA

CENTRAL
+10,000
ASIA employees received sustainability training
MENA

SOUTHERN
& SOUTH
AED 9,873,850
EAST ASIA donated to community partners to
support social causes
Uganda

Kenya
80%
of supply chain spend is local

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Our Value Creation Model

AED 34,497 million revenue
AED 52,850 million tangible fixed assets Value creation process AED 4,553 million EBITDA
AED 2,920 million NOPAT
FINANCIAL
AED 1,968 million capex FINANCIAL AED 2,701 million net profit
AED 14,947 million net debt
BBB credit rating from Standard & Poor (S&P) and
AED 33,358 million equity
Fitch Ratings
OUR VISION
29 shopping malls in 5 countries To create great moments +228 million shopping mall visitors
+1.8 million m² GLA of prime retail space for everyone, everyday 97% average occupancy across malls
13 hotels
81% average occupancy across hotels
MANUFACTURED 3 residential communities in the UAE and Oman MANUFACTURED 114 residential units handed over
475 Carrefour outlets across 15 countries
770,000 daily Carrefour customers
652 VOX Cinemas screens OUR MISSION +19 million cinema admissions
+70 Lifestyle stores OUR VALUES
We create unique and
Bold

Outputs & outcomes

engaging experiences 36 NPS
+55 brands in our brand family by applying a pioneering Together INTELLECTUAL +3,395 private label products
INTELLECTUAL 3 partnerships with hotel operators mindset and mastering the Passionate
+3.7 million SHARE app members art of delivery
26% women in the top three seniority levels
+10,000 MAFers trained on sustainability-related
Inputs

+43,000 employees across 15 countries

+2.2 million training hours delivered to 17,708 matters
HUMAN HUMAN 8.4% Emiratis in our UAE workforce
learners through our Retail Business School
+110 nationalities OUR STRATEGIC OBJECTIVES 90% employees completed a career development
review
• Leveraging our capital to propel
+23,200 active suppliers the growth of our engines
AED 3 million social contributions 7 start-up winners of our Launchpad Programme
SOCIAL AND • Augment the growth of our engines +80% of products within UAE Carrefour stores
6 additional infrastructure projects through our boosters
RELATIONSHIP +255 employee engagements sourced regionally
+139,790 volunteering hours • Focus on our core geographies SOCIAL AND 800 graduates from the Almaza Recruitment and
• Continue to create great moments RELATIONSHIP Training Centre (ARTC)
as one Majid Al Futtaim AED 9,873,850 donated to community partners to
+1.4 billion kWh of energy consumed2
support social causes
40,719 kWp renewable energy installed capacity
11,000 workers employed on construction projects
+6.6 million m³ of water consumed
691,091 tCO2e scope 1 and 2 location-based
NATURAL emissions +60.8 million kWh of renewable energy generated3
637,231 tCO2e scope 1 and 2 market-based 23% reduction in market-based scope 1 and 2
emissions Company emissions vs. 2019 baseline
117,267 tonnes of waste generated NATURAL 3,181 green certified assets, residential units and
neighbourhood communities
38,092 tonnes of recycled waste
1,905,372 litres of clean water produced
PROPERTIES RETAIL ENTERTAINMENT LIFESTYLE SOLUTIONS
2
Excludes energy consumed by third-party tenants and in our development activities.
MAJID AL FUTTAIM 2023 SUSTAINABILITY REPORT 3
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2023 Highlights
23% reduction 26% women 80% of supplier
in scope 1 and 2 emissions (market-
based) across the Company
in the top three seniority levels spending
compared to the 2019 baseline was with suppliers local to our
operations

57 internship 64 Arabic film 36,000 kWp PPA

opportunities titles signed to provide solar power to 18
shopping malls in the UAE, Bahrain
provided to Emirati students in exhibited by VOX Cinemas, a 12% and Oman in the coming years
partnership with the UAE Ministry of increase compared to 2022
Education

First TNFD 4th best workplace +10,000 employees

response to grow your career in the UAE by
LinkedIn Top Companies
completed sustainability training

completed, with 3% of early

adopters in the MENA region

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Our Sustainability Journey

Concluded first phase of
Launched Employment Conditions Dare Today, Change Tomorrow
Policy, setting strict standards on Received region's first BREEAM
labour conditions for employees Communities accreditation for Launched first phase of Dare Received validated SBTs by the SBTi and
Certified first mall as LEED and tier 1 suppliers and contractors Al Zahia Community Today, Change Tomorrow and first created our Climate Transition Action Plan
Gold, City Centre Mirdif Company-wide sustainability policy
Launched first Sustainable Building Developed socio-economic Recognised as top-rated regional and
Launched first sustainability Policy, requiring all new assets to KPIs to be monitored in Conducted a socio-economic impact Completed first industry ESG company by Sustainalytics’
report for Properties business be LEED Gold certified or equivalent communities’ portfolio assessment on Mall of the Emirates response to TCFD ESG Risk Ratings

2011 2014 2016 2018 2020 2022

2009 2013 2015 2017 2019 2021 2023

Requested sustainability Obtained Green Star Inception of the Committed to be net Raised USD 1.2 billion Signed USD 1.5 billion sustainability- Launched second phase of
strategy for our status in GRESB Leadership Institute, positive in carbon through two Green Sukuk linked loan (SLL), a first in the region Dare Today, Change Tomorrow
Properties business by providing employees and water across all
the board with world-class Operating Companies Completed climate Received LEED Platinum for Secured BREEAM Excellent
training by 2040 modelling for all assets world’s first hotel portfolio Communities certification for
Tilal Al Ghaf’s sustainable
Committed to phasing-out Set requirement for new development placemaking approach
single-use plastics across projects to achieve 20% reduction in
our operations embodied carbon compared to asset Completed first TNFD-aligned
type’s baseline response

Completed second Company-wide

materiality assessment

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KEY TRENDS
RISK EXAMPLES OF POTENTIAL RISKS HOW MAJID AL FUTTAIM
LEVEL TO STRATEGY AND PERFORMANCE IS ADDRESSING IT

Managing Our CLIMATE CHANGE

Climate risks are accelerating and demanding we embed resilience into the
• Physical climate impacts
• Increased energy demand and costs
Net positive carbon, page 36
Climate resilience & nature-based solutions,

Strategic Context design and operation of our assets.

USE OF NATURAL RESOURCES

• Supply chain disruption

• Water stress
page 54

Net positive water, page 58

Water insecurity and the exploitation of natural resources means we must • Supply chain disruption Circular economy, page 63
rethink how we use them and embed circularity. • Increased costs
Our sustainability strategy, Dare Today, Change
Tomorrow, manages the material risks and SOCIETAL IMPACT • Stakeholder mistrust Local economic development, page 74
opportunities to our business model and Purpose beyond profit requires measurable social impacts within the Customer wellbeing, page 85
stakeholders that are identified in our periodic communities where we operate.
Company-wide materiality assessment, and
encompass our 2028 Sustainable Business HEALTH AND SAFETY • Increased health and safety incidents Customer wellbeing, page 85
Commitments. These are continuously assessed A holistic approach to wellness is essential for creating a safe environment for • Reputational damage Healthy workplaces, page 109
employees, customers, residents and communities. • Failure to attract and retain talent Human rights & employment conditions, page 113
as well as new and evolving global trends through
our risk management framework (see page 118),
TRANSPARENCY AND ETHICS • Penalties, fines and sanctions Human rights & employment conditions, page 113
with guidance from other relevant tools including We lead by example in a region with significant ethics risks to drive change and • Reputational damage Governance, page 116
the World Economic Forum’s (WEF) Global Risk operate with integrity and transparency. • Stakeholder mistrust
Reports.
LEGAL, REGULATORY AND COMPLIANCE • Penalties, fines and sanctions Governance, page 116
Key global trends including examples of the Building resilience against non-compliance requires being proactive to • Stranded assets
potential changes in laws and regulations. • Increased costs to comply
potential risks to our strategy and performance
are highlighted here, along with the page reference
for our approach to mitigating their impact and INFORMATION SECURITY • Data breach/loss Governance, page 116
Protecting Majid Al Futtaim, our customers and third-party information is • Stakeholder mistrust
capitalising on the opportunities they present. essential to protect against regulatory, financial, or reputational consequences. • Fines and reputational damage

BUSINESS GROWTH AND INNOVATION • Loss of competitiveness Local economic development, page 74
Innovation provides an opportunity to enter new markets and diversify our • Missed opportunities Disruptive technology, page 91
products and services. • Vulnerability to market fluctuations Attracting & retaining talent, page 96

CUSTOMER EXPERIENCE • Loss of market share Disruptive technology, page 91

Creating great moments means staying at the forefront of customers’ needs • Decreased customer loyalty Customer wellbeing, page 85
and expectations. • Missed opportunities

CULTURE AND PEOPLE • Failure to attract and retain talent Attracting & retaining talent, page 96
A competitive employer landscape requires us to evolve our employee value • Lack of employee engagement Healthy workplaces, page 109
proposition to ensure alignment between our values, leadership actions, • Misalignment between values and Training & development, page 74
employee behaviours and organisational systems. organisational culture

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High
Energy & carbon

Our Sustainability Strategy Diversity & emissions

inclusivity

Human rights & Water

Waste & Transparent management,
labour conditions disclosure
resources use & pollution
management
2023 marked the launch of the next phase of our Biodiversity & Climate adaptation,
Dare Today, Change Tomorrow sustainability strategy, nature-based solutions
Health, safety &
mitigation & resilience

developed from a multifaceted assessment of the issues security of building Sustainable building
Sustainable site users certifications
that impact our business model and stakeholders and materials Product
influence how we operate. This included a review of our

Importance to the market

Read our quality Attracting & retaining
Land use, & safety Education & skills
current practices to assess our performance against Sustainability degradation
future talent
(internal stakeholders)
Sustainable & pollution Stakeholder
a wide range of ESG criteria, peers’ strategies and Strategy Briefing transport, logistics engagement & Inclusive economic
investor expectations to understand industry trends and document here.
& connectivity Responsible
supply chain
partnerships development
best practice approaches, and existing and upcoming management Promoting
sustainable lifestyles
legislation relevant to our countries of operation to Air Community
quality wellbeing & Data security Healthy
safeguard against transition risks. Importantly, it Education &
Accessible & cohesion & customer workplaces
skills (external privacy
also brought together diverse voices from across the stakeholders) sustainable
Food waste
Circular
infrastructure Customer health economy
business, our suppliers, regional NGOs, global industry- & safety
Purposeful
wide organisations, local authorities, and investors to Tax construction &
Food transparency
& accessibility
integrate varying perspectives on the issues that matter contributions placemaking
Opportunities for innovative
most to them, where Majid Al Futtaim can strengthen its technologies
Animal welfare & ethical
approach and accelerate its value creation. farming standards
Customer experience
adaptation
This process helped us determine and rank 21 material Plastic
issues (see Figure 1). The vast majority have remained pollution
Affordability of
Sustainable
of material importance when compared to our previous tourism Crime
products & services
2017 materiality assessment, although issue names have Alternative funding for
sustainable development
been refreshed to align with evolving global trends. You conservation

Low
can read the full analysis of these changes within our
Sustainability Strategy Briefing document here. These
Low Importance to Majid Al Futtaim High
21 material issues have been grouped based on their
synergies and focus areas to form our refreshed 2028 Majid Al Futtaim's material issues and enablers:
Sustainable Business Commitments (see page 18). material issue enablers Rethinking Resources Transforming Lives Empowering Our People

Figure 1. Majid Al Futtaim’s materiality matrix highlights the 21 material issues and enablers determined from the complete set of material issues assessed during the
latest materiality assessment that took place in 2021. Whilst most of the identified material issues were selected based on being the most important to the business and
to the market, we also undertook a validation exercise that identified several additional material issues that we believe are vital to our operations and that will become
more important in the future. In addition, due to evolving trends and geopolitical dynamics, one material issue identified in the 2021 materiality matrix assessment
above has increased in importance: the affordability of products & services. This has recently become more significant to our consumers. We will be conducting a
detailed materiality assessment in 2025 to reevaluate and prioritise the importance of our material issues to ensure they remain relevant and appropriately prioritised.
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Introducing the Next

Phase of Our Strategy
Our strategy comprises three focus areas: RETHINKING RESOURCES TRANSFORMING LIVES EMPOWERING OUR PEOPLE
Rethinking Resources to make a net positive
impact, Transforming Lives in the communities
we serve, and Empowering Our People to reach NET POSITIVE CARBON LOCAL ECONOMIC DEVELOPMENT ATTRACTING & RETAINING TALENT
their full potential. These focus areas encompass • Energy & carbon emissions • Inclusive economic development • Attracting & retaining future talent
our 21 material ESG risks and opportunities, • Sustainable building certifications • Education & skills (internal stakeholders) • Education & skills (internal stakeholders)
which are organised into 11 Sustainable Business
• Diversity & inclusivity
Commitments and guided by ambitious targets to NET POSITIVE WATER
be achieved by 2028. DISRUPTIVE TECHNOLOGY
• Water management, use & pollution
Relevant material issues are dependent on the HEALTHY WORKPLACES
• Sustainable building certifications active disruptive technology programmes in place • Health, safety & security of building site
The 2028 Sustainable Business Commitments
are common across the Company and have risks users
CIRCULAR ECONOMY
and opportunities that manifest similarly across CUSTOMER WELLBEING • Healthy workplaces
• Circular economy
all Operating Companies. These commitments • Waste & resources management • Diversity & inclusivity
reinforce the previous 2022 Sustainable Business • Sustainable materials • Promoting sustainable lifestyles TRAINING & DEVELOPMENT
Commitments, which formed the first stage of • Sustainable building certifications • Community wellbeing & cohesion • Education & skills (internal stakeholders)
our strategy, emphasising the importance of the
issues that we are already managing. However, CLIMATE RESILIENCE & HUMAN RIGHTS & EMPLOYMENT
this next phase reflects a strengthened and more NATURE-BASED SOLUTIONS CONDITIONS
targeted approach, combining the maturity we • Climate change adaptation, mitigation & • Human rights & labour conditions
have developed in managing these issues with new resilience
stretching targets. To form the new commitments, • Biodiversity & nature-based solutions
we combined our previous two commitments • Sustainable building certifications
under local economic development into one
and added climate resilience and nature-based
solutions as a new commitment.
MATERIAL ISSUE ENABLERS: MATERIAL ISSUE ENABLERS: MATERIAL ISSUE ENABLERS:
• Responsible supply chain management • Stakeholder engagement & partnerships • Transparent disclosure
• Opportunities for innovative technologies • Responsible supply chain management
• Transparent disclosure • Opportunities for innovative technologies
• Transparent disclosure

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External Initiatives
and Benchmarking GRESB scores and benchmarks the ESG
performance of real estate and infrastructure. In
Sustainalytics’ ESG Risk Ratings measure a company’s
exposure to the management of industry-specific ESG
We became a member of The Climate Pledge, which is
committed to measuring and reporting GHG emissions on
2023, we scored 87% for Standing Investments and risks. In 2023, we received a low-risk score, which we have a regular basis, implementing decarbonisation strategies
To build confidence amongst our 89% for Developments (see page 20). achieved consistently since 2019 (see page 118). aligned with the Paris Agreement, and neutralising any
remaining emissions with high-quality offsets to achieve net
stakeholders and demonstrate the zero annual carbon emissions by 2040.
validity of our approach, we have
integrated best practice initiatives
into our sustainability strategy,
reporting and targets. In addition, our
participation in global benchmarks
and leading ESG ratings allows
In 2019, we became a member of the World Since 2013, we have continuously incorporated We were one of the first three signatories to the WorldGBC’s
us to transparently compare our Economic Forum’s Alliance of CEO Climate Leaders, the UN Global Compact’s Ten Principles into our Net Zero Carbon Buildings Commitment, requiring
performance to our peers and industry the world’s largest CEO-led community committed strategies, policies and procedures. Our CoPs all operational carbon emissions to be reduced (and
standards as well as identify gaps to to reaching net zero by 2050 and scaling climate can be accessed here. compensated for) by 2030 along with embodied carbon
evolve our sustainability agenda. action in the private sector. from new developments and major renovations under direct
control. We report on our progress annually to the WorldGBC.

In 2020, we joined the World Business Council for In 2021/22, we developed science-based targets We are a member of the SBTN Corporate Engagement
Sustainable Development (WBCSD), a member organisation (SBTs) for our Operating Companies to ensure Programme, supporting the development of methods and
of over 200 leading businesses, which provides a forum for our emission reductions are aligned with climate tools for SBTs that will help create a nature positive future.
the global business community to share best practices for science. These were submitted to and validated by We plan to measure, set and disclose interim targets for
addressing sustainable development issues. We work closely the Science Based Targets initiative (SBTi) in 2022. freshwater and land use once target validation becomes
with WBCSD on nature-based solutions, climate, and the available from the SBTN.
built environment, amongst other material topics.

TCFD supports companies to report and manage their We are early adopters of TNFD, a risk management and We joined the UACA in 2023, the first UAE-tailored alliance
climate-related risks and opportunities. We were one of the disclosure framework for organisations to report and act on for climate action, to increase the momentum of the Paris-
first companies in the MENA region to report in line with evolving nature-related risks. In 2022, we signed up to be a aligned targets and achieve greater collaboration. We also
TCFD. Read our latest response on page 123. member. Read our first response on page 123. joined the Road 2.0 pilot, committing to 30% of electric
vehicles within our fleet by 2030 and 100% by 2040.

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SUPPORTING INVESTOR
DECISION-MAKING
Majid Al Futtaim Maintains GRESB Green Star Status
2023 marks the 10th year of our participation Majid Al Futtaim participates in two annual For the Developments portfolio, we scored 89 and With more than 95% of investors using
in GRESB, the global standard for ESG assessments, Standing Investments and placed 4th out of 13 in our peer group. However, ESG data in their decision-making, drawing
benchmarking. The annual assessment facilitates Developments. For each, companies receive this represents an 8-point decrease compared to on benchmarks such as GRESB4, these
consistent, comparable and transparent reporting a score out of 100 and a star rating based on 2022 due to a revised boundary requirement set by tools are invaluable for communicating
for real estate companies, providing an in- the quintile they occupy compared to other GRESB, which meant that an additional asset was our performance to key stakeholders. The
depth analysis of how we perform against our participants. For the second year, we maintained included in 2023 that was not covered by a green findings from our 2023 assessment will
peers, supporting the identification of risks a full score for how well ESG is integrated into our building certification. Increasing the coverage of inform our annual roadmap for improving
and opportunities as well as engagement with management practices, which evaluates our ESG green building certifications for our developments our GRESB score in 2024.
decision-makers including investors. policies on strategy, reporting, risk management, has the greatest potential to improve our score.
stakeholders and tenant engagement. We also Nevertheless, we outperformed the peer average
achieved a full score on social and governance score for all other categories including waste,
topics in both assessments. This concerns our water, energy and materials.

2,084
relationship with and impact on stakeholders and
the direct social impact of our activities as well as
the governance of ESG, policies and procedures.
participants in 2023,
equivalent to USD 7.2 trillion For our Standing Investments portfolio, we
Gross Asset Value (GAV) improved our score by two points, ranking us
13th out of 25 companies within Retail in Asia. GRESB Rating

75 This was due to relative improvements in energy

87
12 points
consumption and GHG emissions, where we STANDING

2023
above the
markets outperformed our peer average score. This score INVESTMENTS GRESB average
is largely linked to the like-for-like year-on- PORTFOLIO

3 year performance of assets, and so efficiency 75 86 87

improvements across our portfolio provide
GRESB average Peer average Majid Al Futtaim
We are one of only three in the the greatest opportunity for the continuous
UAE and four in MENA that improvement of our GRESB score.
GRESB Rating
complete the assessment
6 points

89

2023
DEVELOPMENTS above the
PORTFOLIO GRESB average

76 83 89

4
https://www.gresb.com/nl-en/2023-real-estate-assessment-results/ Peer average GRESB average Majid Al Futtaim

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MINISTRY OF CLIMATE CHANGE AND ENVIRONMENT (MOCCAE)

Partnerships Through engaging in knowledge-sharing sessions and participating in technical workshops, we contribute to
and support the implementation of various strategic initiatives by the MOCCAE including the UAE Net
and Collaboration Zero by 2050 strategic initiative, the UAE National Adaptation Plan and the UAE Environmental
Identity Project, all of which are in line with our net positive carbon and SBT commitments.
Additionally, our Retail business engages bilaterally with the Ministry to identify avenues
Through our ongoing commitment to addressing that enhance local food sourcing and improve national food security. We will also
complex sustainability challenges, we recognise continue to collaborate with the Ministry as an official partner of our Retail
the importance of collaboration with various business's Supplier Sustainability Forum, ensuring that emerging
stakeholders, including NGOs, academic issues within the supply chain are brought to the forefront.
institutions, and community and governmental
organisations. Partnering with such diverse
entities supports us to customise our approach DUBAI'S DEPARTMENT OF EMIRATES RED CRESCENT
in a way that targets the underlying cause ECONOMY AND TOURISM (DET)
of challenges, rather than only treating their Through our partnership with Emirates Red
symptoms. This collaborative approach As an early adopter of DET's Dubai Can and Crescent, we are united in our commitment
Dubai Fitness Challenge 30x30 initiatives, to humanitarian aid. Together, we empower
strengthens our community duty by aligning with
which call for the reduced consumption of customers to make a difference through several
regional and local sustainability strategies. campaigns, such as monetary donations during
single-use plastic bottles by improving access
to water and the prioritisation of physical Ramadan or collection drives for disaster
We carefully select partners based on criteria and mental wellbeing, respectively, we will relief. Our collaboration ensures timely support
such as the alignment of goals, values, and continue to collaborate with DET by enabling for crises like the Syria-Turkey earthquake,
expertise, ensuring that they share our access to our assets, particularly our shopping Gaza, and Fujairah floods. As dedicated first
commitment to sustainability and can contribute malls, for year-round initiatives and activities. responders, we strive to alleviate pressure off the
community and provide essential aid.
valuable insights and resources to our initiatives.
This two-way, multi-dimensional approach fosters
transformative and lasting impacts, benefiting
not only the communities we serve but also our
organisation and the broader environment.
UAE ALLIANCE UAE CIRCULAR
Examples of some of our partnerships are ON CLIMATE ACTION (UACA) ECONOMY COUNCIL
included here. This is a non-exhaustive list and As Alliance Leaders+, we pledge to publicly disclose As a member of the UAE Circular
our many partners, both regional and global, are our verifiable 2030 and 2050 net zero targets, Economy Council, we engage with
detailed throughout this report. verified by the SBTi. Additionally, we commit to the council to support its goals, align
embedding nature in our net zero plans, proposing private sector circular economy
biodiversity projects, halting deforestation and practices and identify ways to
prioritising green logistics through our retail support the UAE's circular economy
activities. Through these collective efforts, we aim ecosystem.
to combat climate change effectively and contribute
meaningfully to a sustainable future for all.

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OUR 2023 THOUGHT LEADERSHIP SERIES

Thought Leadership
We are widely recognised for our
regional leadership in defining what best COP28: ADVANCING SUSTAINABLE HOW MAJID AL FUTTAIM MAJID AL FUTTAIM’S
practice sustainability looks like in the CLIMATE AMBITIONS IN FINANCE: ALIGNING IS CHAMPIONING THE CLIMATE TRANSITION
MENA region, and for helping to inform THE MENA REGION GROWTH WITH ROLE OF WOMEN IN THE ACTION PLAN: A ROUTE
and encourage others in the region’s PURPOSE WORKPLACE TO NET POSITIVE AND
private sector to adopt more credible and CLIMATE RESILIENCE
ambitious sustainability practices. To do
so, our thought leadership series, which
comprises more than 35 white papers to Launched to coincide with In response to the This paper explores the Understanding the benefits
date, captures the expert sustainability COP28 in December 2023, accelerated growth in challenges faced by women of combining mitigation
knowledge and experience of our this paper details the sustainable finance across in the workplace and the and adaptation efforts to
business on topics of importance. To read history and outcomes of the MENA region, this active steps businesses effectively address the
our complete programme of thought the UNFCCC’s COP and the paper investigates the role can take to establish climate crisis, this paper
leadership, visit our website here. MENA region’s progress of sustainable finance, gender balance and an outlines how we have
in addressing the climate associated barriers, and inclusive and fair working restructured our approach
crisis. how it can be used by environment for all. to climate action through
businesses to achieve our Climate Transition
positive ESG outcomes. Action Plan.

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Stakeholder +43,000 employees 2,382 unique tenants

Engagement
Dare Today, Change Tomorrow relies on HOW WE ENGAGE EMPLOYEES HOW WE RESPOND HOW WE ENGAGE TENANTS
continuous and constructive engagement
with our stakeholders to ensure our Intranet, focus groups, forums, newsletters, • Implement regular communication and training Leaflets/brochures, newsletters, site visits, surveys
strategic approach evolves in line with unstaffed displays, staffed displays, interviews, sessions through our intranet, focus groups, and and questionnaires, social media, focus groups, forums,
their needs and expectations. We pursue training, emails, Workplace newsletters to ensure that our employees are well- Community Advisory Committee, events
mutually beneficial goals that seek informed about our sustainability initiatives and
to transform the economic and social how they can contribute
KEY TOPICS OF INTEREST KEY TOPICS OF INTEREST
development of where we operate, whilst • Actively involve our employees in the goal-
accounting for local challenges and setting process through forums, interviews,
• Dare Today, Change Tomorrow • Clear communication and transparency
and workplace engagement activities and our
minimising our impact on the environment. • Engagement and communication • Ethical business conduct
leadership team provides regular updates and
• Diversity, equity and inclusion seeks input from employees to ensure alignment • Respect for human rights
We are a signatory to the WEF Stakeholder • Benefits and compensation with our sustainability goals • Tenant engagement
Capitalism Metrics, which seek to create • Health and wellbeing • Our Company-wide Diversity and Inclusion Policy • Competitive prices and value for money
long-term value by meeting the needs of all • Work-life balance and diversity, equity, and inclusion initiatives create • Business stability and resilience
our stakeholders, including society and the • Career development and education a workplace where all employees feel valued and
planet. See page 182 for our 2023 progress • Job satisfaction included HOW WE RESPOND
update. • Ethical business conduct • Our health and wellbeing programmes, along with
work-life balance initiatives, aim to prioritise the • Maintain strong and stable relationships with our
wellness of our employees
Our stakeholders, detailed here, have been tenants by actively engaging with them
• Establish staffed and unstaffed displays in various
identified through a stakeholder mapping • Foster an environment of mutual trust and respect,
locations to provide a platform for employees
exercise with input from each Operating ensuring that our relationships remain sustainable
to share their feedback and ideas, and conduct
and beneficial for all parties involved
Company based on their importance. regular interviews and surveys to gauge employee
• Uphold the highest ethical standards and transparency
satisfaction and engagement levels
in all aspects of our operations and communication,
• Offer various career development and educational from tenant engagement and human rights to pricing
opportunities, such as training and workshops, to
strategies, ensuring that our tenants are treated with
support our employees' growth and advancement
fairness and respect
within the Company
• Strive to enhance job satisfaction by providing
competitive benefits and compensation packages,
as well as opportunities for professional growth
and development

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+600 million customers +23,200 active suppliers

HOW WE ENGAGE CUSTOMERS HOW WE RESPOND HOW WE ENGAGE SUPPLIERS HOW WE RESPOND

Public meetings, advertising, press in local/national • Continually research and develop sustainable Leaflets/brochures, press in local/national media, • Implement training on our sustainability strategy
media, videos, apps, telephone lines, exhibitions and products and services that align with our newsletters, site visits, surveys and questionnaires, and procurement practices to ensure they
events, surveys and questionnaires, deliberative commitment to environmental stewardship, based focus groups, forums, training understand and align with our goals
opinion polls, social media on our customer survey results • Conduct regular audits and assessments to ensure
• Launch a range of health and wellness-focused KEY TOPICS OF INTEREST our suppliers adhere to ethical business practices
KEY TOPICS OF INTEREST products and services designed to promote a and human rights standards
healthy lifestyle for our customers, including • Uphold the principles of fairness, transparency,
• Dare Today, Change Tomorrow
organic and natural options as well as exercise and ethical conduct in all our business dealings,
• Sustainable products and services • Sustainable procurement practices
• Invest in innovative technologies and digital ensuring compliance with international standards
• Health and wellness-focused products and services • Upskilling on sustainable practices
solutions to enhance the customer experience for human rights, health, and safety
• Convenience and accessibility and further convenience and accessibility such • Fair, transparent and ethical business conduct • Evaluate the performance of suppliers' products
• Innovative customer experiences as mobile apps, online ordering platforms, and • Respect for human rights and services, as well as their resource availability,
• Ethical business conduct personalised customer service options • Fairtrade to continuously improve and innovate
• Health and safety • Strive to deliver innovative customer experiences • Competitive prices and value for money • Offer support and resources to help suppliers
• Dare Today, Change Tomorrow through cutting-edge technology, creative marketing • Strong and reliable business relationships upskill their employees, providing training and
strategies, and unique product offerings • Business stability and resilience development opportunities to enhance their
• Uphold the highest ethical standards in all aspects capabilities in sustainable practices
of our business operations including maintaining • Prioritise open communication, trust, and
transparency in our practices, committing to fair collaboration, ensuring that we maintain strong and
trade and labour practices, and adhering to strict stable partnerships for mutual benefit
ethical guidelines in our supply chain • Proactively monitor and adapt to changes in the
market and industry, implementing strategies to
minimise disruptions within the supply chain and
maintain continuity in our operations

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14 construction contractors 19 peer working group memberships

HOW WE ENGAGE CONTRACTORS HOW WE RESPOND HOW WE ENGAGE REGIONAL HOW WE RESPOND
AND GLOBAL PEERS
Leaflets/brochures, newsletters, site visits, surveys • Develop specialised training to educate contractors • Actively participate in peer working group
and questionnaires, focus groups, forums, Community on our sustainability strategy and the Employment Newsletters, press in local/national media, social memberships to share best practices and innovative
Advisory Committee, events Conditions Policy, ensuring alignment with our media, videos, forums ideas with industry peers
values and objectives • Engage with stakeholders through newsletters,
KEY TOPICS OF INTEREST • Through various training and workshops, we press in local/national media, social media, videos,
KEY TOPICS OF INTEREST
support them in upskilling their employees and forums to promote collaboration and knowledge
and integrating sustainable practices into their sharing on sustainability issues
• Dare Today, Change Tomorrow • Collaboration and knowledge sharing to address
operations • Showcase our commitment to sustainability through
• Training on Majid Al Futtaim’s Employment sustainability issues and achieve the Sustainable
• Uphold the principles of fairness, transparency, leadership in outlining regional sustainability best
Conditions Policy Development Goals (SDGs)
and ethical conduct in all our business dealings, practices
• Upskilling on sustainable practices ensuring compliance with international standards • Leadership in outlining regional sustainability best • Proactively engage to demonstrate our dedication to
• Fair, transparent and ethical business conduct for human rights, health, and safety practice addressing sustainability issues and achieving the
• Respect for human rights • Prioritise building and maintaining strong, reliable SDGs through publications such as case studies and
• Strong and reliable business relationships partnerships, fostering trust and mutual respect white papers
• Business stability and resilience • Continuously monitor market dynamics and
proactively adapt our strategies to mitigate risks
and ensure the stability of our supply chain

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15 diverse operating markets +30 NGO partnerships

HOW WE ENGAGE COMMUNITIES HOW WE RESPOND HOW WE ENGAGE NGOS

Public meetings, advertising, press in local/national • Promote sustainable lifestyles and better Public meetings, advertising, press in local/national
media, videos, telephone lines, exhibitions and consumption choices through community media, videos, telephone lines, exhibitions and events,
events, surveys and questionnaires, deliberative engagement initiatives and sustainability surveys and questionnaires, interviews, forums, online
opinion polls, interviews, forums, internet awareness events and face-to-face workshops, focus groups
forums, Community Advisory Committee, events, • Invest in maintaining and upgrading infrastructure
sustainability awareness events, maintenance to ensure the wellbeing of our communities, with KEY TOPICS OF INTEREST
upgrades, infrastructure improvements safety and security as our top priorities
• Gather valuable feedback and insights through
• Collaboration and knowledge sharing to address
KEY TOPICS OF INTEREST channels such as public meetings, surveys, and
sustainability issues and achieve the SDGs
forums to continually enhance and improve our
• Training and upskilling
customer offerings
• Sustainable lifestyles and consumption
• Ensure that our services are easily accessible
• Community safety and security HOW WE RESPOND
and convenient for all, while also seeking ways
• Innovative customer experiences
to improve accessibility through maintenance
• Convenience and accessibility upgrades and infrastructure improvements • Collaborate on sustainability initiatives and share
• Local economic development • Seek opportunities to invest in community knowledge to address critical issues such as achieving
• Investment in community causes causes and support initiatives that address local the SDGs by exchanging expertise and resources
needs, thereby fostering economic growth, local • Align our goals and objectives to achieve shared
development and prosperity within our operating outcomes
markets • Create sustainable and impactful initiatives that
• Strive to address local needs and contribute benefit both our Company and the communities we
positively to the wellbeing of our communities serve
through our Community Advisory Committee and
other collaborative initiatives

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AED 9.8 million donated to support social causes 15 countries of operation

HOW WE ENGAGE COMMUNITY PARTNERS HOW WE RESPOND HOW WE ENGAGE GOVERNMENTS HOW WE RESPOND

Public meetings, advertising, press in local/national • Support regional causes by donating to charities and Visioning, Community Advisory Committee, forums, • Engage with governments through channels such as
media, videos, telephone lines, exhibitions and events, engaging in local community initiatives public meetings, focus groups, workshops, local and forums, public meetings, focus groups, workshops,
surveys and questionnaires, interviews, forums, • Engage with stakeholders through various channels national media and local and national media to collaborate and
internet forums, online and face-to-face workshops, such as public meetings, advertising, press in local/ share knowledge on sustainability issues and work
focus groups national media, surveys, and questionnaires to towards achieving the SDGs and national or regional
KEY TOPICS OF INTEREST
understand their needs and concerns strategies
KEY TOPICS OF INTEREST • Invest in community programmes and initiatives • Contribute towards government commitments by
• Collaboration and knowledge sharing to address
to address social causes and create long-lasting aligning our business practices and activities with
sustainability issues and achieve the SDGs
positive impact national priorities and goals, seeking opportunities
• In-kind support and community contributions • Contribution towards government commitments
• Work closely with our partners to ensure that our for partnership and coordination
• Ethical business conduct • Disruptive technology and innovation
philanthropic efforts are aligned with their goals • Embrace disruptive technology and innovation in
and objectives, ultimately benefiting both parties • Economic growth our operations to drive sustainable solutions and
and the communities we serve support the government in implementing cutting-
• Adhere to the highest standards of ethical business edge solutions
conduct and compliance in all our interactions with • Stimulate economic growth by creating local
stakeholders, maintaining trust and confidence and opportunities and investing in projects that
upholding our reputation as a responsible corporate contribute to the development of the communities
citizen we operate in

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Examples of outcomes related to

Majid Al Futtaim’s COP28 themes:
Our Advocacy at COP28 DECARBONISATION

In 2023, COP28 came to the UAE, held at Expo Our pavilion at COP28 was designed to provide +20,000 kW solar power agreement
City Dubai in December. Marking the conclusion visitors with a comprehensive and interactive signed with engazaat to power four
of the first Global Stocktake (GST) as halfway to experience of Majid Al Futtaim’s vision and Majid Al Futtaim malls in Egypt and
2030, the year by which global emissions must sustainability journey. Through a blend of Lebanon in the following years
be halved to meet the Paris Agreement, COP28 innovative features, including interactive touch (see page 42)
assessed global progress towards meeting screens, VR simulations of initiatives, and visual
the targets of the Agreement. This provided an artwork showcasing our achievements, visitors
GREEN FINANCE
opportunity to evaluate the state of the planet, gained insight into our strategies and their impact.
identify shortcomings, and find pathways to 2030 Additionally, the pavilion featured engaging
and beyond. elements such as a Carrefour Cafe pop-up, 250 carbon credits invested
offering a glimpse into sustainable retail practices, by Majid Al Futtaim through
As an international centre for business, commerce along with a VOX rest area and a Crate and Barrel Dubai Financial Market’s (DFM)
and tourism, and with the MENA region being one furnished meeting room with its sustainable line, carbon credit platform pilot project
of the most vulnerable to climate change5, through creating spaces for relaxation and collaboration. announced (see page 53)
hosting COP28, the UAE was able to demonstrate This holistic representation aimed to immerse
its ambition to lead on the climate transition, with visitors in our sustainability efforts while fostering
GREEN EDUCATION
sufficient capital, resources and determination to do meaningful connections and discussions within the
so. Although substantial progress is still required COP28 community.
in the region, others are looking to the UAE and its Executive Diploma in Sustainability
leading organisations for inspiration and guidance To ensure our wider engagement was focused, we run by the American University in
for their own just transitions. selected three broad themes to champion at the Cairo announced, with Majid Al Futtaim
Conference using four engagement levers: policy as a founding partner (see page 79)
Majid Al Futtaim saw COP28 as an opportunity advocacy, business partnerships, education and
to leverage our strong sustainability credentials awareness and, identifying new technologies.
and reputation to create meaningful dialogue for
climate action. Our presence in the Innovation
and Technology Hub in the Green Zone and our
Carrefour store in the Blue Zone, allowed us to
showcase our sustainability commitments and
progress towards transitioning to a net positive
business.
5
https://www.worldbank.org/en/region/mena/publication/middle-east-north-
africa-climate-roadmap#:~:text=MENA%20is%20one%20of%20

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To maximise our impact, we engaged in Meanwhile, we hosted a compelling panel

partnerships and broader networks to advance discussion on ‘Why Sustainable Fashion Matters’
the MENA sustainability agenda. For example, at THAT Concept Store, emphasising the
For other COP28
we hosted the Chief Sustainability Officer significance of SDG 12: Responsible Production initiatives throughout this OUR EFFORTS TO SUPPORT
(CSO) Network, of which we are a member, a and Consumption and its relevance to the report, look for this icon: YOUTH EMPOWERMENT
collaborative event for industry leaders such fashion industry and beyond. Across our malls,
DURING COP28
as Visa, Emirates Airlines, Unilever, PepsiCo, we highlighted our sustainability initiatives and
and COP28 representatives, to accelerate peer awards through a Sustainability Week takeover of
collaboration on the Paris Agreement objectives our social media in the UAE. From launching food • Majid Al Futtaim sponsored the
prior to COP28. We also signed the Alliance of rescue initiatives to partnering with influencers for COP28 Ministry of Education pavilion,
CEO Climate Leaders’ open letter addressed pre-loved fashion events and unveiling sustainable which covered the cost of a sign
to world leaders, asking them to massively hoardings, each day was dedicated to showcasing language interpreter to translate
scale up investment in renewable energy and our commitment to sustainability and inspiring workshops and events
power networks and streamline permitting and our community to embrace eco-friendly practices.
regulatory processes, lead by example on public At City Centre Me’aisem, we had a recycling bus • Our Entertainment business
procurement practices, turbocharge nature and to educate and encourage customers on how launched ‘sustainable solutions’,
technology-based carbon removals, and simplify to correctly discard their waste. Collaborating which aims to encourage students
and harmonise climate disclosure and measuring with Grazia magazine, we hosted a private event to submit their innovative
standards. at Cle D’Or to highlight circular and sustainable sustainability projects to win
fashion brands, catering to our luxury consumers. AED 10,000 worth of filming
During the Conference, our efforts to promote Through these efforts, we have not only raised equipment, open to all higher
awareness and engagement throughout awareness but also actively encouraged education and university students
the community and across our assets were participation in sustainable actions, fostering a within the UAE
multifaceted. VOX Cinemas at Mall of the Emirates culture of environmental responsibility within our
community. • Majid Al Futtaim was a Gold
partnered with the Universities Climate Network
sponsor of the 18th iteration of
and Manipal Academy of Higher Education to
The Conference of Youth (COY18),
organise a panel discussion titled “The Role of
the biggest and most substantial
Universities in the Pursuit of Net Zero”, attracting
youth conference related to the
over 100 students, professionals, and academics.
multilateral UN climate processes

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Environmental

Rethinking
We dare to rethink our
use of resources to make
a net positive impact
Resources
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Our Rethinking Resources OUR ALIGNMENT TO THE SDGS

2028 Sustainable Business Commitments:

Rethinking Resources means transforming our NET POSITIVE CARBON
relationship with the water, energy and land we
We will become net positive in carbon 2023 HIGHLIGHTS
use, to the waste and GHG emissions we produce.
by 2040.
It means rethinking both the inputs and outputs
of our entire value chain, to produce positive
outcomes for society and the planet. Beyond
our responsibility to the planet, rethinking our
CLIMATE RESILIENCE AND 23%
NATURE-BASED SOLUTIONS Company-wide reduction in
resources is also an opportunity to deliver a
We will increase the resilience of scope 1 and 2 emissions (market-based),
superior offering to our visitors, tenants and
our business in the context of global against a 2019 baseline
homeowners, whilst safeguarding rental and
capital value as well as resilience in the long-term. climate change and promote the
restoration of natural habitats and
With the launch of the next phase of Dare Today, biodiversity on our own sites and in our TNFD LEAP
Assessment
Change Tomorrow this year, we are building on the value chain.
success of the past five years and the momentum
following COP28, using more ambitious targets to NET POSITIVE WATER completed to evaluate our
realise the achievement of our 2028 Sustainable nature-related risks, opportunities,
Business Commitments. These focus on our We will become net positive in water by impacts and dependencies
material impacts throughout the property lifecycle, 2040.
embed best practice science-based frameworks,
and draw on our vast network to exponentially
grow our positive environmental impacts.
CIRCULAR ECONOMY 1,905,372 litres
We will embed circular economy of clean water provided to a Kenyan
The icons on this page are used throughout the principles across our business community through our partnership
report to signal the relevant section that details operations to minimise our impact on with Project Maji
our activities for each Sustainable Business the environment and generate new
Commitment. revenue streams.
95%
of waste diverted from landfill at
Majid Al Futtaim Tower 2

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Sustainable Standards Across the Property Lifecycle

Our Rethinking Resources initiatives are
guided by robust policies that are aligned POLICY DESCRIPTION 2023 HIGHLIGHT
with our environmental commitments, setting
requirements in the areas of energy, carbon, Underground utilities surveys,
water, waste, climate risk, nature, green building SUSTAINABLE Applicable for all development sites, it enacts a screening
Environmental Impact Assessments
certifications, health and wellbeing, community PRE-ACQUISITION exercise at the pre-acquisition stage to reduce the negative
and Topographic surveys conducted
impact, and transport. The policies are reviewed POLICY impacts of assets throughout the property lifecycle.
for new community projects
and updated regularly to ensure alignment with
international best practice and local regulations
by the Corporate Sustainability Team and are Sets standards during the design, delivery and operation of
approved by the Chief Executives. As a new properties, including a minimum green building certification 2,070 assets, residential units
requirement, all policies will need to be approved SUSTAINABLE of LEED Gold, Estidama 3 Pearl, or BREEAM Very Good. In and neighbourhood communities
by the Board of Directors. BUILDING POLICY 2023, we incorporated new criteria regarding net positive were certified to LEED, BREEAM or
carbon and water, climate adaptation and circular economy equivalent
practices, aligned with the EU Taxonomy.

NEAR-ZERO FIT-OUT Applicable to all new fit-out and major refurbishment 5 new contracts signed for
AND REFURBISHMENT projects, it sets near-zero performance towards achieving net our Lifestyle business fit-out
POLICY positive. packages

Sets standards and performance targets for

ZERO-WASTE 95% waste diversion rate from
Majid Al Futtaim offices to achieve zero-waste by 2030 and
POLICY landfill by Majid Al Futtaim Tower 2
embed circularity.

85% of employees who have

SUSTAINABLE Outlines sustainable procurement practices, in line with
procurement as their core scope of
PROCUREMENT ISO 20400:2017, within the Company, amongst our business
work were trained on sustainable
POLICY partners and supply chain.
procurement practices

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Majid Al Futtaim’s Environmental Management System and Policy

Aligned with ISO 14001:2015, the Environmental impacts are identified by Non-conformities are identified through
Environmental Management System Policy considering the activities, products and services ISO 14001 external audits, annual in-house audits
commits Majid Al Futtaim to control our within the scope of Majid Al Futtaim and are and environmental incidents, and analysed for
environmental impact, supported by detailed detailed within the Environmental Aspect Impact their root cause. Where necessary, corrective
arrangements and processes defined in the Register or Significant Aspect Impact Register, action is taken, and their effectiveness is verified
Environmental Management System (EMS) depending on their significance rating. For the during subsequent audits.
manual. former, these are analysed to determine the type
of impact on the environment, the control or The Environment Management Representative
Majid Al Futtaim is responsible for managing and influence over the impact, operating conditions, (EMR) is responsible for identifying training needs
monitoring the processes outlined in the manual, impact assessment, and operational controls. for all employees engaged in the EMS along
with roles and responsibilities allocated within Within the latter, risks, opportunities and planning with the implementation and maintenance of the
our sustainability function to facilitate optimal action to mitigate the risk are detailed. These standard requirements. Chosen employees are
alignment and its effective implementation. The impacts are reviewed annually. trained based on the operational demands of
Sustainability and ESG Director holds the highest the ISO 14001 Standard and are certified to the
oversight of the EMS at the Company level. Majid Al Futtaim’s environmental objectives are same. In addition, general awareness is spread
set annually by Majid Al Futtaim’s Corporate through announcements on Workplace, our
The manual serves as guidance to ensure Sustainability Team to ensure compliance with intranet site, emails, meetings, policies, third-
compliance with UAE environmental standards, our Dare Today, Change Tomorrow sustainability party training, and the induction process for new
international standards, regulatory requirements, strategy. Environmental programmes, comprising employees. The EMS is also reflected in training
and other applicable criteria, and is subject to our Rethinking Resources initiatives, are defined with the Procurement Team to increase awareness
regular reviews. The Legal Compliance Register and tracked through our annual action plans. Our amongst suppliers and contractors. In addition, the
includes all applicable requirements and is environmental performance data collection and EMR is responsible for all communication about
reviewed annually, when operational changes analysis takes place in SoFi and Tableau, and we environmental matters with local and federal
occur or when new legislation arises. review and report on our performance internally government environmental regulatory bodies and
on a quarterly basis in Majid Al Futtaim’s board other non-government environmental protection
papers to the Chief Executive Officer and Board of agencies.
Directors. Performance against our environmental
objectives is publicly reported via the annual
sustainability report.

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Managing a High-Performing Portfolio

With 3,181 assets, residential units and As part of our sustainability-linked 2023 MENA GREEN BUILDING
neighbourhood communities certified to LEED, loan (SLL), we are working towards AWARDS
BREEAM or equivalent at the end of 2023, we having all our shopping malls
continue to work towards high environmental certified to a minimum of LEED
standards for our assets guided by industry Gold by 2025. At the end of 2023, we Our Entertainment business won
best practice. Using these globally recognised achieved our target of having only “Retro-fit Project of the Year” for
frameworks provides assurance to stakeholders of six malls that do not have a minimum LEED Gold energy-efficient cinema retrofits.
our assets’ strong environmental standards, whilst certification or equivalent. Notably, City Centre
ensuring we remain resilient to future legislated Bahrain, City Centre Muscat and City Centre Deira Our Properties business won “Best
TOTAL GREEN building standards. At the end of 2023, 58% of our – our first shopping mall - were all awarded LEED Green Operations and Maintenance
CERTIFIED ASSETS6 Properties business's operational portfolio was Platinum Operations and Maintenance Existing Plan (Existing Building)” for Mall of
covered by a green certification, equal to 67% in Buildings in 2023, bringing the total number of the Emirates.

3,181 terms of floor area (over 3.49 million m2)7. LEED-certified Majid Al Futtaim malls in the
region to 21. Sustainable practices present at
Our portfolio includes global and regional firsts. these assets include the installation of ongoing
For example, our hotel portfolio is the first in the Heating, Ventilation, and Air Conditioning (HVAC)
world to be LEED Platinum certified, Mall of the optimisation, efficient lighting systems, high-
Emirates is the world’s biggest existing shopping efficiency toilet fixtures, and convenient access to
mall to achieve LEED EBOM (Operations and public transportation.
1,111 Maintenance) Platinum, VOX Cinemas City Centre
811 Mirdif is the world’s first cinema to be awarded In the years ahead, we will implement our
LEED v4.1 Operations and Maintenance Existing roadmap with the aim of certifying all our pending
Interiors, and the Sales and Experience Centre in malls by 2025, including three certifications that
Tilal Al Ghaf - our flagship mixed-use community are planned for 2024. In line with our second
in Dubai - is the first in the region to be Zero SLL performance targets, by the end of 2026, we
2021 2022 2023 Energy certified by the International Living Future will increase the number of malls with a LEED
Institute (ILFI) as well as the first recipient of Platinum or equivalent rating.
Green certified assets
BREEAM Excellent in the GCC.
Green certified residential units
Green certified neighbourhood community

+3.49 million m 2
6
This includes the number of assets within our Properties
and Entertainment businesses with one or more LEED, 7
The floor area included is gross floor area (GFA) as this demonstrates a better representation of the area covered by building
BREEAM or equivalent certifications. The assets with certifications. Asset boundaries are also organised using an alternative approach to other floor area values included in this report as
more than one green certification include City Centre this better represents the certified floor areas. As a result of this, the floor areas and asset counts may differ from values reported in
Mirdif and Hilton Garden Inn Mall of the Emirates. other parts of the Sustainability Report or Environmental Data Annex. of green certified floor area within our
Properties business's operational portfolio7
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EXPANDING OUR LEED-CERTIFIED VOX CINEMAS

In 2023, 29 VOX Cinemas across 8 countries joined Testament to the work already undertaken, in
Arc, a software platform by the Green Business 2023, VOX Cinemas City Centre Al Zahia earned
Certification Inc. (GBCI), which operates the LEED LEED Gold v4.1 Operations and Maintenance
green building certification system. Arc helps Existing Interiors while ROSHN Front earned LEED
companies collect, manage and analyse data Gold EBOM Interiors. The latter is the first certified
whilst communicating it as a score that can be VOX Cinemas in Saudi Arabia, with the total now
benchmarked locally and globally. Importantly, it is at five LEED certified cinemas. In addition, Magic
helping VOX Cinemas determine the sites that are Planet and Yalla Bowling in City Centre Al Zahia
ready to be LEED certified and the interventions also achieved LEED certification.
needed to improve their environmental
performance in areas such as energy, water,
waste, human experience and transport.
Improvements have already been identified
across the sites including for electricity and water
consumption, waste segregation, and indoor air
quality monitoring. Other asset types will benefit

5
by joining Arc in 2024 so further improvements can
be identified.
VOX Cinemas have
LEED certifications

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Net Positive Carbon COMPANY-WIDE CARBON

FOOTPRINT, LOCATION-BASED
EMISSIONS (tCO₂e)
COMPANY-WIDE CARBON
FOOTPRINT, MARKET-BASED
EMISSIONS (tCO₂e)

In 2017, we committed to be net positive carbon Climate mitigation and adaptation activities are
by 2040, the first in the MENA region and one united under our Climate Transition Action Plan to
of the first few globally, 10 years ahead of the ensure our efforts are consistent and maximise 7% 8%
UAE’s own net zero by 2050 target. Our target co-benefits. Our strategy to reach net positive
includes Majid Al Futtaim’s operations as well carbon relies on the effectiveness of our mitigation
as our tenanted spaces and developments. efforts, meaning our activities to prevent and 30% 28%
Achieving net positive means we will go beyond reduce the release of GHG emissions into the
net zero carbon emissions by removing more atmosphere. This includes reducing the embodied 63% 64%
carbon dioxide from the atmosphere than what is carbon of development and refurbishment
released by our business activities. This target is projects, optimising energy efficiency, maximising
set at the Company level and therefore includes on-site renewable energy, where legislation
the operations and impacts of our four Operating allows, and high-quality renewable energy
Companies: Properties, Retail, Entertainment and procurement off-site, and using carbon offsets as
Lifestyle. a last resort. Our approach and key activities in
2023 are detailed over the following pages, and
Scope 1 emissions Scope 1 emissions
Our net positive carbon commitment is you can read about our climate adaptation efforts
complemented by validated near-term science- on page 54. Scope 2 emissions Scope 2 emissions
based targets (SBTs) for each Operating Company
through the Science Based Targets initiative (SBTi). Scope 3 emissions Scope 3 emissions
These SBTs guide our yearly emissions reductions
based on climate science. At the time of drafting,
Note: Scope 3 emissions included within the above charts represent those within the scope of our net positive carbon target
we were one of only seven companies in the UAE including tenant emissions and embodied carbon, and therefore differ to the scope 3 emissions included on pages 46 and 47 of
that had validated SBTs8. Read about this report. For a full breakdown of our environmental data, see the 2023 Environmental Data Annex here.

our Climate
Transition Action
Plan here.

8
https://sciencebasedtargets.org/companies-taking-action

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Our Carbon Commitments' Roadmaps

The timelines of our carbon commitments are included below. Read our Climate Transition Action Plan for further information.

2017 2019 2022 2026/27 2035 2040 2050

Committed Net positive target date

to be net This requires us to achieve net positive carbon for scope 1 and 2 emissions
positive in across all our Operating Companies. This will be met through improving
carbon by energy efficiency, increasing the renewable supply where feasible, and
2040 offsetting residual operational and embodied emissions. Additionally, our
NET 2040 target only includes limited scope 3 emissions, focusing on tenant
POSITIVE emissions in our malls and our embodied carbon. Therefore, although the
reduction of the other scope 3 emissions categories is not required by 2040,
CARBON as our 2050 SBT net zero target, which we plan to set in the future, will
ROADMAP include scope 3, we will need to have made significant progress in reducing
these emissions by 2040 to ensure our 2050 target remains achievable.

SCIENCE- Current SBTs are SBTi requires Current scope 1, 2 & 3 near-term Net zero proposed SBTi target date
BASED SBT validated SBTs to be updated SBT date It is anticipated that Majid Al Futtaim will be able to offset less than 5% of
TARGETS baseline by the and targets should Given the SBTi does not allow offsets our total scope 1, 2 and 3 emissions, with everything else having already
ROADMAP SBTi be 1.5°C aligned to contribute towards achieving SBTs, been abated. The boundary of the target will need to include at least 95%
with a long-term the targets will be met by reducing of scope 1 and 2 emissions and 90% of scope 3 emissions.
2050 target date consumption in all scopes and satisfying We will need to greatly reduce our emissions through energy efficiency
the remaining consumption through on improvements and an increased renewable supply to bring our market-
The scope of emissions and off-site renewables, or the purchase of based emissions to near zero. As less than 5% offsetting is expected to be
included within the International Renewable Energy Certificates permitted, the levels of embodied emissions should be greatly reduced, to
target boundary will (I-RECs). It is expected that less than 5% ensure the entire annual offsetting budget isn’t consumed by the embodied
need to increase. of emissions will be permitted to be offset, carbon offsets for future assets. We aim to have a lot of Majid Al Futtaim’s
also including offsets for embodied carbon. new-build development work completed and construction will largely be
retrofits and refurbishments by the middle of the century.

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OUR SLL EMISSIONS

Reducing Our Scope 1 and 2 Emissions PERFORMANCE
TARGET
A company’s scope 1 and 2 emissions are In tandem with expected growth and investment 2035 SCOPE 1 AND 2 SBTS
caused directly by sources it owns or controls in energy efficiency initiatives and renewable (MARKET-BASED, VS. 2019 BASELINE)
as well as indirectly by energy it purchases. At infrastructure, we also use our historic emissions Majid Al Futtaim’s SLL requires reducing
Majid Al Futtaim, this relates to activities such as a benchmark in our net positive projections the scope 1 and 2 emissions intensity of
as the electricity we use for lighting and air tool. This helps us understand how the Company’s Majid Al Futtaim’s property portfolio, in
conditioning. emissions will change in the future, guiding our line with our SBTs towards net positive
decision-making and ensuring interventions will carbon by 2040 (see page 162).
To guide our emissions reductions and realise our have the impact required to achieve our targets. Our Properties business
net positive carbon goal, each Operating Company
has near-term SBTs. These translate into yearly To implement carbon saving initiatives, each
-87.8% kgCO₂e/m²
emission reduction targets up to 2035 against a Operating Company shares their emission
2019 baseline. Given the operational differences reduction plans for the year, and we hold
between our Operating Companies, individual frequent meetings with the teams involved across
targets have been set for each, rather than one the Company to track progress and identify
unified target at a Company level. performance gaps.
Our Retail business

Data collection and analysis regarding our

emissions take place in SoFi and Tableau, and
-40% kgCO₂e
a dashboard monitors historic emissions on an
absolute and like-for-like basis. We review and
report on our emissions internally on a quarterly
basis in Majid Al Futtaim’s board papers to the
Chief Executive Officer and Board of Directors.
Our Entertainment business

-40% kgCO₂e

Our Lifestyle business

-40% kgCO₂e
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Our Scope 1 and 2 Emissions Performance

Operational location-based emissions (scope 1 and 2) have decreased by 16% in 2023 Company-wide compared to the baseline year of 2019. This is primarily due to increased efficiency (less energy FLOOR AREA BY
used) as well as the introduction of renewable energy sources, International Renewable Energy Certificates (I-RECs) and Clean Energy Credits (CECs). This includes electricity consumption through OPERATING COMPANY
PPAs in Jordan, as well as the use of on-site PV generation in many countries. In 2019, there were a total of 621 assets for which Majid Al Futtaim had operational control. In 2023, the number of
assets rose to 741, despite an overall emissions reduction. This has resulted in a 22% floor area increase of 724,340 m2 over the five-year period. For a full breakdown of our environmental data, see
the 2023 Environmental Data Annex here.
4,500,000
OUR PROPERTIES BUSINESS OUR RETAIL BUSINESS OUR ENTERTAINMENT BUSINESS OUR LIFESTYLE BUSINESS 4,000,000
3,500,000
3,000,000
300,000 600,000 100,000 7,000

m2
2,500,000
250,000 500,000 6,000
tCO2e, market-based

tCO2e, market-based

tCO2e, market-based

tCO2e, market-based
80,000 2,000,000
5,000 1,500,000
200,000 400,000
60,000 4,000 1,000,000
150,000 300,000
3,000 500,000
40,000
100,000 200,000 0
2,000
50,000 100,000 20,000 2019 2022 2023
1,000
0 0 0 0
2019 2022 2023 2019 2022 2023 2019 2022 2023 2019 2022 2023 Properties

Scope 1 emissions Scope 1 emissions Scope 1 emissions Scope 1 emissions Retail

Scope 2 emissions Scope 2 emissions Scope 2 emissions Scope 2 emissions
Entertainment
Science-based targets Science-based targets Science-based targets Science-based targets
Lifestyle
Properties market-based and location-based Retail's location-based emissions (scope Entertainment's location-based emissions Lifestyle's location-based emissions (scope
emissions (scope 1 and 2) have shown a 28% and 1 and 2) have decreased by 15% in 2023 (scope 1 and 2) have increased by 8% in 2023 1 and 2) have increased by 108% in 2023
27% decrease respectively in 2023 compared to compared to the baseline year of 2019. This compared to the baseline year of 2019, while compared to the baseline year of 2019. However,
the baseline year of 2019. A significant proportion can be partly attributed to increased energy market-based emissions, accounting for the market-based emissions totals show a decrease
of this decrease is attributable to more accurate efficiency, evident by a decrease in electricity purchase of CECs only, show a decrease of 2%. of 8%. This is attributable to the purchase
reporting of tenant cooling, which has now been intensity since the baseline year, as well as an This reduction is seen despite an increase in of both I-RECs and CECs. In 2022, a greater
split correctly between the landlord and tenant. increase in the use of PV energy. Market-based floor area of 7%. volume of I-RECs and CECs were purchased,
Properties has improved its location-based emissions, taking into account reductions in leading to a drop in market-based figures last
emissions in 2023 through an increase in on-site 2023 from PPAs and CECs, highlight a further year. Comparing Lifestyle's assets on a like-
PV and on-site PV with PPA since the baseline significant reduction of 23% compared to 2019. for-like basis, it is evident that the increase in
year. These improvements in performance are These reductions are seen despite a 15% emissions is largely a result of growth. Lifestyle
despite the second largest growth in floor area increase in floor area across the same time has seen the largest growth out of the four
when compared to the other Operating Companies, period. Operating Companies, with a 55% increase in
which has increased by 39% since 2019. floor area in 2023 compared to 2019.

Scope 1 and 2 emissions by Operating Company, market-based. Note: Majid Al Futtaim understands that a change in its SBT baseline of greater than 5% triggers C26 Mandatory Target recalculation.
We have not identified a change of this significance and so will undergo a revalidation of the targets in 2025/2026, as part of the mandatory revalidation cycle triggered every 5 years.

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Energy Efficiency COMPANY-WIDE ENERGY AND FUEL MIX

At the forefront of our carbon mitigation activities 1,600,000,000

is our commitment to an energy efficiency first Landlord energy and fuel consumption has remained
approach. Informed by the results of energy 1,400,000,000 fairly consistent in 2023 compared to 2022, increasing
audits, our focus is on impactful wins that have a by only 2%. The largest portion of this growth is
strong return on investment. At the start of each attributed to an increase in the use of other fuels due
year, energy reduction targets are communicated 1,200,000,000 to extended operating hours. Additionally, due to more
accurate reporting, which splits the consumption
to Operating Companies based on their SBTs and
of landlord and tenant cooling, we have seen a
energy consumption is monitored on a monthly 1,000,000,000
75% increase in cooling consumption in our Retail,
basis. Entertainment and Lifestyle Operating Companies,
800,000,000
with a 12% decrease in electricity consumption.
As well as our Sustainable Building Policy

kWh
which defines requirements related to energy
management, a Building Management System 600,000,000

(BMS) is in place across some of our assets such

as shopping malls, hotels, offices and cinemas. 400,000,000
The BMS is helping us to monitor and measure
our utility consumption as well as identify
200,000,000
opportunities for improvements at the asset-
level and execute best practice building controls.
Examples include optimising lighting schedules, 0
HVAC scheduling, and utilising glass doors for 2022 2023
refrigeration cabinets. In addition, we are focused
on automation and have begun the installation of
smart meters across our assets, improving our Electricity (including PV) Cooling Other fuels

capacity to monitor and measure our consumption

based on real-time energy usage data.

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Examples of our impactful

energy saving activities in
2023 for each Operating
Company include:

OUR PROPERTIES OUR RETAIL OUR ENTERTAINMENT OUR LIFESTYLE

BUSINESS BUSINESS BUSINESS BUSINESS

Continuing our Digital Twin Journey, which reflects In Pakistan, Carrefour installed over 200 motion Following the significant energy savings realised Following a benchmark study of our Lifestyle
a real time digital representation of our physical sensors to optimise lighting controls in back of at VOX Cinemas Mercato Mall and City Centre business stores’ 2022 utility bills, we identified
assets, we have reached the ‘INTEGRATE’ phase with house areas with variable occupancy. It is Ajman from our Entertainment business's Energy THAT Concept Store in Mall of the Emirates as our
energy management being fully integrated for the estimated that this has saved 60,731 kWh a year, Performance Contract (EPC) with Enova, the EPCs most energy intensive store. Following this, several
UAE, Oman and Bahrain shopping malls. Additionally, equal to AED 58,397, with more sensor installations were rolled out to a further four assets in 2023 energy conservation measures were carried out
we have fully integrated our HVAC optimisation for planned in 2024. In addition, to comply with including City Centre Mirdif, City Centre Deira, Mall including optimising daylight whilst reducing heat
both UAE shopping malls and City Centre Bahrain, Majid Al Futtaim’s Near-Zero Fit-Out and of the Emirates and Yas Mall. The electricity savings gains by using a high performing tint for the skylight,
increasing the energy efficiency of the chiller plant by Refurbishment Policy, LED lighting was installed in at the end of 2023 total over 675,000 kWh from implementing zonal lighting controls, reducing
more than 15% to generate the same output. two stores with annual energy savings expected of measures such as BMS optimisation to increased HVAC consumption by enhancing BMS controls, and
over 625,000 kW (approximately 4% of the stores’ operational awareness. Together with the water use installing different summer and winter modes of
collective energy consumption), equal to almost and chilled water system reductions, the total cost operation to ensure the store operates as per the
AED 417,000. This has already been installed in all savings amount to over AED 2.5 million. ambient condition. These have resulted in an overall
other stores in Pakistan, with around 95% of non- energy saving of 20% in 2023 compared to 2022,
LED lights now replaced. Our Entertainment business also assessed the equivalent to a saving of AED 637,590 on the store’s
top-consuming kitchen equipment within our UAE annual utility bills.
Carrefour UAE participated in Earth Hour, assets, which contribute to 80% of the total kitchen
encouraging MAFers and other stores to switch electricity consumption. The study identified over
off lights for one hour. As a result, an estimated 1.8 million kWh of potential yearly savings, equal to
reduction of 138,000 kWh was achieved. This over AED 650,000 in annual cost savings. In addition,
amounts to 56,580 kgCO₂e in savings, equivalent to the study found that a reduction in operating hours
planting 2,260 trees. across all regions could save VOX Cinemas over
AED 1.8 million and Magic Planet and other leisure
and entertainment sites over AED 1.1 million a year.
We are now in the process of implementing the
findings through an operational optimisation project,
harnessing engagement with on-site teams.

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Renewable Energy OUR RENEWABLE ENERGY

PERFORMANCE AND TARGETS
Reducing the emissions associated with our

40,719 kWp
energy consumption is also important, helping
to establish a cleaner and more secure supply of
energy with less exposure to national networks
and reliance on fossil fuels. This involves renewable energy installed capacity11
procuring clean energy where available as well

5.8%
as producing our own on-site. As our SBTs
are based on market-based emissions, they
allow us to report lower emissions from any
renewable energy we procure, therefore making of Majid Al Futtaim’s energy consumption
the expansion of our renewable electricity is generated from renewables (includes
procurement strategy, where legislation allows, on-site PV, on-site PV with PPA and off-
essential. site PPA consumption)

2040
In 2023, we purchased over 7 million kWh I-RECs
(International Renewable Energy Certificates)9
and over 79 million kWh CECs (Clean Energy
100% of Majid Al Futtaim’s energy
Credits)10, equal to 8% of the Company’s electricity
consumption is generated from
consumption, supporting us to decarbonise the
renewables
electricity we draw from the grid.

Majid Al Futtaim’s Sustainable Building Policy

sets requirements related to cleaner energy
systems. For example, across our construction
sites, we encourage contractors to use hybrid
systems for power generation, which combines
solar and diesel to reduce our scope 3 emissions. 9
I-RECs (International Renewable Energy Certificates) are a type of
For operational assets, the policy requires all new certificate that represent the environmental attributes of the generation of
standalone projects to achieve a minimum on-site energy produced by renewable sources.

renewable energy generation of 25% of its total 10

CECs (Clean Energy Credits) are a type of certificate that provide certainty
that the power consumed comes from clean generation sources including
energy use (see page 44 for information on nuclear energy.
Tilal Al Ghaf’s Distrikt). This includes renewable energy projects at 17 shopping malls and our Tilal
11

Al Ghaf and Al Zahia communities as well as 8 rooftop PV installations to

power Carrefour stores in the UAE, Jordan, Egypt, Bahrain and Lebanon and
an off-site PPA in Jordan.

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Key to our decarbonisation strategy is the

deployment of directly owned solar arrays
on our assets as well as partnerships
with companies using Power Purchase
Agreements (PPAs). By partnering with The signing of an agreement with
solar developers, we can reduce our energy MASPRO Energy for a 950 kW solar
system at Fortress Hypermarket, our The signing of a 36,000 kWp master
costs without any upfront investment or services agreement (MSA) with Yellow
operational risk. In 2023, projects included: Retail business's flagship store in
Pakistan, in the following years. This Door Energy - responsible for financing,
COP28 designing, building, commissioning,
marks our first solar-powered store
in Pakistan, which has the potential to operating, and maintaining the solar
annually reduce carbon emissions by plant - to provide solar power to 18
The signing of a solar power agreement shopping malls in the UAE, Bahrain
over 560,000 kgCO₂, equal to 33% of with engazaat, who will develop the
the store’s annual energy consumption. and Oman in the following years.
solar assets, to provide over 20,000 kW Through the installation of new solar
of solar power capacity in the following power plants and acquisition of existing
years. The partnership is the largest plants, over 55 million kWh of clean
solar project in the commercial and electricity is expected to be produced in
industrial space since the inception the first year of operation, equivalent to
of the solar business in Egypt. Signed reducing carbon emissions by
during COP28, the solar assets will 39 million kgCO₂.
generate 737 million kWh of clean
electricity over the project’s lifetime to
power Mall of Egypt, City Centre Maadi
and City Centre Alexandria in Egypt,
and City Centre Beirut in Lebanon.
The solar systems on the rooftops and
carports of the four properties are
expected to offset over 3 billion kgCO₂
over 25 years. Importantly, it is projected
to create more than 2,000 jobs, foster
more than USD 20 million in Foreign
Direct Investment (FDI), and lay the To support the deployment of Majid Al Futtaim’s
groundwork for over USD 100 million renewable energy programme, we will continue
of potential FDI expansions in green to conduct feasibility studies regarding on-site
investments in Egypt. and off-site renewable energy production for new
developments and existing buildings as well as
PPAs.

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TILAL AL GHAF’S DISTRIKT

Distrikt embodies a dynamic "Live, Work, Play, In addition, the installation of low water
Stay" ethos, seamlessly integrating various consumption fixtures and innovative Hydraloop
amenities to promote an active pedestrian greywater recycling technology has resulted in
lifestyle. From retail and residential spaces to a 52% reduction in water usage compared to
offices, co-living and co-working environments, the baseline, with a substantial 40% decrease
healthcare facilities, entertainment hubs, in office irrigation demand. Furthermore,
educational institutions, and places of worship, Distrikt upholds responsible waste management
Distrikt offers a comprehensive urban practices, with over 86% of construction waste
experience. recycled or repurposed, while materials with
low environmental impact were prioritised
Setting a new benchmark for environmental throughout the project's development.
sustainability, Distrikt has achieved remarkable
milestones. Surpassing the initial goal of a
Very Good rating, the project proudly holds
BREEAM Excellent. In our pursuit of energy
efficiency and renewable resources, Distrikt
has made significant strides. With a remarkable
58% reduction in energy consumption over the
baseline, coupled with PV panels covering 25%
of the landlord energy demand and 100% of the
Majid Al Futtaim Distrikt office load, the office
spaces within Distrikt are net positive carbon.

25%
of the landlord load is
covered by solar PV panels

100%
of the office load is covered
by solar PV panels

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Managing Our
Scope 3 Emissions 2035 SCOPE 3 SBTS (MARKET-BASED, VS. 2019 BASELINE)

With a deeper understanding of where

emissions originate and the evolution of
frameworks to effectively manage them,
companies are increasingly required to manage
those emissions that are outside of their control.
These are called scope 3 emissions and result Our Properties business Our Retail business
from activities within the value chain not owned or
controlled by Majid Al Futtaim. Examples include -57.3% kgCO₂e/m² -78.3% kgCO₂e/m²
total GIA
emissions associated with the food we buy from
suppliers for our Retail business stores and the total occupied
electricity that tenants use in our malls to light
their shops.

Scope 3 emissions make up 64%-98% of our

Operating Companies’ total carbon footprints,
making it essential for us to monitor and manage
them. As such, each Operating Company has Our Entertainment business Our Lifestyle business
validated scope 3 near-term SBTs, which translate
into yearly emission reduction targets out to 2035 -84.8% kgCO₂e/m² -81.5% kgCO₂e/m²
against a 2019 baseline.
total occupied total occupied

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Our Scope 3 Emissions Performance

perties Retail
OUR PROPERTIES BUSINESS OUR RETAIL BUSINESS

Properties Scope 3 emissions, all relevant categories Scope 3 emissions intensity (kgCO₂e/m² total GIA),
Retail Scope 3 emissions, all relevant categories Scope 3 emissions intensity (kgCO₂e/m² total
SBT boundary categories only occupied), SBT boundary categories only

700 3,500

600 3,000

500 2,500

kgCO₂e/m²
kgCO₂e/m²
400 2,000

300 1,500

200 1,000

100 500

0 0
2019 2022 2023 2019 2022 2023

Upstream Activities Downstream Activities Upstream Activities Downstream Activities

Upstream Activities Downstream Activities Upstream Activities Downstream Activities
Scope 3 emissions intensity Scope 3 emissions intensity
Category 1 - Purchased Goods and Services (no developments) Category 11 - Use of Sold Products Category 1 - Purchased Goods and Services (consumer) Category 9 - Downstream Transportation and Distribution
Category 1 -1 Purchased
Category Goods
- Purchased Goods and and Services
Services (no developments)
(developments) Category 12 - EndCategory 11 - Use of Sold Products
of Life Treatment Category 1 - Purchased
Category 1 - Purchased Goods and
Goods and Services
Services (consumer)
(corporate) Category
Category 11 - Use 9 - Downstream
of Sold Products Transportation and Distribution
Science-based targets Science-based targets
Category 1 -3 Purchased
Category Goods
- Fuel and Energy and
Related Services (developments)Category 13a - Downstream
Activities CategoryLeased
12 - End of (controlled)
Assets Life Treatment Category 1 - Purchased
Category Goods and Services (corporate)
2 - Capital Goods Category
Category 12 - End 11 - Use
of Life Treatment of Sold Products
Category 4 - Upstream Transportation and Distribution Category 13b - Downstream Leased Assets Category 3 - Fuel and Energy Related Activities
Category 3 - Fuel and Energy Related Activities Category 13a - Downstream Leased Assets (controlled) Category 2 - Capital Goods Category 12 - End of Life Treatment
Category 5 - Waste Generated in Operations Category 15 - Investments Category 4 - Upstream Transportation and Distribution
Category 4 - Upstream Transportation and Distribution
Category 6 - Business Travel
Category 13b - Downstream Leased Assets Category 3 - Fuel andGenerated
Energy inRelated Activities
Category 5 - Waste Operations
Category 5 -7 Waste
Category Generated
- Employee Commutingin Operations Category 15 - Investments Category 4 - Upstream
Category 6 - Business Transportation
Travel and Distribution
Category 6 - Business Travel Category 7 - Employee Commuting
Category 5 - Waste Generated in Operations
Category 7 - Employee Commuting Category 6 - Business Travel
Category 7 - Employee Commuting

The shape of our Properties business's scope 3 emissions categories differs from our other Operating Companies due Our Retail business offers a wide range and high volume of consumer goods. Retail must consider each products' lifetime
to its involvement in real estate and development, where emissions tend to fluctuate based on the lifetime emissions of scope 3 GHG emissions and influence multiple significant categories, such as Category 1: Purchased goods and services,
assets built and sold within a given year. In 2023, Properties experienced a spike in emissions within the SBT boundary. Category 5: Waste generated in operations, Category 11: Use of sold products, and Category 12: End of life treatment.
However, it has made progress in reducing the overall carbon emissions intensity of the assets it develops. We are Retail has been actively engaging with its complex supply chain and making procurement decisions to drive continuous
awaiting the updated Buildings Sector Science Based Target Setting Guidance to accurately reflect these improvements. improvements in the emissions cost associated with producing, transporting, operating, and disposing of our products.

Note: Majid Al Futtaim understands that a change in its SBT baseline of greater than 5% triggers C26 Mandatory Target recalculation. We have not identified a change of this significance and so will undergo a revalidation of the targets in 2025/2026, as part of the
mandatory revalidation cycle triggered every 5 years.

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rtainment Lifestyle
OUR ENTERTAINMENT BUSINESS OUR LIFESTYLE BUSINESS

Entertainment
Scope 3 emissions, all relevant categories Scope 3 emissions intensity (kgCO₂e/m² total Lifestyle Scope 3 emissions, all relevant categories Scope 3 emissions intensity (kgCO₂e/m² total
occupied), SBT boundary categories only occupied), SBT boundary categories only

450 7,000
400 6,000
350
5,000
300

kgCO₂e/m²
kgCO₂e/m²
250 4,000
200 3,000
150
2,000
100
1,000
50
0 0
2019 2022 2023 2019 2022 2023
Upstream Activities Downstream Activities
Upstream Activities Downstream Activities

Upstream Category 1 - Purchased Goods and Services

Activities Category 9 - Downstream
Downstream Transportation and Distribution
Activities Upstream Activities Downstream Activities
Category 3 - Fuel and Energy Related Activities Category 11 - Use of Sold Products Scope 3 emissions intensity Category 1 - Purchased Goods and Services Category 9 - Downstream Transportation and Distribution
Scope 3 emissions intensity
Category 3 - Fuel and Energy Related Activities Category 11 - Use of Sold Products
CategoryCategory
1 - Purchased Goods
4 - Upstream and Services
Transportation and Distribution Category 12Category
- End of Life9Treatment
- Downstream Transportation and Distribution Category 1 - Purchased Goods and Services Category 9 - Downstream Transportation and Distribution
Category 4 - Upstream Transportation and Distribution Category 12 - End of Life Treatment
Category 5 - Waste Generated in Operations Science-based targets Science-based targets
Category 3 - Fuel and Energy Related Activities Category 11 - Use of Sold Products CategoryCategory
3 - Fuel5 -and Energy
Waste Related
Generated Activities
in Operations Category 11 - Use of Sold Products
Category 6 - Business Travel
CategoryCategory
4 - Upstream Transportation and Distribution
7 - Employee Commuting
Category 12 - End of Life Treatment CategoryCategory 6 - Business
4 - Upstream Travel
Transportation and Distribution Category 12 - End of Life Treatment
Category 7 - Employee Commuting
Category 5 - Waste Generated in Operations Category 5 - Waste Generated in Operations
Category 6 - Business Travel Category 6 - Business Travel
Category 7 - Employee Commuting Category 7 - Employee Commuting

Our Entertainment business, like our other occupier Operating Companies and similar businesses, has a significant Similar to Entertainment, Category 1: Purchased goods and services is a significant contributor to our Lifestyle
portion of scope 3 emissions falling under Category 1: Purchased goods and services. This category encompasses the business's overall scope 3 emissions and is part of our SBT boundary. Like other Operating Companies, Lifestyle has
embodied carbon associated with the products and services purchased throughout the reporting year, including those been enhancing its data collection to more precisely demonstrate emissions reductions resulting from sustainable
generated in the production and processing of products prior to reaching Entertainment. As the largest contributor, this procurement and supplier engagement. Another substantial category for Lifestyle is Category 4: Upstream transportation
category is included in our scope 3 SBT boundary. However, the emissions are currently strongly correlated to the overall and distribution, which considers emissions associated with transporting Lifestyle's products from the factory gate to
spending of Entertainment, making it challenging to reflect improvements solely through sustainable procurement. We our stores. Given the industries in which Lifestyle operates, it is critical to consider transportation distance and mode to
are actively collaborating with suppliers and data providers to demonstrate this more accurately. reduce emissions. Utilising sustainable fuels, transportation modes, and reducing distances are key to making progress
in this area.

Note: Majid Al Futtaim understands that a change in its SBT baseline of greater than 5% triggers C26 Mandatory Target recalculation. We have not identified a change of this significance and so will undergo a revalidation of the targets in 2025/2026, as part of the
mandatory revalidation cycle triggered every 5 years.

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Supply Chain Emissions ALLIANCE OF CEO CLIMATE

LEADERS LAUNCHES SCOPE 3
ACTION PLAN
Emissions from our supply chain, meaning As part of our efforts, we are exploring
those associated with the goods and services we opportunities with our supply chain to reduce
procure, are one of the largest sources of our the emissions associated with the transportation Majid Al Futtaim was one of the first
scope 3 emissions. This is particularly true for our of the goods we procure. For example, signatories to the plan, which seeks to
Retail, Lifestyle and Entertainment businesses, our Lifestyle business partnered with Scan scale collaborative action across value
where this forms 84%, 78% and 73% of their Global Logistics (SGL) to launch a pilot project chains. This commits us to:
scope 3 carbon footprints respectively. using Sustainable Aviation Fuel (SAF), making
us the first in the region to utilise it for airfreight • Set scope 3 targets aligned with
Through our Sustainable Procurement Policy, shipments of fashion products. The SAF is made a 2050 net zero pathway and a
supplier trainings and ongoing support, we engage from sustainably sourced renewable waste and transition plan by 2025
with our suppliers and help them in reducing residue material and over its lifecycle, can reduce
their emissions. The policy is aligned with our carbon emissions by up to 80% compared to • Implement a supplier engagement
carbon commitments and sets standards across conventional jet fuel. Over 20 weeks, we reduced plan and start engaging at least
topics such as carbon and emissions, products the carbon emissions of airfreight transport by 30% of our supplier base by 2025
and materials, waste, equipment, and training. All over 29,000 kgCO₂e for our Lifestyle business
tier 1, 2 and 3 suppliers will be expected to meet products, at a cost of 45% below the average
• Engage at least 67% of our supplier
the minimum standards by 2025. Following this, market price. In addition, Unilever, one of the
base on the ask to suppliers by 2026
companies unable to comply shall be excluded biggest Fast-Moving Consumer Goods (FMCG)
from the tender process. In 2023, we became suppliers for our Retail business, launched its
first electric delivery van in the UAE in 2023, • Ask suppliers to have scopes 1-3
a CDP Supply Chain member to help us further
helping to reduce the emissions associated targets in place aligned towards
engage suppliers whilst identifying key risks and
with the delivery of products to our stores. This a 2050 net zero pathway, disclose
opportunities. Through CDP’s questionnaires,
complements our existing efforts to reduce the emissions and ensure equivalent
we have requested environmental data from our
emissions of logistics between Majid Al Futtaim’s systematic emissions reductions by
key suppliers and are using this data to inform
Distribution Centre and our UAE stores, where 2028
our 2023 scope 3 reporting. Moving forward,
this will help us receive their data on an annual 100% of the third-party fleet is already using
basis, so we can provide targeted support for biodiesel (D-5).
mutually beneficial emissions reductions and
track the progress of these actions. Positively,
our collaboration with CDP has resulted in 24%
supplier engagement across our Global Solutions
business.

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OUR RETAIL BUSINESS'S TOGETHER FOR BETTER Dubai Chambers’ cooperation with
COP28
Majid Al Futtaim's Retail business to
launch the Supplier Sustainability Forum
In 2023, our Retail business launched the Supplier The forum also introduced the Sustainable is shaping a grocery retail industry
Sustainability Forum – Together for Better - in Partnership Pledge, encouraging members landscape where knowledge, best
partnership with the UAE’s MOCCAE and the Dubai to share their knowledge, best practices practices, and learnings are openly
Chamber of Commerce. This pioneering initiative and learnings to enhance their sustainability exchanged and collective efforts are
aims to harness collaboration to spearhead a performance. Importantly, at COP28, driving exponential progress. As the
sustainable future for grocery retail and set new Majid Al Futtaim and 16 of its FMCG partners forum’s vision is expected to extend
standards for the industry. The forum brought pledged to advance the forum’s Collaborative beyond borders, we hope it can inspire
together 16 prominent FMCG suppliers including Impact Goals (CIGs). The mandated CIG 1 commits further collaboration that will shape
Arla Foods, Beiersdorf, Bel Group, Colgate- members to measure, report, and activate steps
the future of sustainable business on a
Palmolive, Danone, Duracell, Henkel, IFFCO, to reduce the emissions of their respective
global scale and accelerate our journey
Kenvue, Mars, Mondelēz International, Nestlé, products that sit on our Retail business's shelves.
towards the goals of the Dubai Economic
PepsiCo, Reckitt, The Coca Cola Company, and The optional CIG 2 and 3 focus on sustainable
Unilever. Four dedicated working groups were packaging and healthier and more sustainable Agenda (D33). We remain committed to
formed - Climate and Water, Circular Economy, products. promoting best practices in sustainability
Better Products, and Better Communities - and and environmental stewardship through
workshops identified barriers to success as well Moving forward, the forum aims to establish initiatives such as our Dubai Circular
as critical challenges to overcome. working groups in 2024 to identify priority projects Economy Incubation Centre (DCEIC),
for each of the CIGs and plans to expand the which was launched to support the
forum’s impact beyond the UAE to the broader circularity of business operations and
Middle East and Africa region. harness the capacity for innovation
for which Dubai’s dynamic business
community is globally renowned.

MAHA AL GARGAWI
Vice President -
Business Advocacy
Dubai Chambers

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Embodied Carbon
Embodied carbon emissions are associated Within our Properties business, we are taking This policy is in line with the WorldGBC’s net zero EMBODIED CARBON
with the materials and construction processes proactive steps to manage embodied carbon to embodied carbon targets to reduce our embodied TARGETS PER ASSET TYPE
throughout the whole lifecycle of a building. As reduce our scope 3 emissions footprint. Since carbon by 20% by 2025 and 40% by 2030. If the
operational carbon is reduced, embodied carbon 2021, our Sustainable Building Policy has required reduction is not achieved, high-quality offsets
will continue to grow in importance as a proportion all new development projects to complete an aligned with the Oxford Offsetting Principles
of total emissions12. assessment using Majid Al Futtaim’s Embodied and certified by Verra or Gold standards are
Carbon Tool or comparable tools during the design purchased.
stage and achieve a 20% reduction in embodied
carbon compared to the asset type’s baseline 680 kgCO₂e/m²
(as detailed on the right). Shopping malls

OUR EMBODIED CARBON ROADMAP

Established embodied
carbon baseline and target Continued embodied
600 kgCO₂e/m²
to achieve a 20% reduction carbon assessments
Hotels
against the baseline for our new assets Track performance and report annually

2021 2022 2023 2024 2025 2030 2040 2050 520 kgCO₂e/m²
Communities

Aligned with the SBTi, with Category Increase our target to Net zero proposed
1: Purchased goods and services achieve a 30% reduction SBTi target date
(developments) for our Properties against the baseline
business as embodied carbon emissions

12
https://worldgbc.s3.eu-west-2.amazonaws.com/wp-content/uploads/2022/09/22123951/WorldGBC_Bringing_Embodied_Carbon_Upfront.pdf

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We have developed an embodied carbon baseline In 2023, several studies on Majid Al Futtaim’s assets were completed to compare the embodied REDUCING THE EMISSIONS OF
for each asset type, which we use to benchmark carbon of a base case scenario of standard construction practices without sustainability principles RESIDENTIAL PROPERTIES
the performance of our projects. The assessment with the as-built design. This included:
reporting methodology is aligned to terms and
lifecycle stages defined within the widely adopted
ASSET EMBODIED SAVINGS As a community developer, the emissions
BS EN 15978:2011 Sustainability of construction
CARBON (Majid Al Futtaim Embodied associated with the residential properties we
works, based on Life Cycle Assessment (LCA)
(kgCO₂e/m2) Carbon Benchmark) develop and sell form a significant proportion
and other quantified environmental information
(35%) of our Properties business's scope 3
to assess the environmental performance of a
footprint. We carefully analyse the environmental
building.

In practice, we reduce embodied carbon through

Al Yasmeen, Al Zahia 371 43% impact of all our projects through LCA studies,
identifying ways to improve their design, focusing
on energy efficiency and the supply of on-site
activities such as sourcing materials locally as renewable power, where legislation allows,
much as possible, choosing materials with a supported by our Sustainable Building and Fit-Out
higher recycled content, substituting virgin cement
with Ground Granulated Blast-Furnace Slag
(GGBS), efficiently designing an asset’s structure,
Uptown, Al Zahia residential 406 38% policies.

For example, we have increased the use of GGBS

and using recycled aggregate in landscaping.
in the concrete of our residential buildings and
During construction, we seek to divert as much
actively seek out local and regional products
waste from landfill as possible, achieving a 96%
diversion rate in some cases including during the
construction of the Harmony Villas at Tilal Al Ghaf.
Uptown, Al Zahia retail 639 25% with Environmental Product Declarations (EPDs).
Our updated Sustainable Building Policy now
includes stricter requirements for materials
like steel and concrete and all our residential
units are at least 20% more efficient than
Distrikt Tilal Al Ghaf 581 32% ASHRAE Standard 90.1, which sets minimum
energy efficiency requirements for the design
and construction of buildings. Examples of the
measures we implement include building fabric
with low U-values to keep occupants comfortable
Elan Townhouses, Tilal Al Ghaf 472 44% and deliver high energy savings, equipment that
is energy-efficient or ENERGY STAR-rated, LED
lighting, automatic timers to switch off external
lighting when not in use, solar water heaters, and
low-flow water fixtures and regulators to help
residents consume less water.

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COLLABORATING
Tenant Emissions THROUGH UNITY
COP28 FOR CHANGE
Emissions from downstream leased assets, In addition, ongoing support is provided to
meaning those resulting from tenants’ energy help them meet the minimum score as well as Majid Al Futtaim alongside Chalhoub Group,
consumption in our malls, make up 8% of our increase it through, for example, workshops to LVMH, Emaar Malls and Aldar Properties
Properties business's scope 3 carbon footprint. review requirements and submissions, identify have come together to create Unity for
Reducing tenants’ emissions requires continuous and recommend achievable measures and offer Change, a first of its kind partnership in the
engagement to nurture a collaborative effort assistance and guidance. In 2023, we updated Middle East retail sector. The alliance will
towards mutually achieving our sustainability the Green Star Rating System to improve it based focus on energy efficiency, clean energy,
goals. At the asset level, tenants’ energy on lessons learned, feedback from tenants, and eco-design, water, and waste management
consumption is collected by energy meters. to align with market trends as well as our Near- to realise each company’s ESG goals.
Zero Fit-Out and Refurbishment Policy and SBTs.
We use Majid Al Futtaim’s Green Star Rating This included updates to the interface and user
The cooperation specifically aims to enhance
System to engage tenants to reduce their experience within our tenant portal and internal
the understanding and management of
resource consumption and improve their software.
energy consumption across the companies’
efficiency performance. The system is designed properties, tenant stores, and landlord
to evaluate the environmental impact of store fit- common areas, whilst also developing
outs and operations and provides a sustainability an eco-design checklist, increasing
benchmark for tenants to strive for. Tenants can clean energy adoption, improving water
earn points in categories such as transportation management and air conditioning efficiency,
and location, water efficiency, energy and as well as other initiatives. Additionally,
atmosphere, material resources and waste there will be concerted efforts to research
management, indoor environmental quality, green concrete usage to achieve recycling
corporate environmental responsibility and objectives.
exemplary performance. Tenants then achieve
a 3, 4 or 5-star rating, with 3-stars being the

87%
mandatory minimum rating required by the lease
in relation to tenants’ fit-out. Tenants receive
various support including a guide that outlines the
of green star applicable units
process of collecting evidence, a video to explain
opened in 2023 have been rated
the rating system and templates to create policies
3-star or above. Majid Al Futtaim's
and other forms of evidence.
Green Star Rating System engages
tenants to reduce their resource
consumption and improve their
efficiency performance.

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Carbon Offsetting
As Majid Al Futtaim’s net positive commitment In 2023, Majid Al Futtaim began
allows us to offset residual emissions, these participating in a voluntary carbon
form part of our Climate Transition Action Plan. credit platform pilot project,
However, as the SBTi is expected to only allow less COP28 officially announced at COP28, from
than 5% of our total emissions to be offset in 2050, the Dubai Financial Market (DFM).
our approach will only be deployed as an interim The integrated platform seeks to
measure. explore trading and the use of carbon credits,
providing a mechanism to help companies manage
Our interim offsetting strategy takes a two-phased unavoidable and residual carbon emissions as
approach, which includes offsetting any remaining well as create an easier participation route to
embodied carbon emissions on an annual basis the carbon market and help the UAE achieve its
when the 20% reduction target for a development net zero neutrality by 2050 goal. Each carbon
is not met as defined in our Sustainable Building credit symbolises a tangible reduction in carbon
Policy. We would then sufficiently offset residual emissions, with one credit offsetting one ton
emissions as a last resort to achieve our 2040 of CO₂e13. As well as offsetting emissions, such
carbon target. Given the SBTi restrictions platforms help companies access verified high-
surrounding offsetting, we have set a 2024 target quality credits and a wide range of projects
to develop a formal offsetting strategy. with positive impacts whilst receiving price
transparency and utilising a secure trading
platform. Majid Al Futtaim has purchased 250
carbon credits, investing in the EVERGREEN
REDD+ PROJECT, certified by Verra Carbon
Standard. The project seeks to reduce emissions
from deforestation and forest degradation in
developing countries and implement additional
forest-related activities that protect the climate
and create community and biodiversity benefits.

13
https://www.dfm.ae/investing/products/carbon-credits

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Climate Resilience and

Nature-Based Solutions
The MENA region is one of the most vulnerable to A Climate Resilience Strategy and Roadmap guides
climate change impacts, with approximately 75% our efforts. This takes a nature-based solutions
of infrastructure and buildings facing substantial (NbS) approach to simultaneously achieve climate
climate-related risks, including extreme weather resilience and nature positive outcomes. The
events, increasing temperatures, rising sea strategy and roadmap consist of a five-year action
levels, droughts, and floods14. With an extensive plan with priority actions. As part of the strategy,
real estate portfolio and complex supply chains, we will develop science-based targets for nature
our adaptation activities within Majid Al Futtaim’s (SBTns) that focus on the most material areas of
Climate Transition Action Plan focus on avoiding, impact (see page 56) and disclose in line with the
reducing or transferring climate risks. Taskforce on Nature-related Financial Disclosures
(TNFD), the latter of which we did for the first
time this year (see page 123). In 2023, our efforts CLIMATE RISK ADAPTATION
consisted of developing a climate risk baseline, ACTIVITIES
targets, KPIs and monitoring procedures so we
can better track and disclose the progress of our
climate adaptation measures. The KPIs cover

1
carbon and energy performance, physical climate Climate Resilience Strategy
resilience, biodiversity and water. and Roadmap with a focus on
nature-based solutions

2 Climate-related key
performance indicators

3 Asset resilience strategies

14
https://www.unepfi.org/wordpress/wp-content/uploads/2023/03/Adapting-to-a-new-climate-MENA.pdf

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Managing Our Climate Risk OUR TOP CLIMATE-RELATED

RISKS
We have and continue to build a strong In Tilal Al Ghaf, more than 1,400 native and
understanding of our climate-related risks adaptive trees (Ghaf and Ziziphus species) Short-term (2030)
through quantitative modelling of all the assets have been planted amongst other species. In
within our portfolio and analysis of our business addition, open grids and permeable pavements Increased energy demand and costs,
strategy against a range of climate scenarios, up are prioritised, which supports the rainwater asset upgrade requirements, fossil
to 2100. As a result, we have identified and are management of the project. fuel phase-out
actively managing Majid Al Futtaim’s top physical
and transition climate-related risks, which we will For our Retail business, the focus is on our Medium-term (2030-2040)
continue to reassess in line with best practice. supply chain through activities such as sourcing
To learn more about these risks and how we are and packaging materials management and
managing them, see page 123 for our response to Water stress and drought, insurance
collaboration and resilience building including
the TCFD. challenges
through our Supplier Sustainability Forum (see
page 49).
Our Properties business considers several Long-term (2050-2100)
initiatives as part of our climate resilience
approach. As a response to heat stress, we ensure Supply chain disruption, climate-
the design of our communities strive for outdoor induced litigation, coastal flooding
and indoor thermal comfort through passive
design and NbS, by looking at effective orientation
including shading devices on building facades,
shaded walkways through external canopies in the
public realm as well as parking spaces, materials
with high solar reflectance index (SRI) values,
and increased open and vegetated spaces. Our
communities also feature a wide area of parks,
ATTENDING A CLIMATE
landscaped trails, crystal-clear lakes, and lush WORKSHOP
green spaces.
Employees from Carrefour Qatar took
part in a two-day workshop organised
by the Ministry of Environment and
Climate Change to hear from expert
speakers on climate adaptation
strategies and best practices.

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Supporting Nature Positive Outcomes

An estimated USD 44 trillion of global economic To effectively manage our impacts, we are This year, we also performed the TNFD LEAP
value generation is dependent on nature and developing SBTns. In 2023, we made good Assessment across our direct and downstream
associated services, with construction (USD 4 progress on assessing our most material impacts operations to identify and assess our top material
trillion), agriculture (USD 2.5 trillion) and food and dependencies on nature as well as where nature-related risks and opportunities, outlined in
and beverages (USD 1.4 trillion) being the three they occur in our operations and value chain. We our inaugural TCFD-TNFD integrated disclosure
largest dependent industries15. These industries have also defined which targets to set, which (see page 123). Completing an SBTN and LEAP
are intrinsic to our key business activities, locations and economic activities to include within Assessment demonstrates our holistic approach to
therefore helping nature to flourish is essential for the target boundaries, and where to act first to nature, understanding our material nature-related
safeguarding our long-term value as well as the effectively mitigate the most significant negative impacts, dependencies, risks and opportunities
critical role it plays in our survival including food impacts on nature and increase the potential for to set science-based targets to support a nature
security, public health and livelihoods. Throughout positive impacts. To guide our efforts, we are using positive future.
the property lifecycle, our policies set standards to the Assess, Commit, Transform and Disclose
support positive nature outcomes. (ACT-D) framework and relying on tools such as
the Aqueduct Water Risk Atlas to determine our
most material water basins. However, guidance
for setting SBTns is still in development by the
Science Based Targets Network (SBTN) as well as
global modelling of water targets for most water
basins where Majid Al Futtaim operates. This has
postponed our ability to set targets for freshwater
however, we remain committed to doing so once
this information becomes available.

15
https://www.weforum.org/press/2020/01/half-of-world-s-gdp-moderately-or-highly-dependent-on-nature-says-new-report/

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Nature-Based Solutions AL MOUJ’S FIRST URBAN FARM

NbS are at the centre of our approach to climate In 2023, we lined Tilal Al Ghaf’s boulevard Al Mouj Muscat has established
resilience given the vast environmental, social with 391 Ziziphus spina-christi trees and over the first urban farm in Oman for
and economic benefits they can create to help 1,000 Ghaf trees, the former known for their the community’s 8,000 residents to
infrastructure, communities and ecosystems adapt potential to contribute to a large yield of honey promote community engagement and
to a changing climate. From building resilience due to their prominent nectar secretion as well environmental stewardship. The farm
against flooding and drought to the protection of as extended flowering patterns. The trees will provides a place where residents can
habitats and improved health and wellbeing. not only provide a widespread canopy for shade come together to connect, socialise,
but will also support the community’s 8 beehives, grow, and learn about sustainable
Our NbS include organic farms using regenerative which have yielded 40 litres of pure honey. An agriculture. Launched in 2023, the
farming techniques, integrating beehives, planting additional 4 hives were added to the community 250 m² farm has more than 30 resident
trees, and exploring innovative technologies such in 2023. volunteers who have embraced the
as our air-to-water solution (see page 60). Across opportunity to garden outdoors and
our portfolio of shopping malls, we are looking into collectively plant, grow and harvest
green roofs, facades, and biophilic design, which a variety of vegetables, fruits and
can sequester and store atmospheric carbon, herbs. The concept is also sociable
increase biodiversity, improve air quality and aid and educational as it provides a place
with rainwater runoff retention. for people to engage over a mutual
appreciation of nature whilst sharing
their knowledge and skills.

100
mangrove trees planted by
Carrefour UAE in Ajman with
Garnier for a Greener UAE, which is
estimated to remove 30,000 kgCO₂
over the trees’ lifetime

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Net Positive Water WATER USE BY OPERATING COMPANY

7,000,000 Properties operational mains water has shown

The MENA region is considered one of the most For example, we have calculated our direct water a decrease in consumption by 11% compared to
6,000,000
arid and water scarce areas on Earth, and its consumption using the Aqueduct Water Risk Atlas 2019, with a transition to alternative water types
rapid growth in population has led many of its to help us determine Majid Al Futtaim’s most 5,000,000 such as TSE water for irrigation. The consumption
countries to rely heavily on an ever-depleting material water basins and are engaging with our 4,000,000
of non-mains water has increased significantly in
amount of ground and surface water. As a diverse teams to gather information about the location of 2023 across this time period by 369%, reducing

m3
business operating across a range of industries, our suppliers’ essential water basins. Following 3,000,000 pressure on mains water supplies. These
Majid Al Futtaim is present in several sectors the release of more guidance by the SBTN, which improvements in performance are despite
2,000,000
the second largest growth in floor area when
which are typically characterised by high water is currently in development, these activities are
1,000,000 compared to the other Operating Companies,
use including food and beverage, fashion and helping us to establish a science-based freshwater which has increased by 39% since 2019.
community development. target. For more information, read our TNFD 0

disclosure from page 123. 2019 2022 2023 Entertainment's water consumption has also
In 2017, we set a target to become net positive seen a decrease of 2% in 2023 compared to 2019,
in water by 2040 for our direct operations. This Since 2019, we have been growing a portfolio Properties mains water despite an increase in floor area of 7%.
means we will replenish more clean water than of green finance, guided by our Green Finance Properties reverse osmosis (RO), treated
sewage effluent (TSE), and borehole (BH)
we use. To achieve this, our policies set minimum Framework. Net proceeds from green bonds or Lifestyle's water consumption has increased
Retail
standards on topics such as water quality, Green Sukuk are used to finance green projects by 152% in 2023 compared to the baseline year
water use, efficiency equipment, monitoring and that meet one or more of the categories of Entertainment of 2019. Comparing Lifestyle's assets on a like-
leak detection, metering, recycling and water eligibility recognised in the International Capital Lifestyle for-like basis, it is evident that the increase
in consumption is largely a result of growth.
generation feasibility studies. We also set annual Market Association (ICMA) Green Bond Principles
Lifestyle has seen the largest growth out of the
KPIs and efficiency measures for each of our across four areas: water efficiency, energy four Operating Companies, with a 55% increase in
Operating Companies to drive progress internally, efficiency, renewables and green certified assets. floor area in 2023 compared to 2019.
and the development of our SBTns (see page 56) Eligibility requirements for water efficiency
will be essential for advancing our net positive include water recycling projects or investment in Retail has seen a decrease in water consumption
water target. technology that will lead to reductions in water in 2023 compared to 2019 of 5%. These
usage or demand of a minimum of 30%. For more reductions are seen despite a 15% increase in
information, see page 121 and our Green Capital floor area across the same time period.
Market Issuances 2024 report here.
For a full breakdown of our environmental data,
see the 2023 Environmental Data Annex here.

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Examples of water-
saving activities in 2023
for each Operating
Company include:

OUR PROPERTIES OUR RETAIL OUR ENTERTAINMENT OUR LIFESTYLE

BUSINESS BUSINESS BUSINESS BUSINESS

Across our developments, alignment with water use Carrefour Qatar implemented a new water Water saving initiatives have been driven by our Our Lifestyle business stores require limited water
requirements is ensured through close collaboration conservation strategy, whereby condensate water work with our EPC provider, ENOVA, including the use. Nevertheless, our initiatives included the
with design managers as well our interior design from air conditioning systems is collected and installation of high-efficiency water closets and low- implementation of water efficient fixtures for wet
consultants, which involves a meticulous review utilised. A pilot was carried out in City Centre Doha flow water fixtures across seven sites. As a result, pantries at our new stores of Crate and Barrel,
of sanitaryware schedules at each design stage to Mall, which successfully collected 350 litres of water, our EPC contracts typically deliver an average 10.5% Lululemon and CB2. These fixtures, equipped with
ensure strict adherence to requirements and going providing an estimated 5% of the store’s annual water saving. automatic sensor technology, help us reduce water
beyond our targets. Impressive water consumption water use. consumption whilst still meeting our operational
reductions have been achieved across Tilal Al Ghaf in needs. Additionally, immediate action on addressing
2023, including: water leaks is taken as well as creating awareness
amongst our frontliners on water saving behaviours.
Distrikt achieved a 52% reduction in overall water
usage through the careful selection of highly
efficient fixtures with low-flow rates, whilst
Juma Mosque achieved water savings of 43% by
selecting efficient fixtures with low-flow rates and
integrating Hydraloop technology for greywater 2,253 litres
recycling in WC flushing. of water saved by our new
Tilal Al Ghaf office in the first
The Hydraloop technology has also been month following the integration
integrated within our new Tilal Al Ghaf office, of Hydraloop technology
where we have saved 2,253 litres in the first
month, which equates to 40% of our irrigation
demand. These savings are expected to increase
following the installation of an additional two units
to treat our greywater. We are currently using the
water for our office’s courtyard irrigation demand.

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Encouraging Water Saving

in Our Communities
Within our Properties business, we complete
development projects to build new community
spaces. As a customer-centric business unit, when
conducting feasibility studies, we focus not only
on measures that reduce landlord consumption
and improve water efficiency but also those
that benefit our future residents. Within these
communities, there is a huge amount of potential
including interventions such as effective garden
watering and irrigation practices, optimised design
features for white goods, and the potential for SUPPORTING DUBAI CAN
using wastewater treatment technologies. THROUGH INNOVATIVE
TECHNOLOGY
For many upgrade options for our units, we first
test the technology in our offices or show villas
to assess its effectiveness. Once we believe it We have continued to deploy
could bring value to our communities, we provide innovative air-to-water dispensers,
the option of upgrading. We strive to make it as which rely on hydro-panel technology
feasible as possible by collaborating with suppliers to generate clean drinking water
to ensure financial accessibility. This way, our from air. Our continued support of
residents can see effective results once the
upgrades are installed.
Dubai Can, an initiative by Dubai
Crown Prince that aims to reduce
+398,000 litres
single-use plastic water bottles of free clean water provided
and enable access to free and safe for the public through our
drinking water, has seen us provide air-to-water dispensers across
over 398,000 litres of free clean water RTA metro stations
for the public in 2023 across Roads
& Transport Authority (RTA) metro
stations. In addition, three air-to-
water dispensers have been provided
by Majid Al Futtaim and installed at
rest areas for delivery drivers.

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Collaborating Across DESIGNING A WATER

CONSERVATION STRATEGY
the Value Chain IN JORDAN

Although outside the scope of our net positive

water commitment, we engage our tenants and Seven Carrefour Jordan actively engaged
as the private sector representative
suppliers to improve their water consumption hydroponic farms are amongst 60 participants from
and efficiency through tools such as our operational across the Jordan’s public sector, NGOs, and
Green Star Rating System (see page 52) and UAE and Qatar private companies in a series of
Sustainable Procurement Policy. For example,
United States Agency for International
we have introduced micro irrigation systems
Development (USAID) Water Efficiency
and hydroponic farms into our supply chains to
and Conservation (WEC) Activity
minimise water loss and promote sustainable
workshops. Facilitated by MAGENTA,
farming. At the end of 2023, seven hydroponic
a social and behavioural change and
farms are now in place across the UAE and Qatar,
research organisation, the workshops
growing a wide variety of unique leafy green
aimed to collectively design a
herbs and vegetables, using 90% less water than
comprehensive strategy for water
traditional soil agriculture. Meanwhile, our brand
conservation across agricultural,
partners for our Lifestyle business provide a
industrial, and municipal sectors
wide range of sustainable products that can be
in Jordan. An official strategy was
repurposed, upcycled or recycled, which is vital
launched in January 2024, offering a
in the fashion industry that uses 93 billion m3 of
tailored and comprehensive roadmap
water annually16.
to implementing social and behavioural
change activities under the water
conservation movement in Jordan.

16
https://www.worldbank.org/en/news/feature/2019/09/23/costo-
moda-medio-ambiente#:~:text=Every%20year%20the%20fashion%20
industry,disposed%20of%20in%20a%20landfill.

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Water Offsetting
Achieving net positive water requires more We are already supporting a pilot project in Kenya,
than implementing water efficiency measures. which has provided over 1.9 million litres of clean
Therefore, our water offsetting strategy seeks to water to the community in 2023, producing on
address our residual consumption by, for example, average 5,000 litres of water a day, and we are in
supporting actors in our supply chain who work the process of finalising an additional project in
in high-consuming sectors and partnering with Uganda. Once finalised, the solar-powered water
external organisations on clean water generating kiosk will feature a 5,000 litre water tank with the
programmes. capacity to provide up to 8,000 litres of water per
day.
We have been working with STX group and Project
Maji to evaluate water offsetting and replenishing Given the success of these initiatives, we are
projects that abide by the best practice water working with NGOs and a water solutions
offsetting principles. Project Maji operates in contractor in Egypt to establish a similar project
some of the smallest communities in rural Africa, under the ‘Decent Life’ presidential campaign.
providing a long-term solution through a build,
monitor, operate and maintain model. More than
a quarter of a million people have benefited so far
across Ghana, Kenya and Uganda, and through
its partnership with Majid Al Futtaim, Project Maji
hopes to scale up its efforts to reach one million
people by 2025 and 10 million by 2030.

1,905,372
litres of clean water provided
to a Kenyan community in 2023
through Majid Al Futtaim’s
partnership with Project Maji

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Circular Economy
According to the Dubai Carbon Centre of
Excellence, the UAE ranks amongst the top nations
for per capita waste generation in the world17. The
overproduction of waste has negative impacts
on the environment and society, from pollution
and biodiversity loss to health hazards and high
disposal costs.

Our business activities span the property lifecycle,

including the construction and refurbishment of
assets to operations within diverse industries
including retail, food and beverage, entertainment
and fashion. Across these industries, approaches
to waste management have traditionally followed a
take, make, waste model, which needs a dramatic
transformation to decouple resource use from
economic growth by designing out waste and
pollution, keeping products and materials in use
and regenerating natural systems.

17
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Embedding Circularity into Our Business Model TRUE ZERO-WASTE

Majid Al Futtaim’s policies set standards relating

to practices such as operational waste and
recycling, construction and demolition waste
We also equip employees with the knowledge to
practice responsible waste management through
training and awareness programmes, from on-site
95%
of our waste in Majid Al Futtaim
management, and materials. We are also teams to head office cleaning staff. For example, Tower 2 is diverted from landfill
members of the Ellen Macarthur Foundation, in 2023, Carrefour Qatar launched a waste
working to accelerate the transition to a circular management awareness campaign for employees

5,000,000
Majid Al Futtaim Tower 2 is Gold level
economy alongside other organisations. through an instructional video displayed on back-
TRUE Zero-waste certified, diverting
office TV monitors across all stores. This was
95% of its waste from landfill. Owing
A wide range of initiatives are in place across complemented by waste management audits pages of paper saved by to the success of this process and
our operations to support us in working towards across all stores to assess waste segregation. Carrefour UAE by transitioning in line with our Zero-Waste Policy
embedding circular thinking within our processes, These identified the need for clear guidelines and to digital processes, achieving to achieve a 90% diversion rate, we
products and services. Within this next phase of reminders, as well as refreshment sessions for a 22% reduction in printouts intend to begin certifying the rest of
our strategy, our focus will be on taking stock of employees and regular checks.
Majid Al Futtaim’s offices. To kick-
our current performance across the Company and
start this process, we created a Zero-
developing a plan to accelerate our progress in
Waste Working Group to support our
this space.
efforts across all our offices and in
2023, we completed an internal waste
Examples of some of our initiatives include a audit of Majid Al Futtaim Tower 1 to
biannual Majid Al Futtaim Bazaar at the Dubai identify improvement opportunities
World Trade Centre. This event reduces waste and our Retail business began
by diverting damaged and excess stock from working with RECAPP by Veolia to
landfill and offers these items to customers at support our recycling activities.
a significantly reduced price, often at a discount
of 85%. In 2023, Carrefour UAE launched a
new approach to customers’ returned items by
donating usable household goods and electronics
to the Emirates Red Crescent, our IT department
and staff accommodations. An impressive 30,000
items have already been donated.

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Minimising Food Waste

For a country like the UAE where 90% of food is
imported18, minimising food waste is extremely
For example, a recent waste audit of six of our
VOX Cinemas as part of a LEED certification 20,350 litres
important to mitigate food insecurity. Despite this, exercise found that, on average, food waste makes of used cooking oil from Ski Dubai
DIVERTING FOOD and VOX Cinemas were converted
roughly 38% of the food prepared every day in the up approximately 75% of general waste at VOX
WASTE THROUGH country is wasted19. Food waste occurs due to the Cinemas, making it a critical category to avoid into biodiesel
COMPOSTING nature of our business, from the food offerings in wastage. As such, in 2023, our Entertainment

15,842 kg
our cinemas and malls to the fruit and vegetables business piloted a three-month food waste
on sale in our Retail business. Therefore, composting project with the Waste Lab, a Dubai-
Aloft Dubai Creek and Sheraton we have a target to reduce food waste within our based start-up, across four VOX Cinemas in
Mall of the Emirates hotel Retail business by 50% by 2030 against a 2019 the UAE. The pilot resulted in a 28% food waste of food waste was collected and
worked with Reloop during base year, in line with the UAE’s own target to diversion rate and we will work towards reducing diverted, preventing 18,000 kgCO₂e
Ramadan to provide food waste halve food waste by 2030. To achieve this, our our food wastage and improving our waste emissions from VOX Cinemas Mall of
to local farms for composting. efforts will focus on reducing food from the diversion rates as we roll out this project across the Emirates and VOX Cinemas City
Collectively, the two hotels source through optimising our operations, more other VOX Cinemas. Additionally, at Pullman Centre Mirdif
diverted 100% of food waste from effectively forecasting orders, and reinforcing Dubai Creek City Centre, we have been working
landfill during this time, totalling our supply chain. In addition, seven countries with Winnow Solutions, a smart system that
5,957 kg, equivalent to emissions are donating food to NGOs, with over 300 tons helps restaurants to monitor the amount and
reductions of 7,565 kgCO₂. provided, and we have partnered with Zaad to sell characterisations of the food that is wasted,
near-expiry food at discounted prices in the UAE. since 2016. The system uses an electronic scale,
which is placed under the bin and connected to
Across the portfolio, there are numerous initiatives a touchscreen tablet. The software then records
in place to promote the better management and analyses food waste so that trends can be
of food waste and divert it from landfill, from identified and menus adapted accordingly. Since
working closely with local food banks to donate the partnership began, we have saved over 97
surplus food to those in need, to waste audits and tonnes of food waste, saving over 420 tCO₂e. To
behaviour change campaigns. drive further reductions, we have set a target
for 2024, with monthly reviews in place by top
management and weekly and daily monitoring at
the operational level.

18
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19
https://dcce.ae/press_releases/our-food-is-damaging-the-environment/

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Mall of the Emirates continued the expansion of its

Feed the Future initiative, focused on recovering
leftover and edible food from restaurants, food

261 tonnes
courts, cafés, and staff catering and repurposing it
to the community. Teaming up with the technology
platform, Replate, vendors can schedule and
manage donations and coordinate pickups with of organic kitchen waste were
the UAE Food Bank, which then distributes those diverted from landfill using two
contributions to charitable organisations and composter machines at Mall of the
groups, including workers in communal housing Emirates. The composted waste is
and families. In 2023, 8 food and beverage vendors now being used as a fertiliser for
signed up, with approximately 500 meals being landscaping
recovered each month, equivalent to potential food
savings of AED 20,000 per month.

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Examples of SUP phase-

out activities in 2023 for
each Operating Company
include:
Phasing-Out
Single-Use Plastics
We are working towards phasing-out single-use OUR PROPERTIES OUR RETAIL OUR LIFESTYLE
plastics (SUP) within our operations. With an BUSINESS BUSINESS BUSINESS
original target to achieve this by 2025, this has
proved to be challenging and therefore, our focus
in 2024 will include re-evaluating our pathway to 25 out of 29 shopping malls have phased-out Has phased-out SUP bags in 6 countries, Has phased-out SUP bags from all stores, uses
achieving this goal. SUP (86%) and our head office and Tilal Al Ghaf e-commerce bags in 5 countries and cutlery in biodegradable cutlery within its head office and
offices are SUP free 12 countries store operations and is reducing plastic packaging
by reusing it for in-store merchandising displays
Following the phase-out of SUP bottles in our In the UAE, we achieved an 85% reduction in SUP
Tilal Al Ghaf site offices in 2022, we have been bags in 2023 compared to 2022 in preparation for a At Lego, we began phasing-out SUP bags in 2020 and
phasing out SUP water bottles in our office at City full phase-out of SUP bags in January 2024, in line stopped producing packaging with SUP blisters.
Centre Al Zahia, providing 100 reusable bottles to with the UAE’s ban.
employees. At Crate & Barrel, boxes are made with renewable
In Egypt, we implemented a cost per SUP bag at fiber that contains post-consumer recyclable material
Within our hotels, we are implementing refillable three stores to incentivise customers towards and shopping bags are made from 100% post-
dispensers and using glass bottles, bamboo or environmentally friendly alternatives, leading to a consumer recycled paper, certified by the Forest
wooden alternatives for plastic items, and cloth bags 45% reduction in SUP bags over three months. Stewardship Council (FSC).
for laundry.
In Oman, we replaced SUP cutlery with wooden eco- At Lululemon, shopping bags are durable, reusable,
friendly versions in our Deli/Roastery in all stores. and produced with a minimum of 65% traceable
recycled content.
In Lebanon, the stores introduced eco-friendly
sugarcane bagasse containers to replace SUP in our At Shiseido, to achieve our goal of 100% sustainable
ready-to-eat food sections. packaging by 2025, we promote recyclable and
reusable designs, as well as the use of biomass-
derived and post-consumer recycled materials.
OUR ENTERTAINMENT
BUSINESS At Hollister, all shopping bags are made from at
least 60% recycled content and are fully recyclable,
with gift boxes also made from at least 50% recycled
material.
Has phased-out SUP in 6 of its 10 product lines

Following an F&B procurement workshop, ‘switch

to’ products have been identified from six suppliers
and are currently being trialled to reduce SUP in our
products.
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Beyond our own operations, we roll out

campaigns and events to increase our customers’
awareness of the damaging impacts of SUP.
Carrefour in Egypt spearheaded an awareness
campaign on World Environment Day. It engaged
its customers through environmental riddles and
17
reverse vending machines deployed
competitions, reaching over 20,000 customers, by our Entertainment business
distributing 70,000 reusable bags and preventing across VOX Cinemas in the UAE, with
200,000 SUP bags from being used. In Lebanon, around 52,000 bottles collected in
across seven stores, we incentivised customers total per month
to opt for Carrefour reusable bags on Plastic

42
Bag-Free Day, providing an LBP 50,000 cashback
reward. In our Lifestyle business stores in the
UAE and KSA, brands promoted Plastic Free
July by encouraging customers towards their reverse vending machines installed
plastic-free ranges, with Lululemon selling 1,238 by our Retail business, collecting
alternative bottles to SUP ones. In preparation more than 2 million recyclables
for the ban on SUP bags in the UAE in 2024, City
Centre Al Zahia distributed branded reusable tote
bags to visitors to the mall.

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Rethinking Our Use of Materials

Majid Al Futtaim’s Sustainable Building Policy Designed for ease of disassembly and relocation,
defines expectations for the use of materials and the structure can adapt to changing needs and
minimising waste during development projects. environments without sacrificing quality or
This includes requirements such as diverting durability. This not only extends the building's
a minimum of 75% of waste material during lifespan but also promotes a circular economy by
construction and demolition or reducing the total facilitating the reuse of materials. In addition to
waste material to no more than 12.2 kg/m² of the its environmental benefits, the design also offers
building’s floor area, demonstrating that at least significant cost advantages. The streamlined
50% of timber and composite wood products (by construction process reduces labour and material
cost) is reused or certified under an internationally costs, and the ability to relocate and repurpose
recognised certification, and at least 50% of all the building provides long-term financial benefits,
structural steel (by weight) has a minimum 25% as it eliminates the need for costly demolition and
post-consumer recycled content or is reused. We new construction. By optimising resource use and
also prioritise building design and construction minimising waste, our building demonstrates that
techniques that promote circularity, adaptability, sustainability and economic viability can go hand
and resource efficiency. Our aim is to minimise the in hand. Beyond this, by showcasing the feasibility
need for replacements and maximise materials and advantages of sustainable construction
optimisation. practices, we hope to inspire industry-wide
adoption of similar approaches.
As an example, the Innovation Hub at Tilal Al
Ghaf was conceived, designed and constructed
to embody sustainable construction. The use of
modular design not only reduced the amount of
construction waste and optimised the embodied
carbon of the initial building, but the demountable
design also means the building can be used again
elsewhere, offsetting the end-of-life embodied
carbon footprint and the materials required for
a replacement building. Another benefit of the
demountable building is its inherent flexibility.

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Engaging Tenants MAJID AL FUTTAIM’S SUSTAINABLE BRANDS TRACKER

With 2,382 diverse tenants across our shopping We have established a tracker in order to These include carbon and net zero;
mall portfolio, reducing waste and embedding measure and determine the percentage of materials, regenerative agriculture
circular principles requires regular and sustainable/eco-friendly brands within our and biodiversity; water and chemicals;
collaborative engagement with them to multiply shopping malls portfolio. To start with, we circularity, waste and redefining growth;
our efforts, and we do this through awareness focused on evaluating our anchor tenants plastic and packaging; traceability and
raising initiatives, training and incentives. that are common across our malls, looking transparency; consumer engagement
Our Green Star Rating System (see page 52) into their initiatives, commitments and and labelling; worker and human rights;
encourages tenants towards the sustainable operations. empowerment, education and digital
design and operation of their facilities regarding inclusion; justice, equity, diversity and
materials, resources and waste management. For Our anchor tenants were specifically inclusion; supply chain, and transportation
example, tenants can earn points for segregating chosen to represent a diverse pool of and logistics.
their operational waste, providing non-disposable retail categories. A total of 30 brands were
tableware and cutlery, reducing their paper use, selected and assessed, based on criteria Our assessment found that 29 of these
and committing to sharing their operational waste taken from Accenture’s ‘2023 Scaling ESG selected tenants could be categorised as a
type and weight data. In addition, tenants can earn Solutions in Fashion playbook’ report. The sustainable brand, meeting one or more of
at least 10% in credits based on the materials report identifies 12 key action areas for retail the 12 criteria.
used for the fit-out as well as recycled or reused leaders to drive value and profitability, while
furniture. creating sustainable change.

On-site, we have waste management facilities

that segregate various waste streams and provide
training and awareness sessions to tenants to
promote effective segregation practices and
recycling.

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Increasing Circular CIRCULAR PACKAGING ASSOCIATION (CPA)

Retail Concepts
Majid Al Futtaim is a founding member of the In 2023, the CPA in partnership with Yalla Return,
CPA through which we engage our partners and installed a smart bin at Carrefour Al Saqr.
Across our shopping malls, we want to support work closely with governments to find solutions Customers can participate by downloading the
customers’ sustainable choices by increasing and propose initiatives that help achieve greater Yalla Return app and then purchasing a return
the availability of circular retail concepts. For circularity in the products we make, sell and use. bag from our Carrefour stores. Once the bag has
example, in 2023, we opened Launchpad X, a been assigned to customers’ personal account,
dynamic concept store that features products they can fill the bag with recyclables and deposit
from local start-ups at City Centre Mirdif (see them in the smart bins. Yalla Return collects,
page 81). In addition, providing customers with inspects and recovers the recyclables, providing
circular retail options relies on the quality of the the bag with a star rating between one and five
retail mix available within our malls. Therefore, depending on its sorting quality, with five being
we are working towards adding a provision within the highest. The customer will then receive a
leasing documents in 2024 that gives preference report, which highlights any mistakes and the
to sustainable brands that can evidence that their points received. Points can then be redeemed
products, services or business model causes a on the Yalla Return application for vouchers with
positive impact on the environment, society or the partners. Together with the Yalla Return smart bin
economy, with an emphasis on circular economy installed separately at City Centre Me'aisem, over
principles. the first five months, there were 1,924 active users
and 6,642 bags have been recovered, equal to an
estimated 11,251 kg and energy savings of
101,550 kWh.

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Social

Transforming
We dare to transform the
lives of the communities
we serve, to provide a
healthy, sustainable and
fulfilling way of life
Lives
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Our Transforming Lives OUR ALIGNMENT TO THE SDGS

2028 Sustainable Business Commitments

Transforming Lives encapsulates our commitment LOCAL ECONOMIC DEVELOPMENT
to having a positive and lasting impact on the
We will promote prosperity and 2023 HIGHLIGHTS
communities we serve. It means looking beyond
economic development in our
our direct operations, leveraging our resources,
communities through upskilling
expertise, and influence to build a better future for
the MENA region, hand in hand with stakeholders,
governments and non-profit organisations.
and entrepreneurship in line with
local needs and by increasing our 80%
expenditure in local economies. of supplier spending was
with suppliers local to our
Our 2028 Sustainable Business Commitments
operations
within this next phase of our strategy aim to DISRUPTIVE TECHNOLOGY
accelerate our impact on Majid Al Futtaim’s over
We will invest in our employees’
600 million customer base, supply chains and local
people. They will target our efforts in areas such innovative ideas by having an Innovation
Programme to drive improvements
7
as local expenditure and start-ups, innovation, innovation challenges run
accessibility, and healthy and sustainable lifestyles in sustainability performance across
since the launch of the Open
where we can have the most positive impact on Majid Al Futtaim and our supply chain.
Innovation platform
the communities we interact with, serve and work
alongside. CUSTOMER WELLBEING
The icons on this page are used throughout the We will offer inclusive customer 281
report to signal the relevant section that details experiences and promote healthy and tenants promote sustainable
our activities for each Sustainable Business sustainable consumer choices. lifestyles
Commitment.

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Local Economic Development

Fostering prosperity and economic development We apply an Additional Infrastructure Investment
within the communities we serve has been a Framework to our development activities,
long-standing focus of Majid Al Futtaim. Since the which outlines our approach to investing in
launch of our first Socio-Economic Framework infrastructure, beyond what is legally required
by our Properties business in 2018, outlining by local and government authorities, helping
an approach to measuring our socio-economic us provide additional value and impact to
impacts, we have sought to constantly scale up our communities. These include mosques,
our contribution to local economic development, schools, medical facilities and public transport
guided by international best practice. To infrastructure. The framework formalises the
consolidate our approach at a Company level, process of choosing the infrastructure we invest in
in 2023 we began to develop a Social Impact to ensure maximum impact on communities and
Framework, relevant to all our Operating the desired outcomes are realised. For example,
Companies, which we intend to roll out in 2024. in 2023 we carried out six additional infrastructure
This framework will include measurable targets projects. This included the opening of Distrikt, a
against defined baselines and benchmarks to track mixed-use destination at Tilal Al Ghaf, offering
and report on our impacts and will cover topics a wide range of amenities for community use,
such as construction and operational local spend, such as a supermarket, barber shop, pharmacy,
the health and safety of construction and supply laundrette, and ATM machine, as well as cafes and
chain workers, visitor and resident satisfaction, restaurants. We installed electric vehicle chargers
local economic inclusion, education, skills and for public use, built a series of cycle paths in
training. and around the community, made landscape
improvements to government-owned land at
As a developer of communities and retail assets, the entrance, and are collaborating with the
we significantly invest in large-scale infrastructure local transport authority on a road improvement
projects, which help attract further investment scheme to improve connectivity and transport flow
to an area, stimulate local economic activity, and in and surrounding Tilal Al Ghaf.
ultimately lay the foundations necessary for the
region’s future growth.

6
projects invested in, to develop
additional infrastructure

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CELEBRATING 25 YEARS OF IMPACT

IN EGYPT OUR PROPERTIES BUSINESS OUR RETAIL BUSINESS OUR ENTERTAINMENT BUSINESS

4,350
In 2023, we celebrated 25 years of
Majid Al Futtaim’s operations in Egypt. To
explore the impact of our history and operations
8,500 +2,000
in the country, we conducted an assessment to tenant jobs created construction jobs created jobs created
highlight our contribution to Egypt’s success and
growth.
142 225 383
Since 1998, we have invested USD 2.5 billion into direct employees local supply chain jobs created direct employees
the country through the development of retail
and leisure assets and associated infrastructure,
creating community hubs, reshaping landscapes
7,000 EGP 637.5 million
and generating significant local employment tenant jobs created spent on construction
opportunities. Majid Al Futtaim’s portfolio in
Egypt spans 14 cities and includes 4 malls, 70
Carrefour stores, 6 family entertainment centres
EGP 1.32 billion
and 44 VOX Cinemas screens. It accounts for spent on construction
21% of the modern retail market and welcomes
over 90 million visitors annually.
EGP 2.7 billion
We continue to place the Egyptian community inward investment attracted
at the heart of our sustainable growth agenda,
with an unwavering focus on economic progress
and community development. Our planned
investments include EGP 20 billion for new
projects, plus extensions and refurbishments
of existing malls and entertainment centres
by 2030. A further investment of EGP 4.6 billion
is slated to expand our Retail business to
130 Carrefour stores by 2025 and 144 Supeco
stores by 2030. A summary of our key economic
impacts to date are outlined here.

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MEASURING MENAP’S ECONOMIC INTEGRATION

Since the launch of our first Economic Integration Developed in partnership with WEF and McKinsey
report in 2020, outlining the economic potential & Company, the Barometer is designed to track
of the MENAP (Middle East, North Africa and annual progress on the MENAP region’s economic
Pakistan) region, we have been championing integration and interconnectedness to other
the importance of economic integration for world markets against four key metrics – trade,
sustainable and inclusive development. Following intangibles, capital and people. To address data
on from this, in January 2023, we launched challenges and inconsistency in the metrics used
the world’s first MENAP Economic Integration to measure economic integration, the tool helps
Barometer at the World Economic Forum’s (WEF) to standardise its interpretation and definition,
annual meeting at Davos. transparently assess and track progress and help
stimulate conversation and action.

Our aspiration is to publish an updated Barometer

every year, coinciding with WEF’s annual forum in
Davos, where we can engage with key stakeholders
on its results and the actions necessary to drive
incremental progress.

To learn more about

the findings of the 2023
MENAP Economic
Integration Barometer,
read our report here.

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Procuring Responsibly OPENING OUR FIRST

CARREFOUR STORE IN
AL-KHARJ, SAUDI ARABIA
Operating in 15 countries with over 23,200 Furthermore, our Supplier Code of Conduct
active suppliers, our procurement decisions requires tier 1 suppliers to adhere to a set of
impact the planet, the local communities from sustainability requirements and ensure that their In August, our Retail business opened
which we procure, and the wellbeing of our downstream suppliers and subcontractors also its first Carrefour store in Al-Kharj,
customers. With this in mind, our approach to abide by the Code. We support our suppliers in Saudi Arabia. The store intends to
responsible procurement extends beyond our meeting these requirements through training, source more than 40% of its 20,000
direct operations, to cover the actions of our including with the support of CDP. To learn how products locally. Furthermore, in
entire supply chain to mitigate our business risk, we are engaging our supply chain to reduce our alignment with Saudi Arabia’s Vision
minimise disruptions, embed resilience and scope 3 emissions, see page 48. 2030, almost half of the store’s
support local economic development. employees are Saudi nationals, helping
Our approach to our 2028 local economic to stimulate local employment within
Our Sustainable Procurement Policy outlines development Sustainable Business Commitment Saudi Arabia’s retail sector.
requirements in line with ISO 20400, to which all places a strong emphasis on expanding our
tier 1, 2 and 3 suppliers must comply by 2025. local supply chains. This is a requirement within
After this, we will work solely with suppliers who our Sustainable Procurement Policy, which has
meet our minimum standards, which are set out supported us in developing a diverse, reliable,
during the tender process, with companies unable and sustainable network of local suppliers. We
to comply excluded from this process. This policy want to continue to expand this network and are
ensures we make procurement decisions in line working to increase the proportion of expenditure
with our commitment to sustainable development, which leverages local suppliers and supply chains ADVANCING
whilst delivering long-term value for money and annually. For example, in 2023, we established COLLABORATIVE
maintaining all relevant legal, environmental, our baseline spend with local suppliers within the IMPACT GOALS
COP28
ethical and health and safety standards. countries where we operate and in 2024, we will AT COP28
begin assessing local suppliers’ capabilities as
well as opportunities to expand our engagement
with them. In 2023, 80% of spending was with At COP28, alongside 16 of our FMCG
suppliers local to Majid Al Futtaim operations. partners, our Retail business pledged
to advance our Supplier Sustainability
Forum’s Collaborative Impact Goals
on GHG emissions, sustainable
packaging, and healthier and more
sustainable products. To learn more
about this initiative, see page 49.

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Empowering the Region Through Skills Development

As one of the largest employers in the MENA
region, our contribution to growing a rich local
For example, since 2021, the Almaza Recruitment
and Training Centre (ARTC) at City Centre
Through our Tamheen initiative in partnership with
The Retail Agency, a firm that works to elevate
53
Omanis were trained and
skilled workforce not only strengthens our own Almaza, in partnership with the European Bank Oman’s growing retail sector through education, hired through our Tamheen
operations but can support the prosperity and for Reconstruction and Development (EBRD), training, and consulting, we have delivered a initiative in partnership with
resilience of individuals and economies across has offered targeted vocational programmes series of specialised training sessions, to equip The Retail Agency
the region. We engage in initiatives that help close for local people, particularly for underserved Omani nationals with the tools to succeed in
skills gaps and provide those often vulnerable to populations including women, youth and people of the retail industry. Running since 2020, this has
being excluded from the job market with the tools determination, to build and secure their careers strengthened the skills of Omanis and attracted
to access career opportunities successfully. in retail and hospitality. In 2023, we partnered more nationals to the sector, whilst connecting
with the Emirates National Bank of Dubai retailers to the Sultanate’s workforce. In 2023, we
(NBD), one of the UAE’s top banks, to provide 40 trained 53 people through the initiative who were
Egyptian entrepreneurs with a year-long training then provided with employment by our tenants.
programme to enhance their entrepreneurial skills
and develop their business ideas, with 50% of
participants being female. Meanwhile, Education
for Employment (EFE)-Egypt, which runs the
ARTC, held a six-hour career directions session in
REPURPOSING DEVICES TO collaboration with Baseera Foundation, a charity
that supports visually impaired people to realise
SUPPORT REFUGEE CHILDREN
their abilities, covering topics such as CV writing,
tips for job hunting and interview skills. The
session was attended by 14 participants, 9 of who
Since 2021, we have been donating
were visually impaired. Since opening the centre
electronic devices to Thaki, a Beirut-
in 2021, we have provided over 51 courses to 630
based NGO, which repurposes donated
Egyptians, with 45% being female graduates and
devices to support refugee and
88% having gone on to secure employment as a
vulnerable children in the Middle East
result of their engagement with the centre.
to help them develop digital skills.
In 2023, we donated 22 laptops, half
of which were given to Basmat Amal
for refugee children in Abu Dhabi,
with the other half sent to Nafda, a
Lebanese NGO that works to promote
an equitable and inclusive education
system in the country.
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DELIVERING GREEN We invest in initiatives to support local youth We also pursued a partnership with Kalimat
SKILLS THROUGH to develop the skills necessary to thrive in a Foundation to deliver our Pledge a Library
THE AMERICAN changing world and to nurture the next generation initiative, providing displaced children with access
of future leaders through offering meaningful to reading materials, through 100 mini libraries
COP28 UNIVERSITY OF
work experience opportunities. For example, situated within several assets across the region.
CAIRO we announced a new partnership with the UAE Furthermore, through Little Explorer in City

57
MOE, to provide 100 internship opportunities for Centre Mirdif, a centre which combines education
graduating UAE national students. We hosted with entertainment for children aged two to seven,
In the run up to COP28, we announced
an Open Day event as part of this initiative, our Properties business introduced a new ’Eco
Majid Al Futtaim as a founding Emirati students
attended by the Undersecretary of Academic Explorer’ offer. This invites school children to join
member of the Executive Diploma completed internships
Affairs at the MOE, which allowed students to eco-workshops, to engage in fun and interactive
in Sustainability, in partnership with through our partnership
identify suitable internship opportunities available learning experiences on the importance of
the American University in Cairo. with the UAE MOE
across the business and to attend interviews. In environmental stewardship. Workshops cover
Endorsed by the Ministry of Education
total, 57 Emirati students completed internships concepts such as recycling, climate change,
(MOE) and the MOCCAE, the diploma
at Majid Al Futtaim in 2023 as part of this renewable energy and biodiversity and enable
develops future sustainability leaders
programme, gaining experience in functions children to understand the impact of our actions
across the region, equipping them
such as marketing, IT, human capital, property on the planet and how to make a difference
with the skills to respond to real
management, data solutions and finance. This through hands-on activities.
world challenges through six weeks
enabled them to develop competencies in
of intense study. The diploma brings
technical, problem solving, communication, time
together leaders from UAE-based
management, teamwork and collaboration, and
companies and multinationals, to build
business continuity skills. The MOE and affiliated
a comprehensive understanding of how
universities are extremely enthusiastic about the
to create lasting positive impact across
programme, and of the interns who responded
their industries and communities,
to the survey, 87% expressed their willingness
through innovative and sustainable
to recommend Majid Al Futtaim as an internship
solutions.
opportunity to fellow students.

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NURTURING EMIRATI TALENT

The UAE’s NAFIS programme was introduced in In recognition of our support towards the NAFIS
2021. It is working to boost the employability of programme, in March 2023, Majid Al Futtaim
Emirati citizens and encourage the private sector received two awards at the annual NAFIS Awards.
to provide them with employment opportunities, This included Best Large Company in Achieving
with a target of creating 75,000 jobs by 2025. Emiratisation Targets and Best Emirati Talent
Having committed to supporting the NAFIS in the Private Sector – Retail, won by Shatha Ali
programme since its launch, we have recruited Al-Shehhi and Maryam Al Falasi from our Retail
approximately 2,000 Emiratis since September business. Shatha has been in the business for
2021 against a target to hire 3,000 Emiratis across seven years and received the award in recognition
our UAE workforce by 2026. Emirati nationals now of her dedication to promoting the Emirati culture
account for 8.4% of our workforce. within her role as Team Leader in the textile
department at Carrefour Ras Al Khaima Al Manar
Mall. Shatha successfully introduced traditional
Emirati attire to the in-store offering, organises
events to educate staff on the Emirati culture
and introduced Emirati cuisine to the employee
food offering, whilst balancing her career with
her personal life as a mother of four. Receiving
these awards demonstrates our commitment
2023 NAFIS AWARDS to developing homegrown talent and driving the
UAE’s economic leadership and competitiveness.
In addition, VOX Cinemas received a special
Majid Al Futtaim received honour along with 21 other companies who made
the Best Large Company distinguished efforts in Emiratisation through
in Achieving Emiratisation recruitment and training.
Targets award at the 2023
NAFIS Awards.

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Supporting Local Start-Ups and SMEs CONNECTING LOCAL

START-UPS WITH GLOBAL
OPPORTUNITIES THROUGH
Maximising our engagement with local start-ups This directly supports the UAE’s goals of having In October 2023, we announced seven winners LAUNCHPAD X
and small to medium-sized enterprises (SMEs) one million operating SMEs in the country by 2030 from the Climate Tech, Homegrown Brands
adds exceptional value to our business, bringing and becoming the most entrepreneurial nation in and Retail Tech sectors. Two of these were
fresh ideas, innovative solutions and disruptive the world by 2031. from the Climate Tech category. This included
technologies to grow and enhance our products SeaB Energy, alongside Partanna, a pioneer In September 2023, we introduced
and services. At the same time, this helps to To promote the growth of start-ups and SMEs of carbon-negative concrete, which minimises Launchpad X at City Centre Mirdif, a
nurture local economic development, by providing in strategic areas for our business, in 2022 carbon emissions whilst also removing them dynamic concept store, home to local
entrepreneurs with the tools and resources at our we inaugurated the Launchpad Programme in from the atmosphere. The winning start-ups start-ups, SMEs and winners from
disposal to scale up their operations and exposure, partnership with AstroLabs, DIFC Launchpad and and SMEs will receive AED 500,000 of financial our Launchpad Programme, that have
from tailored accelerator programmes and Microsoft. The programme provides winning start- support from Majid Al Futtaim, to support their displayed outstanding innovation,
mentorship opportunities, to providing dedicated ups and SMEs with benefits to ensure success launch within our ecosystem, as well as access creativity and growth potential.
spaces in our malls and retail space for them to within the Majid Al Futtaim ecosystem, ultimately to mentorship opportunities and publicity, Launchpad X supports homegrown
showcase their products and services amongst fast-tracking their market entry and expansion in whilst our programme partners will provide up brands through opportunities to
our customer base. the MENA region. to AED 500,000 of subsidies to help to strengthen showcase their products to customers
their commercial viability across the region. in City Centre Mirdif and strengthen
their commercial footprint.
Building on the success of the first edition of the
programme, for the 2023 edition, the programme
consisted of three problem-solving pillars which In 2023, we had seven brands active
applicants’ products or services must address. at Launchpad X, one of which includes
These included green energy, smart materials, the Egyptian sustainable fashion and
and water consumption. homeware brand, Reform Studio, who

7
create products from materials such as
discarded plastic and cotton threads.
After receiving over 200 applications, applicants
start-up winners of our were shortlisted to pitch their business plans to
Launchpad Programme a panel of senior management and subject
matter experts from around the business

+400
across a three-day event, hosted at our Dubai
headquarters.
applicants to our
Launchpad Programme
since its launch in 2022

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In 2023, Mall of Egypt continued to play its part SUPPORTING MIT TO NURTURE
in the development of Egypt’s fashion industry, in ENTREPRENEURSHIP
line with our vision for the mall to be an incubator AMONGST ITS LEGATUM
for local designers and emerging talent in the
FELLOWS
Egyptian fashion industry. We announced a
partnership with FAD, the Dubai Institute of Luxury
Fashion and Style, due to our shared aspiration Our leadership team hosted a session
of supporting the development of Egypt’s creative for the latest cohort of Massachusetts
economy. This partnership includes the launch of Institute of Technology’s (MIT)
an accelerator programme, to support upcoming Legatum Fellows, a well-established
Egyptian designers and brands through tailored programme designed to help aspiring
mentoring sessions from key industry players. entrepreneurs gain mentorship and
The mentors included Mickey Boardman, the support to maximise their success
Editorial Director of Paper Magazine and Sally as leaders in emerging markets.
Singer, the Head of Fashion Direction at Amazon, The session provided the fellows
and covered topics such as design development, with a perspective on MENA’s start-
CATERING FOR GEN-Z fashion business and creative direction. The up and SME ecosystem, alongside
AT LOKAL EGYPT programme received over 80 entries, with 16 examples of how Majid Al Futtaim
designers and 14 brands eventually shortlisted to is supporting entrepreneurs. As the
win a 50-hour skills development course with FAD. region’s start-up and SME ecosystem
With Gen-Z accounting for over 25% The programme concluded with a runway show at goes from strength to strength, with
of Egypt’s population and poised to Mall of Egypt, showcasing the collections of the 16 predictions that the UAE will be home
become the country’s most influential designers, two of which won a rent-free pop-up to 20 unicorn start-ups by 2031, we
consumer spending group, catering for space at the mall to sell their designs to the public, are proud to be part of this journey,
their preferences is key. Furthermore, alongside a lookbook photoshoot, produced and complementing the work being done by
research has revealed the appeal of directed by FAD to elevate their unique aesthetic MIT’s impressive Legatum Fellows.
homegrown brands to Egyptian Z’ers, and bolster brand engagement.
and leveraging this opportunity, in
collaboration with local operator MAZ,
our Properties business transformed a
vacant unit in Mall of Egypt into Lokal,
a hub for homegrown brands, to bring
the Egyptian Gen-Z to the mall. Since
its opening, 140 brands have featured
at Lokal, attracting more than 90,000
visitors and with sales exceeding
EGP 13.5 million.

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Developing the Arabic Film Industry

As the fastest growing film industry in the world, 5
and with MENA box-office revenues expected Arabic films developed by VOX Studios
to show an annual growth rate of 4% to reach a

64
projected market volume of USD 1.4 billion by
202920, through VOX Studios, our Entertainment
business is leveraging unique opportunities
to elevate homegrown talent, support local Arabic films exhibited by VOX Cinemas,
employment and entrepreneurship and encourage a 12% increase from 2022
further investment in the Arabic film industry. In
It is an exciting time for Arabic addition to being the region’s largest film exhibitor,
film, with the demand for providing high-quality cinematic experiences with
distinctly local productions more than 600 screens across 8 markets, we are
offering a real opportunity for also working to develop Arabic feature films of our
us to support the development own through VOX Studios, the production arm of
of a sustainable Arabic film our Entertainment business. This is in partnership
industry. As the region’s largest with established and emerging filmmakers in
film exhibitors, we are working to Saudi Arabia and Egypt, to provide audiences with
nurture and amplify the stories authentic and homegrown film experiences. We
of regional storytellers on the big are also nurturing the next generation of regional
screen using original homegrown talent to use the language of film to tell their
content and with Arab audiences stories, through hosting workshops with local film
in mind. makers.

IGNACE LAHOUD
Chief Executive Officer
Majid Al Futtaim –
Entertainment

20
https://www.statista.com/outlook/amo/media/cinema/box-office/mena

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SEPTEMBER
JUNE
In 2023, we released five Arabic films. Some of The premiere of
The premiere of ‘Malik Al ‘VOY!VOY!VOY!’ produced
VOX Cinemas and VOX Studios key 2023 highlights
Halaba’, VOX Studios’ second in partnership with Image
are outlined here. feature film, produced Nation Dubai and Film Clinic,
in partnership with MBC about an ambitious and
Studios and Image Nation AUGUST impoverished young man,
Abu Dhabi, about a boy whose dream of moving from
who longs to be a wrestling The premiere of '3Al Zero', a
Egypt to Europe begins to
champion and eventually heartfelt drama produced by
happen when he stumbles
receives the opportunity to VOX Studios in partnership
upon the obscure sport of
compete professionally. with Al Adl Group and
blind football. The Egyptian
starring renowned actor
drama comedy spent a week
Mohamed Ramadan. The
at the top of the Egyptian
Egyptian film tells the story
Box Office, and was Egypt’s
JUNE of a low-paid single parent,
official entry for the Best
willing to do anything to
International Feature Film at
VOX Cinemas honoured with a support his terminally ill
the 2024 Academy Awards.
Certificate of Appreciation by child. This marked VOX
the UAE Chief of Government Studios’ first venture
FEBRUARY Services, for its support of into Egyptian cinema and
the Emirates Government reaffirms our commitment
VOX Cinemas recognised to producing original Arabic DECEMBER
Service Excellence
for its commitment to the content.
Programme (EGSEP) The premiere of ‘HJWN’ at
regional film industry by the
Creative Film Competition, the Red Sea International
Ras Al Khaimah Fine Arts
which challenged creatives Film Festival, the first time a
Festival (RAKFAF).
to highlight the efforts of Saudi movie has been at the
the UAE Government using Opening Night Gala. The film
the language of film. Three is based on a best-selling
entries were selected and Saudi novel and one of our
rewarded with financial and biggest productions to date.
resource support, plus an
opportunity for their film
to be screened across VOX
Cinemas.

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Customer Protecting Customer Safety OUR SHORE ACHIEVEMENTS

Wellbeing Our experiences cannot be truly exceptional

without prioritising customer safety, to instil
When necessary, we may use warning and
information signages to effectively communicate
In 2023, we were awarded four
prestigious SHORE (Safe Hospitality,
trust, confidence and peace of mind for every safety issues to customers, as well as public Offices, Retail, and Exhibition)
person who enters our assets. Customer safety address systems in the instance of an emergency Excellent Safety certificates, including
In response to the increasing prioritisation involves the continual review and improvement of scenario, and our staff are always on hand to Platinum-level SHORE Excellent
of physical and mental health amongst our protocols, based on feedback and emerging supervise and assist. To read more about our Safety for Mall of the Emirates and
our customer base, offering inclusive best practice in safety management. To do so, approach to health and safety, please see page 114. Gold-level SHORE Excellent Safety for
customer experiences and promoting we have robust measures and procedures in three further shopping malls in the
healthy and sustainable choices place including our Health and Safety Policy, MAF Beyond physical safety, we are committed to UAE – City Centre Deira, City Centre
has become central to our business Gateway©, our internal digital Health, Safety, protecting our customers’ data and privacy and Mirdif and City Centre Al Zahia. Our
operations. As such, within this next phase Security and Environmental (HSSE) system, our have robust information security controls and SHORE certifications demonstrate our
of our strategy, we have refreshed our Occupational Health and Safety management procedures in place that undergo continuous proactive approach to maintaining the
2022 Sustainable Business Commitment systems and rigorous training of frontline monitoring, review and enhancement. To read highest levels of safety and security in
on customer experience to cover employees aligned with their role type and more about our approach to data protection, our assets.
customer wellbeing. This more strongly management level, ensuring our assets maintain see page 120.
reflects the interdependency of health and the highest standards in keeping our communities
safety, accessibility, green choices and safe. In addition, each Operating Company
sustainable lifestyles with our offerings, to has its own procedures in place relevant to its
ensure all customers, guests and visitors operations, which could include a dedicated legal
continue to experience great moments. register by each jurisdiction to remain compliant
with health and safety legislations, internal and
external audits against government and assurance
standards, and regular inspections and testing of
the assets and equipment.

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Delivering Accessible and Inclusive Spaces

WELCOMING FAMILIES AND
Creating great moments for everyone, every day To support us to maximise the accessibility of our Accessibility goes far beyond just the physical CHILDREN TO VOX CINEMAS
involves ensuring that our communities, hotels, experiences, we have partnered with Topland, infrastructure of our assets, extending to our
malls, retail and leisure venues are welcoming an organisation that supports companies to offerings across our diverse industries.
and inclusive for all individuals, no matter their become more inclusive for people with disabilities. Our Entertainment business is at the forefront Our Lifestyle business collaborated
differences. To do so, all our assets adhere to Topland will provide training to our employees of delivering on this philosophy, equipping its with VOX Cinemas to host the
accessibility guidelines aligned with universal and deploy ‘hidden disability’ lanyards across our teams with the skills necessary to create inclusive Al Noor Training Centre for Children
standards to ensure they are accessible to Operating Companies, to help us recognise those experiences for guests with a diverse range with Special Needs, welcoming 30
wheelchair and walking aid users, as well as with a hidden disability who may require greater of needs. For example, over a four-day period, families with 40 children for a special
people with impaired vision and hearing. For assistance. Snow Oman welcomed 60 students with special screening of the movie Elemental,
instance, floor surfaces must be even and slip- needs to spend time with the penguins, giving the with each attendee provided with a
resistant, and handrails must be provided on children extra time to become accustomed to the sustainable goodie bag.
stairs and ramps, to ensure walking aid users can environment. Meanwhile, Ski Dubai welcomed 40
move through our assets securely. Furthermore, children with autism and their carers as well as
braille is used on our lift controls, alongside 85 visually impaired guests and their families, to
voice notifications at each floor level to support enjoy a day of snow activities in a controlled and
those with vision impairment. In addition, accessible manner. Furthermore, by partnering
our Retail business equips stores with Caroline with the International Charity Organisation (ICO)
Carts, a shopping cart designed to help caregivers and Dubai Police, Ski Dubai provided 60 orphaned
take children with special needs through the store. children with a day of enjoyment free of charge.
As a symbol of our long-standing partnership with
Dubai Police to provide great experiences to less
advantaged communities, Ski Dubai was presented
OFFERING WEEKLY SENSORY with a Shield of Appreciation.
FRIENDLY SCREENINGS

In partnership with the Dubai Autism

Centre, our Entertainment business
offers weekly sensory friendly
screenings at VOX Cinemas, to allow
children with sensory needs the
opportunity to enjoy the latest releases
in a comfortable and welcoming
environment.

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Encouraging Sustainable Choices

Recognising that the products available within
our stores and shopping malls influence our
customers’ daily consumption, we are increasing
the availability of responsible choices to support
the adoption of sustainable practices. Our
approach to doing so is twofold. Firstly, we help
MENA LEISURE & to educate consumers on the importance of
ATTRACTION COUNCILS' sustainability through educational campaigns,
AWARDS workshops and events and provide practical tips
for reducing their environmental impact. For
example, our Lifestyle business hosted a panel
Our Entertainment business was discussion at THAT Concept Store in Mall of the
awarded ‘Sustainability Campaign Emirates titled ‘Why does sustainable fashion
of the Year’ at the MENA Leisure & matter’. The discussion, attended by 66 media and
Attraction Councils’ annual awards, influencer guests and with online coverage viewed
for our Dare Today, Change Tomorrow by over 300,000 people, helped to amplify ongoing
sustainability strategy campaign. discussions on the need for more responsible
production and consumption practices in the
industry.

Secondly, we provide our customers with a range

of sustainable options and amenities, with 281 of
our tenants promoting sustainable lifestyles to
consumers. For example, at City Centre Deira,
we held a Sustainable Souk to showcase the
sustainable collections of tenants and external
vendors, to encourage a more conscious
consumption mindset amongst consumers, which
generated sales of AED 14,000. One brand at the

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Souk was F5 at BBZ, a sustainable Athleisure
brand owned by a pair of Dubai teenagers working
towards making a positive impact.
tenants promote sustainable
lifestyles

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HELPING VISITORS TO ‘CHOOSE BETTER’ AT COP28

COP28

Through a one-of-a-kind Carrefour store Through the store, we delivered an eco-conscious

in COP28’s Blue Zone, our Retail business shopping experience to the conference’s 30,000
announced a new initiative titled ‘Choose Better’ visitors, by utilising TooGood’s insights alongside
in partnership with HowGood, an American SES-imagotag’s smart labels, to communicate
sustainability intelligence company with 15 years the climate impacts of each product available to
of experience in assessing the sustainability purchase.
of products. HowGood leverages data to
provide specific products with comprehensive Choose Better was launched in a further four
sustainability ratings and helps consumers better Carrefour stores in the UAE, covering 2,500 food
understand the environmental and social impact products for sale for three months following
of their consumption choices, powering the ‘Better the Conference, and is expected to be rolled
for the Planet’ pillar of Choose Better. out nationally across the UAE in 2024, making
Carrefour the only retailer in the region to
share comprehensive sustainability ratings of
its products. Through the initiative, Carrefour is
making healthier and sustainable choices more
accessible and convenient.

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Supporting Healthy Lifestyles SUPPORTING DUBAI TO

BECOME THE MOST ACTIVE
HOSTING FREE YOGA CITY IN THE WORLD
SESSIONS Through our portfolio of shopping malls Due to the high temperatures experienced in
and brands, we are promoting healthy living the UAE, particularly in the summer months,
and wellbeing and providing customers with exercising outdoors can be uncomfortable and Through a long-standing partnership with
In June, our Lifestyle business hosted opportunities to prioritise their physical and potentially dangerous for residents. To address Dubai Sports Council, Ski Dubai has been
a yoga session with Lululemon free mental health. We offer a diverse range of this challenge and help communities stay fit, we supporting Dubai in its mission to become
of charge, to celebrate International initiatives, designed to create a wellness- provide opportunities for fun and fitness inside the most active city in the world. In 2023,
Day of Yoga, with roughly 2,500 focused environment in our assets, and deliver our assets. For example, City Centre Mirdif this partnership involved the coordination
people in attendance. communities with the tools necessary to stay collaborated with Dubai Sports Council to host of the 4th DXB Snow Run, which witnessed
healthy and active. For example, in our shopping the Mirdif Indoor Run, which saw a total of 260 over 600 athletes from more than 55
malls, we provide spaces for strategic partners to participants running lengths of the mall to beat countries participate in a 3 km or 5 km run
raise awareness of various health issues amongst the outdoor heat. Meanwhile, in recognising the of the slopes. Similarly, the 14th edition of
mall visitors. On four occasions, our Properties dual importance of both physical and mental the Ice Warrior Challenge, gathered 500
business hosted the UAE Ministry of Health at health, we provide opportunities for customers to participants of 65 nationalities including
City Centre Ajman, to educate approximately nurture their mental wellbeing. For example, our 200 Emiratis, to navigate an assault course
500 customers on the importance of monitoring partnership with the much-loved yoga influencer of obstacles inside the venue in below
and reducing salt intake, as well as the risks Nerry Toledo at City Centre Deira, allowed minus temperatures. As part of Dubai’s
associated with high blood pressure and how to customers to come together and experience 30X30 fitness challenge, a vision of His
reduce it. Similarly, at City Centre Muscat, for a mindfulness before the mall opening hours on Highness Sheikh Hamdan bin Rashid Al
month, our Properties business provided Oman five weekends throughout the year. Furthermore, Maktoum, which challenges residents to
Cancer Association with space to raise awareness we partnered with Anghami, the region’s leading complete 30 minutes of exercise each day
of cancer. music streaming platform, through an activation at for 30 days, Ski Dubai hosted two free High-
Mall of the Emirates to raise awareness of mental Intensity Interval Training (HIIT) sessions
health issues through providing an environment in collaboration with two of Dubai’s leading
where individuals could share their thoughts and fitness centres to provide residents with
stories. This also included a panel discussion the opportunity to achieve their daily
featuring mental health professionals, thought exercise target. Furthermore, by hosting
leaders and podcasters, to further amplify the renowned snowsports competitions and
importance of looking after your mental wellbeing. welcoming master athletes to train in the
venue throughout the year, Ski Dubai is
spearheading the growth of the snowsports
industry in the UAE and contributing to the
vibrancy of Dubai’s sporting landscape.

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Innovating for Customer Experience CELEBRATING FOUR YEARS

OF SHARE

At Majid Al Futtaim, being innovative means As part of this programme, we operate an Open 2023 marked the 4th anniversary
delivering pioneering concepts that constantly Innovation platform, enabling key stakeholders of SHARE, our lifestyle rewards
set a new benchmark in sustainable retail, (including customers) to engage in the innovation programme that offers members
property, leisure, and entertainment. To ensure we process by sharing their ideas and solutions to the ability to earn and spend points
continue to revolutionise customer experiences, customer needs and challenges via testing and across the Majid Al Futtaim ecosystem
we make significant investments in data science feedback sessions, with collective intelligence of brands. Since its launch in 2019,
and analytics, allowing us to adapt and evolve allowing for more effective and relevant ideas SHARE’s almost 4 million members
WINNING THE CUSTOMER- have earned more than 2.7 billion
our offerings to remain relevant and competitive, to be generated. Since its launch, we have run 7
OBSESSED ENTERPRISE SHARE points through enjoying
whilst securing the delivery of unique and innovation challenges, with a total of 889 ideas
AWARD engaging customer experiences now and in the submitted by over 560 people and over 880 people experiences in our stores, restaurants,
future. have provided comments on the ideas through the cinemas, and malls, which can be
platform. redeemed towards future purchases.
In April, we received the 2023 The SHARE community have used
In 2022, we launched our Customer and Brand
Customer-Obsessed Enterprise their points towards several purposes
Centric Innovation programme to help deliver on
Award from Forrester, in recognition over the years. For example, 400,000
this approach, providing a framework to achieve
of our activities to invest in, design members have spent them on items to
our ultimate goal of ensuring the value we
and deliver signature customer decorate their homes, whilst 300,000
deliver to customers is at the cornerstone of our
experience across the region. have used their points to pay for
innovation efforts. All our Operating Companies
and key brands have defined clear innovation groceries at Carrefour.
themes, which guide their innovation pipelines,
taking into consideration shifting needs and
trends.

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Disruptive Technology SUPPORTING THE UAE TO

MAKE DATA-DRIVEN DECISIONS

Within our Customer and Brand Centric Innovation Once opportunities are identified, we then look to Regarding sustainability, we see disruptive In February, Majid Al Futtaim signed a
programme, we have repositioned the use of invest in these capabilities internally or harness technology as a way to assist in achieving our Memorandum of Understanding with
disruptive technology as an enabler for achieving our extensive partner network. Most disruptive goals faster and more reliably based on data the UAE Federal Competitiveness and
our ambitions and reducing costs, rather than technologies are then piloted before being rolled inputs. Some of the sustainability-related topics Statistics Centre (FCSC) at the World
an end goal. Disruptive technologies such as out to a wider audience if successful. To remain we are looking to address currently include the Government Summit, to share our vast
generative AI (artificial intelligence) have vast informed and aware of emerging technologies use of AI learning to predict our sustainability insights and data to help the FCSC
potential to address real-life business challenges. and breakthroughs around the world, we footprint now and in the future and digital twins develop policies and strategic initiatives
Exploring and experimenting with these continuously monitor market trends, engage to better understand the energy and water that can promote economic growth
technologies with caution, focusing on how they with innovative start-ups, and attend global consumption of our assets. A particularly and enhance lives. Working with the
can best be used for the Operating Companies and regional industry conferences and events. successful project in 2023 was the introduction FCSC, we will implement global best
within our business, is allowing us to build their Recognising that disruptive technologies can only of GitHub Co-Pilot AI as a tool for software practices in Big Data and data science,
capability to support more effective decision- be successfully exploited when people have the engineers, which improved productivity by five whilst contributing to the digital
making, create immersive and customised skills and knowledge to use them, we invest in the times and led to a 30% cost reduction. Owing to its transformation of the UAE and the
experiences and ensure we continue to thrive in learning required such as through our upcoming success, this will be rolled out as a standard tool development of a data-based economy
a data-driven world. Importantly, a key priority AI Academy. for all engineers. in both the public and private sector.
within our approach is making sure that our
exploration and adoption of disruptive technologies Majid Al Futtaim adopts a customer-first approach
do not result in negative sustainability costs, such with innovation and disruptive technology, and
as a higher carbon footprint. this is key to how we differentiate ourselves and
provide great moments. For example, in 2023,
Internally, the Disruptive Technology Team we announced a strategic partnership with
engages with our numerous business units to LiveRamp, a leading data collaboration platform,
uncover their biggest challenges and identify LEVERAGING INNOVATION AND which provides value for customers through
opportunities where technology could solve them. DISRUPTIVE TECHNOLOGY personalised shopping recommendations based on
their preferences and needs, whilst keeping data-
privacy at the heart of its approach. LiveRamp will
In 2023, we welcomed participants of also help us better understand our customers’
the General Secretariat of The Executive needs and priorities and deliver them with more
Council – Government of Dubai’s tailored and engaging experiences, whilst keeping
Innovation Professionals Programme data privacy in-mind.
to our head office, to learn about how
we leverage innovation and disruptive
technology to enhance customer
experience and maximise our impact.
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Community Support Our long-standing partnership with

Majid Al Futtaim helps us engage
with their extensive customer base
To Majid Al Futtaim, giving back means supporting and offer opportunities for people
causes that address issues relevant to the to support important causes. Most
communities in which we operate, and working in recently, this included a substantial
collaboration with best-in-class partners to deliver monetary donation to ‘Tarahum-
assistance to those in need. As communities For-Gaza’ as well as the provision of
around the world are faced with a myriad of vital goods and groceries. Together,
challenges and uncertainties, more than ever we have the potential to create a
before, we seek opportunities for targeted support, difference in the lives of the people
to positively contribute to the collective recovery, who need our help, and we look
resilience, and sustainable development of those forward to continuing to work
most vulnerable across the region. In response to the crisis in Gaza, our Retail Following the earthquakes that hit Turkey and together to lessen the impact of crises
business donated a total of USD one million Syria in February 2023, we took swift action to in our shared communities.
in support. This included a donation of pledge a donation of USD one million to relief
USD 700,000 to the Emirates Red Crescent efforts. In addition, customers were able to
to support ‘Tarahum-For Gaza’, the UAE’s contribute to requests for humanitarian aid.
national relief campaign to mitigate For example, across its Dubai stores,
the severity of the humanitarian crisis, our Lifestyle business conducted a week- SALEM ALRAYES ALAMERI
particularly amongst children and women, long donation campaign through point-of-sale Deputy Secretary General
alongside donations in the form of goods and donations, with over AED 10,600 donated. To for Resource Development

USD 700,000
Division
groceries, totalling a further USD 300,000. support the UAE’s Bridges of Giving campaign,
Emirates Red Crescent
Furthermore, our Retail business enabled a community volunteering initiative to bring
customers to donate to the cause through the UAE together to assemble relief kits
donated to the Emirates Red
the Carrefour website, mobile app and for families affected by the earthquake, our
Crescent by our Retail business
through cash counters and Red Cresent's aid Properties business arranged a donation
to support the Palestinian
donation points at its stores in the UAE. Our event in the Al Zahia Community. This
humanitarian crisis
Properties business also offered customers witnessed the donation of many essential
the opportunity to use Red Crescent donation aid items, such as 100 gas stoves, 201 room
points in their malls or to donate SHARE heaters, 575 blankets and 1,562 kg of rice.
points, our points-based rewards programme, Additionally, 445 MAFers joined the Emirates
through the app. Red Cross as part of the campaign to pack and
dispatch over 9,000 boxes of essential items to
be sent to those affected by the earthquakes.

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GIVING BACK IN RAMADAN

In the spirit of giving back, every

year during Ramadan, we engage in KES 500,000
several donation campaigns to support in household items donated
those less privileged in the holiday through our Retail business's
season. In 2023, we launched our ‘Round Up Your Bill’ initiative
‘Be a Light’ campaign at City Centre in Kenya
Bahrain, which involved an illuminating
installation in the central galleria. By Our Retail business enables cash donations Furthermore, our ‘Round Up Your Bill’
turning on a bulb, customers could from its customers to help address the initiative, which invites customers to round
help raise awareness and funds needs of the most vulnerable within our up their shopping bill, led to KES 500,000
for children in need. In total, 10,000 communities. For example, in response to worth of household items being donated to
bulbs were switched on over 30 days, the ongoing drought in Kenya, in partnership a temporary shelter in Nairobi, housing 36
double the initial objective of 5,000 and with the Kenyan Red Cross, the ‘Save a Life’ children. As part of the donation, a solar water
AED 97,600 was donated to the Royal campaign encouraged customers to heating system and hot and cold plumbing
Humanitarian Foundation. Meanwhile, purchase bags of food for families, which our systems for the kitchen and bathroom have
City Centre Fujairah partnered with the Retail business matched with an equivalent been installed as well as bathroom and toilet
Fujairah Charity Organisation to host a donation. In total, 8,000 bags were distributed renovations worth KES 3.9 million at the Imani
market where families could sell their to those affected in 2023. Children’s Home, which will benefit more than
products and earn additional income 300 children. The initiative also allowed for the
during the last week of Ramadan, renovation of a kitchen, handwashing stations,
with the families raising a total of book racks, a 5,000-litre water tank and solar
AED 19,000. pumping system for the borehole at Gacharag
Primary School in Kiambu, where 1,000
pupils will benefit from access to clean water,
cooked meals and amenities to enhance
their learning. Meanwhile in Uganda, the
initiative enabled the construction of a modern
classroom block at Noah’s Ark Primary
School in Entebbe, providing 1,000 pupils with
an enhanced learning environment.

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Social

Empowering
We dare to empower
our people to unlock
their full potential
Our People
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Our Empowering Our People OUR ALIGNMENT TO THE SDGS

2028 Sustainable Business Commitments:

Empowering Our People means ensuring that we ATTRACTING &
provide people with the tools and support to achieve RETAINING TALENT 2023 HIGHLIGHTS
their full potential. As one of the largest employers
We will integrate sustainability into
in the MENA region, we have the resources and
attraction and retention programmes
responsibility to create an empowering and positive
experience for the over 43,000 MAFers we employ
to meet the evolving values of our
workforce.
4th best
workplace
as well as setting standards for our wider value
chain. Creating an environment that enables all
people who work for and with Majid Al Futtaim to TRAINING & DEVELOPMENT to grow your career in the UAE
thrive means upholding the highest human rights by LinkedIn Top Companies
and employment standards, investing in career We will provide sustainability training
development and education, fostering a diverse to employees and suppliers throughout

+10,000
and inclusive culture, and providing a healthy the value chain.
workplace.
HEALTHY WORKPLACES employees completed
This next phase of our sustainability strategy is sustainability training
guided by ambitious targets to achieve our 2028 We will implement wellbeing
Sustainable Business Commitments, which seek programmes across the business
to establish high-quality workplaces that prioritise
wellbeing, upskill employees and tier 1 suppliers
and demonstrate measurable
improvements in employee health,
56
in sustainability, provide a clear route to advancing wellbeing and productivity. wellness events, with more than
MAFers into more senior roles and increasing 1,000 MAFers
requirements relating to human rights and HUMAN RIGHTS &
+40,556,000
employment conditions within the value chain.
EMPLOYMENT CONDITIONS
The icons on this page are used throughout the We will lead by example by requiring all safe working hours across
report to signal the relevant section that details employees and direct (tier 1) contractors our Properties business's
our activities for each Sustainable Business to comply with the International Labour construction projects
Commitment. Organisation’s eight core conventions.

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Attracting and Retaining Talent

Attracting and retaining talent relies on the We also emphasise the importance of our values
success of our employee value proposition, of Bold, Together, Passionate, crucial elements for
encompassing our culture, benefits, career success within our organisation, which we then
advancement opportunities and the potential for look for within potential talent to ensure they align
employees to make a meaningful contribution. To with our culture.
stay competitive and attract the skills needed for
Majid Al Futtaim to succeed requires our offerings Our talent acquisition function is undergoing a
to evolve in line with employees’ needs on aspects transformation to increase its alignment with our
such as skills development, flexibility, wellbeing business objectives and enhance all stakeholders’
and inclusion. experiences throughout the hiring journey. As
such, our Talent Acquisition Team is now spread
The Group oversees the Company’s policies, across the Operating Companies, each with its
frameworks, processes and systems related own Talent Acquisition Partner, who follows
to human capital, which are then tailored and our standardised processes for sourcing and
implemented at the Operating Company level conducting interviews. This is complemented
to align with their unique requirements and by our Global Solutions business, our shared
structure. services organisation based in Egypt, which
supports recruitment efforts by providing talent
profiles to each partner. The exception is executive
Talent acquisition hiring, which takes place at the Company level.
The talent acquisition process is supported by
Our talent acquisition activities cover application SAP SuccessFactors, which we use to capture and
to pre-onboarding and are designed to attract track all relevant data, allowing us to measure
and hire top talent in the market whilst ensuring our success and streamline reporting as well as
a positive candidate and stakeholder experience. empower recruiters with actionable insights.
Transparency is key throughout the process,
starting from the initial communication with
candidates, where we set expectations regarding
the role we are hiring for.

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Onboarding and Career Development MAJID AL FUTTAIM’S REWARD

AND RECOGNITION AWARDS
During the onboarding process, which spans We also offer competency development
the first three months of an employee's tenure, programmes tailored to specific roles within Every year, we recognise MAFers for their
we provide a comprehensive and immersive the Operating Companies, such as a leasing outstanding contributions at our Company-
introduction to Majid Al Futtaim and all our programme for asset managers or technical wide annual Reward and Recognition
Operating Companies, ensuring they meet with training for retail positions. In 2024, we will be Awards. Nominated by their peers, three
all stakeholders crucial to their role. This ensures launching a training for executive leaders for the winners from each Operating Company are
that new employees gain a holistic understanding first time as well as a new manager programme selected for their commitments to driving
of our business and its various entities as well that employees will need to complete before they business impact, prioritising customer
as build their network to hit the ground running can become a manager. experience, and role modelling our values
in their role. The employee also benefits from of Bold, Together, Passionate. Celebrating
regular check-ins to assess progress and ensure our employees and their successes is
they have all the resources they need. essential for creating a positive culture that
recognises their efforts.
Once an employee has successfully completed
their probation period, they have access to For example, Ayat Oman, Mall Manager,
extensive development opportunities. We have was recognised as Manager of the Year for
a performance management system in place her exceptional leadership and dedication
that includes a mid-year and end-of-year review. INDUCTION ACADEMY to enhancing the customer experience.
Objectives are set following the probation With her clear vision for the future, Ayat
period and at the start of each year, based on inspires and motivates her team, resulting
measurable indicators and our cultural values. In 2023, we relaunched our elevated in outstanding results. She pays keen
These evaluations serve as inputs for individual Induction Academy, led by executive attention to detail and consistently goes
development plans, which are created with the sponsor Charles Awad, Chief Customer the extra mile, fostering a positive work
support of talent management, human capital, Officer of Majid Al Futtaim. This environment. Ayat's initiatives, such as
and the employee's line manager. Development Academy revitalises our induction expanding customer service support,
opportunities include stretch assignments, programme, seamlessly integrating installing wheelchair stations, engaging
specialised training programmes, and access to new employees and fostering a sense with tenants, and improving mall entrances,
Majid Al Futtaim’s Leadership Institute, operated of belonging across the Company. have had a significant impact on the overall
by our Learning and Leadership Centre of The content covers Majid Al Futtaim's customer experience. Her tireless efforts
Excellence (see page 105 for more information). history, culture, values, Operating and innovative initiatives have revolutionised
Company structures, and sustainability asset management, making her a deserving
efforts, offering a unique opportunity recipient of this award.
for MAFers across the Company to
connect. In 2023, academy attendees
rated their overall satisfaction at 98%.
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Attracting and Growing Future Talent Through Development Programmes

One of the ways we establish a strong pipeline of Ahead of its opening, the school has trained over
future talent and engage with future MAFers is 4,000 colleagues, with the aim of skilling and
through targeted programmes. In line with our upskilling an additional 5,000 during 2024.
commitment to local economic development, we
ensure these are inclusive and often target those One ongoing programme is the “Healthy Life for a
who may be vulnerable to exclusion from the job Better Future” project, which came to a successful
market. close this year. Together with the Carrefour
Foundation, Sawiris Foundation, and Samusocial
In 2023, Carrefour UAE launched the Masarat International, Carrefour Egypt has provided over
Programme, a bespoke growth initiative for Emirati 300 internship and training opportunities to young
I am sincerely grateful for the frontliners, future team leaders, department people, with a focus on both career development
opportunity to attend the Masarat heads, and store managers. In its inaugural year, and social reintegration. Demonstrating the
Programme. It has been truly the programme trained a total of 327 individuals, value of the programme, more than 30% of the
transformative, equipping me comprising 312 frontliners and 15 managers and participants have been hired across various roles,
with essential leadership skills in 2024, we have set a goal of training more than both within and outside of Majid Al Futtaim, with
that have greatly enhanced 100 individuals. In line with NAFIS (see page 80), two participants hired by our Retail business. GROWING YOUR CAREER
my professional growth. This this programme is one of the many initiatives we To continue this impactful work, Carrefour Egypt AT MAJID AL FUTTAIM
programme has seamlessly are focusing on to advance local talent in the UAE. signed a Memorandum of Understanding with
integrated me into my new work Facilitated through Carrefour’s Retail Business UNICEF and the Ministry of Social Solidarity in
environment, enabling me to bring School, successful applicants receive skills-based 2022, a two-year training programme to upskill In 2023, we were ranked as the
added value to my role. training and mentoring from our Retail business's 200 vulnerable youth between the ages of 15 4th best workplace to grow your career
world-class learning partners, providing a direct and 24. in the UAE by LinkedIn Top Companies,
route to success for thousands of talented and making us the highest-ranked privately-
ambitious Emiratis. In 2023, 100 interns were trained as part of the owned UAE business. The methodology
programme. More widely, the partnership aims uses LinkedIn data, looking at
ATHEJA ABDULLA In 2024, a third Retail Business School will to bring visibility to the private sector companies components such as how employees
Assistant Manager open in Egypt, the first dedicated school offering coaching, mentorship and role models are advancing both within a company
Human Capital specific to retail in the country and exclusively to vulnerable youth to help them explore new and when they leave, how they’re
Majid Al Futtaim - Retail designed for professionals working in our opportunities and support their transition into upskilling whilst employed there, and
Retail business. Majid Al Futtaim has dedicated adulthood and the workplace. attrition and layoffs.
EGP 25 million to the school’s establishment
and operations and will offer diverse learning
programmes covering customer excellence, team
leadership, and people management.

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Talent Management
The mid-year performance review specifically
evaluates individuals on competencies such as
One example of a programme launched in 2023
is the UAE Nationals' Leadership Development
93%
their leadership abilities, ambition, and agility. Programme. In 2023, 70 UAE Nationals embarked of participants to the UAE
This enables managers to identify individuals on a transformative 12-month Leadership Nationals' Leadership Development
with top talent potential, setting ambitious stretch Development Programme. This initiative was Programme report being likely
targets to further their growth and development. designed to equip these emerging leaders or very likely to implement their
This process is designed to identify exceptionally with essential skills to effectively manage newfound leadership insights in
promising individuals, who are then provided with themselves, their teams, and their organisations. their professional roles
activities such as further training and individual The curriculum was meticulously structured
coaching opportunities to nurture their growth and around key areas including establishing a robust
fully leverage their capabilities. leadership identity, enhancing team resilience,
and fostering intelligent risk-taking. Since the
Our Talent Management Centre of Excellence programme's inception, an impressive 93% of
defines and communicates all the new participants report being likely or very likely to
programmes and initiatives that we are launching. implement their newfound leadership insights
For example, in 2023, we developed a standardised in their professional roles. The programme
framework across the Company that defines the framework consists of three core modules
critical roles that should be filled by individuals complemented by three elective courses, which
identified as top talent. The aim is to have our Top- participants can choose based on their individual
50 critical roles occupied by top talent over the development plans.
next five years.
In 2024, there are several academies and
activities that will be launched including the Top
Team Leadership Academy and the Top Talent
Leadership Academy.

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Employee Volunteering
Offering MAFers opportunities to connect with
their local communities and make a meaningful
impact helps to provide a sense of purpose, whilst In collaboration with the Emirates In the UAE, 30 employees at the In collaboration with Dubai Airports,
fostering engagement, personal growth, teamwork Red Crescent, Majid Al Futtaim Sheraton Mall of the Emirates Majid Al Futtaim volunteers prepared
and social impact. Volunteering during Ramadan volunteers actively participated in hotel distributed 120 Iftar boxes, to 1,000 Iftar boxes in Carrefour
is a deeply rewarding and meaningful experience. distributing Ramadan breaking-fast celebrate the spirit of Ramadan Dubai Festival City. The boxes were
It exemplifies the values of generosity, kindness, boxes to mall visitors, with a total with taxi drivers. distributed to the arrivals in Dubai
and selflessness, and reinforces the bonds of 2,000 boxes dispatched and shared. International Airport.
solidarity within communities, making it a truly
transformative experience for both the volunteers
and those they serve.

At the Bridges of Giving, a nationwide community volunteering

initiative to assemble relief kits for families affected by earthquakes
in Turkey and Syria, our Retail business joined forces with the
Emirates Red Crescent at EXPO City Dubai to pack and distribute
essential supplies. A total of 445 Majid Al Futtaim volunteers and
over 1,000 community volunteers packed 9,000 essential food,
hygiene, and winter boxes. Items worth USD 500,000 were donated by
the Group, with a further AED 440,000 in donations and AED 500,000
worth of goods provided by customers.

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The Environment Agency Abu Dhabi Carrefour Qatar partnered with

– Sahim invited MAFers to join its Hamad Hospital to conduct a blood
cleanup held in Al Wathba Wetland donation campaign for employees
Reserve. A total of 50 MAFers to donate blood to those in need.
volunteered at the event, with the aim In addition, 10 employees from our
to address nature loss in the area Properties business hotels team in
and to make the community a cleaner the UAE also took part in a blood
and more sustainable place to live. drive to support local charities.

To commence celebrations of our 25 years of operations in Egypt,

our employees came together for a Nile River cleanup in partnership
with the VeryNile initiative. Alongside the leadership teams of both
Egypt and Dubai, 200 MAFers removed nearly 500 kg of plastic waste
from the river and participated in a co-creating upcycling workshop
with local craftsmen to learn how to use the recycled plastic to
make items such as wallets, bags, chairs and keychains whilst also
assisting in the renovation of fishing boats.

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Fostering Diversity, Equity and Inclusion DIVERSITY, INCLUSION

AND WELLBEING SURVEY
KEY FINDINGS
With a workforce representing over 110 In 2023, we began developing diversity and This includes providing career development
nationalities, our diverse voices, skills and inclusion training to upskill employees on our training for managers, continuing the roll out

89%
ideas are a source of pride at Majid Al Futtaim updated targets and requirements and the of unconscious bias training, reviewing career
and are crucial for fostering collaboration, importance of fostering a diverse and inclusive pathways to identify underrepresented groups,
driving innovation, fuelling business growth, culture. As part of this, we expanded the number ensuring transparency, and providing career
and promoting customer satisfaction. We are of employees who receive the Diversity and coaching and mentoring. understand procedures for
proactively cultivating an environment where Inclusion Survey, with a goal of reaching 100% in reporting discrimination
every individual is respected and empowered, the future. We also implemented communication In addition, we are expanding our diversity and

84%
irrespective of their differences. plans to promote our performance and initiatives inclusion approach to include equity. Whilst
available for employees, ensuring the use diversity focuses on representation and inclusion
Our Diversity and Inclusion Policy fosters a values- and anonymity of the Ethics Hotline was well emphasises creating an environment where feel that employees with different
led, diverse, and inclusive culture where everyone communicated, and strengthened disciplinary everyone feels valued, equity goes a step further personal characteristics are respected
is treated with fairness and respect. We have processes for discrimination and mistreatment. by acknowledging that not all individuals start and valued equally
a strict zero-tolerance policy when it comes to We actively engaged the People of Determination from the same position or have equal access
harassment and discrimination and our Code of Advisory Panel and employees with disabilities to to resources, opportunities, and privileges.
Conduct outlines our expectations for behaviour,
which all employees are required to sign annually.
better understand their needs, created employee
diversity and inclusion forums that meet at least
Therefore, we are exploring how to address the
underlying systemic issues that hinder equal 77%
Additionally, all employees are encouraged to four times a year, and reviewed career pathways. opportunities for all individuals through initiatives agree discrimination is not tolerated
report unethical behaviour violating these policies such as thought leadership and unconscious bias at Majid Al Futtaim
and the roll out of a ‘Speak-Up’ forum fosters One of our key tools for monitoring the success training for managers.

74%
a culture of open communication, encouraging of our initiatives and the culture within the
employees to suggest new ideas and share their organisation is the valuable insights we gather
thoughts on DEI matters. from employees. In 2023, we combined the annual
Diversity and Inclusion Survey with the annual feel included and able to
Healthy Workplaces Survey to create the Diversity, be themselves at work
To govern and implement our Diversity and
Inclusion Policy, the Diversity and Inclusion Council Inclusion and Wellbeing Survey to increase
meets monthly, comprised of representatives from
each Operating Company and the leadership team.
engagement and recognise the interconnectedness
of these topics. The diversity and inclusion part
covers inclusiveness, discrimination prevention,
72%
At the start of the year, the Council establishes a think that Majid Al Futtaim hires
shared action plan aligned with annual targets, and career support. Overall, perception remains a diverse workforce
encompassing essential elements such as training, positive amongst MAFers but the survey also
awareness sessions, and the annual Diversity and highlighted areas where we can continue to focus
Inclusion Survey. our efforts.

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Gender Balance
The launch of the Women in Retail
The UN has highlighted that the MENA region Across the business, there are numerous This has been in part due to the introduction of the Council in Kenya is a product of our
currently faces one of the lowest rates of women’s programmes in place to provide women Women in Retail Council - a platform dedicated continued efforts towards diversity
participation in the workforce globally. At just with upskilling opportunities, facilitate their to development, and staff and stakeholder and inclusion. At Majid Al Futtaim,
19%, representation has declined since 2020, with advancement into senior positions, and offer engagement. This council offers training, we aim to continuously elevate the
managerial roles further underrepresented21. flexible work arrangements. For instance, in mentorship, career guidance, and industry insights role of our female colleagues by
Advancing women in the workplace and advocating 2024, we will be launching a Women in Leadership to all female employees and aims to double the creating incentives to encourage
for gender balance within our industry and beyond Academy for female leaders at the senior representation of women in managerial positions sustainable professional progress
is therefore a top priority. leadership level and above. The Academy will run by 2030. This initiative will be implemented across and development. Our goal is to
over three months, reaching over 200 participants Carrefour Kenya’s 20 stores, with 16 in Nairobi and be at the forefront of universally
As a signatory to the UAE Gender over two years to build a community of female 2 each in Kisumu and Mombasa. shared aspirations towards
Balance Council’s SDG 5 Pledge leaders. empowering women in society.
to accelerate women’s leadership
in the private sector, and through At the local level, teams run various initiatives to
the targets set by our SLL, we empower female employees. For example,
are increasing gender diversity Carrefour Pakistan launched its inaugural
amongst senior management in the top three “Chai-GUP SHUP!” pilot project to foster unity CHRISTOPHE ORCET
seniority levels (board, senior executive and senior amongst female employees through meaningful Regional Director -
management) to reach 32% and align to the 30% conversations, addressing the challenges East Africa
Club by 2026. In 2023, we achieved our target encountered in the office environment. It is an Majid Al Futtaim - Retail
of 23%, with 26% of senior management being opportunity for women to connect, exchange
female. This can largely be attributed to our focus insights, and provide support to one another. With
on equitable practices during talent acquisition plans to expand this programme nationwide, the Read our Women
processes, ensuring an equal number of eligible aim is to engage approximately 300 women at our in the Workplace
male and female candidates for every available stores each quarter. white paper here.
position.
In addition, Carrefour Kenya has made significant
progress in diversifying its workforce. Over the
past three years, the number of female colleagues
in managerial roles has doubled, accounting now

26%
for 23% of these positions.

of senior management in the top three

https://www.unodc.org/romena/en/Stories/2022/September/shifting-gears--changing-mindsets_-promoting-gender-equality-in-the-mena-region-through-a-
21 seniority levels are women
novel-approach.html

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Equal Opportunities CELEBRATING OUR

DIFFERENT CULTURES
Fostering a diverse and inclusive culture also More broadly, the Enable programme facilitates
means ensuring that people of all abilities retail entrepreneurship, offering people of Spanning 15 countries, we embrace
receive equal opportunities into work. In 2023, determination the opportunity to manage stand- the rich diversity of cultures within
Majid Al Futtaim hired people of determination alone retail spaces within our Retail business our organisation. For example,
into various roles across the business including stores. In 2023, 39 stores had Enable stands, with our Entertainment business celebrated
Carrefour Qatar, which selected two talented 20 people of determination employed in Enable, Onam with festive decor, pookalam
individuals to join the Finance and Data Analytics and we provided a space free of charge in Dubai (floral designs), and traditional food
departments. Festival City to support the production of their served on banana leaves, and Keralite
items. In addition, Carrefour Qatar collaborated MAFers dressed in their traditional
Across our Retail business, various initiatives with Al Wakra Municipality and the Qatar Society outfits. In the Holy month of Ramadan,
took place to support people of determination for the Rehabilitation of Special Needs to organise Carrefour Qatar distributed over 500
into employment. Carrefour Egypt participated in an event for people with visual disabilities. The Ramadan essential bags to offices
the “Initiators Congress”, an empowering annual event included tours of sustainable products, and accommodations as a gesture
event focused in 2023 on using assistive tools environmental education, and specialised training of appreciation and celebration for
and technologies to help people with disabilities in communication and customer service to employees. Our Properties business
live independently. Similarly, Carrefour UAE took enhance their employability. hosted an International Food Bazaar at
part in a career fair for people of determination The Westin and Le Meridien City Centre
at the House of Wisdom in Sharjah, providing a Bahrain hotels where 150 associates
way to connect directly with job seekers and raise of 30 different nationalities decorated
awareness about their capabilities and skills. As a booth and prepared their traditional
part of the event, an Enable workshop facilitating national foods.
a ‘Sons of Determination’ team that creates unique
corporate gifts, was held in collaboration with
Desert Group, attracting 50 attendees in Dubai and

371
32 in Abu Dhabi.

people of determination in positions

across our business (vs. 288 in 2022)

In the UAE, Carrefour has a target

to reach 2.5% of employees who are
people of determination by 2025.

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Training and Development

Investing in our people's skills and development is In 2023, driven by the need for greater
key to how we attract and retain talent, ensuring alignment with evolving business needs,
they have the tools to succeed in their roles and Majid Al Futtaim began transforming the
adapt to changes within our industries. As such, Learning and Leadership Centre of Excellence's
we have a dedicated Leadership Institute, which strategy and operating model. This transformation
is run by the Learning and Leadership Centre of involved a comprehensive assessment, analysing
Excellence and houses world-class, innovative learning data, voice of the learner listening
learning and leadership development academies analyses and benchmarking against best-in-
and activations, with leading experts and global class learning and leadership development
faculties in state-of-the-art facilities. This is globally. Through this rigorous process, the team
complemented by the Learning and Development identified key skills to embed in 2024, including
teams in each Operating Company, who deploy leadership skills such as change readiness and
functional, technical and other business-specific adaptability, power skills like complex decision-
learning to our MAFers. making with data and communication, and future
skills such as big data, artificial intelligence, and
market-creating innovation. This skills-sensing
exercise was a critical element of co-designing
the impactful, performance-enhancing learning,
underpinned by three key principles for MAFers:
own their learning, grow others by giving, and
foster an everyone-to-everyone learning culture.
In alignment with these principles,
Majid Al Futtaim will launch new, unique
academies such as the AI Academy, Women
in Leadership Academy, and the Top Talent
Leadership Academy. The new approach will
include smaller cohorts, micro-learning training
sessions, and a strong commitment to online
learning, which brings us a step closer towards
achieving our Sustainable Business Commitments.

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Fostering a Culture of Learning and Leadership LEARNING WEEK: LEARN UP! CREATING THE FUTURE

Development
Knowing that learning is the cornerstone of With renowned speakers from Microsoft
success for our teams and the organisation, and LinkedIn, alongside internal experts,
At Majid Al Futtaim, we place a strong emphasis Examples of learning and leadership we recently held our inaugural Company-wide the sessions emphasised cutting-edge
on learning and leadership development as development academies and activations in 2023 learning week - ‘LearnUp! Creating the Future' technologies, soft skills, and cultural
essential components of our organisational included: - where over 1,097 MAFers attended a suite of dimensions. The pinnacle of the week was the
culture. We believe in fostering a culture of growth events with thought leaders, industry experts, FailForward panel, featuring our visionary Chief
and continuous learning, empowering each High Performing Teams Programme: and internal talent. Organised by our Learning Executive Officers. Through sharing their own
individual to take ownership of their personal and 15 employees took part in a transformational and Leadership Centre of Excellence, the experiences of failures and missteps, the event
professional development. journey designed for senior leadership teams week aimed to enhance our in-house skillset cultivated conversations that highlighted how
to elevate their performance by uniting leaders and foster a cultural shift towards integrating failure acts as a catalyst for growth, activating
around a clear, compelling team direction and learning into daily work and professional a mindset that fuels continuous learning and
expected behaviours. Demonstrating its value, development. motivates improvement.
participants rated the overall effectiveness of the
programme as 4.7 out of 5. The success of LearnUp! was evident from
the positive feedback, in which more than 96%
LinkedIn Learning #HourOfPower Challenge: of employees found the sessions beneficial,
We launched the #HourOfPower Challenge in 93% acquired new knowledge, and 95% found
partnership with LinkedIn to promote continuous the content aligned with their professional
learning amongst MAFers. This challenge interests.
encourages employees to dedicate one hour
per week to curated LinkedIn learning journeys
focused on data-driven decision-making,
communication, big data, and AI skills. The results
have been impressive, with a 94% increase in
engagement.

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Expanding Our In 2023, some of our sustainability training highlights include:

Sustainability Training In-house training by our LEED accredited

professionals and faculty from the US
Waste management training at City Centre
Deira by our Properties business for tenants,
6
Green Building Council (USGBC) for 13 the mall operations teams, and facilities MAFers became LEED Green Associates
Ensuring our people are engaged with Dare
Today, Change Tomorrow and equipped with the of our Entertainment business employees. manager, Enova. The training informed them
skills to deliver its objectives has required us to
embed sustainability across employee training,
from our top talent to frontliners. Upskilling our
The training provided participants with a solid
understanding of green building concepts and
how to leverage LEED as a tool for operational
of sustainability activities taking place within
the mall and how to contribute to best practice
waste management including the importance of
+80
food and beverage tenants attended
employees in sustainability is a crucial component efficiency in preparation for the LEED Green recycling and its environmental impact, along waste management training
for business success at Majid Al Futtaim as we Associate Exam. Following this, six of the with practical solutions like identifying specific
recognise the critical role it plays in addressing employees have already achieved the LEED waste streams and how to dispose of them.
global challenges and staying competitive in an Green Associate professional credential and Notably, the training session was attended by
evolving market. are equipped to support our sustainability over 80 food and beverage tenants.
programmes.
Within the next phase of our strategy, our 2028 Recycling awareness training for 55
Sustainable Business Commitment on training Sustainable Procurement Policy training of our Lifestyle business employees in
and development commits us to providing annual sessions for 33 of our Retail business's collaboration with YES Full Circle Solution
sustainability training to employees and tier 1 maintenance suppliers in Qatar. in the UAE, sharing the values of a circular
suppliers, within priority roles and spend, to reach economy and its significance in our business
100% by 2028. This ambitious target reflects the operations and maintenance. This awareness
importance we place on upskilling our supply session resulted in a positive response to install
chain too, recognising that their awareness e-waste recycling bins within the head office.
of topics such as human rights, responsible
procurement and health and safety is essential
for them to operate in line with our policies and
ambitions.

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“After completing our Entertainment business's LEED Green Associate

Nurturing a Network of HEAR FROM course, I gained a better understanding of embedding sustainability
SOME OF OUR into daily operations, aligning with global green building standards
Sustainability Champions SUSTAINABILITY like LEED. Apart from being a Technician in the Technical, Facilities,
CHAMPIONS... and Sustainability Department, I’m actively involved in enhancing
operational efficiency, particularly in energy and water conservation,
Embedding sustainability within our business by monitoring BMS operations across the Middle East. Through
strategy has only been possible through this role, I’m able to advocate for energy and water conservation
open discussions and a clear culture shift. amongst colleagues, and I’m eager to expand my involvement in
Since the launch of our first Company-wide Entertainment’s sustainability initiatives to drive meaningful change.”
sustainability strategy in 2018, a strong
understanding has become evident about
what is required for us to remain successful EARLWIN PLANA
and relevant in the context of evolving Technician
challenges and opportunities. Majid Al Futtaim - Entertainment

To support this evolution, we have built a

rich and vibrant network of Company-wide
sustainability champions tasked with leading
positive change in their own roles and
inspiring their colleagues to do the same. We
know that many of these employees make a “As a Brand Manager for Lifestyle Home, I am
difference on a local level and inspire others “Being a sustainability champion committed to driving the sustainability agenda within
to follow their example. has given me the opportunity to make a bigger our home brands to leave a positive impact on the world.
impact beyond my day-to-day role. In fact, it In 2023, through my role as a sustainability champion, I
has changed considerably how I engage with collaborated with the operations, buying, marketing, and
The sustainability champions maintain regular
my team and other colleagues across the visual merchandising teams to design and produce reusable
monthly meetings with their Operating
business. It has given me the opportunity to canvas shopping bags, which not only showcase style and
Company leads to promote continuous
review how we do things, embed sustainability functionality but also replaced the previous use of plastic
engagement and keep the leads well-informed
thinking into everything and remove internal bags for oversized items. I take immense pride in our collective
about the initiatives taking place across our
silos in order to more effectively work together ability to work towards a common goal of sustainability,
various focus areas. The champions are also
towards our common goal.” resulting in significant annual carbon emission savings by
called on to provide support when needed
such as requests for environmental data reducing our reliance on plastic production.”
or new initiatives being rolled out by the
Corporate Sustainability Team. ELIE JABBOUR
NICK STUART
Associate Manager
Brand Manager
Learning & Development
Majid Al Futtaim - Lifestyle
Majid Al Futtaim - Retail

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Healthy Workplaces
DIVERSITY, INCLUSION
We cultivate thriving work environments by Overall, the perception remains positive, however
AND WELLBEING SURVEY
focusing on the physical design of our assets and invaluable insights have identified where we KEY FINDINGS
delivering an inclusive programme of engagement need to evolve our support in 2024. For example,
initiatives as defined by our Healthy Workplace improving mental wellbeing is now employees’ top

65%
Policy, complemented by targets and KPIs to wellness priority compared to financial stability
drive real improvements in employee health and in 2022. This means we need to mitigate against
wellbeing, productivity and financial performance. potential causes of stress such as workload, work-
feel as or more productive
Building on our progress over the past five years, life balance and the physical environment, and
compared to 2022
our 2028 Sustainable Business Commitment on continue to offer initiatives that support people’s
healthy workplaces commits us to demonstrate mental wellness. Other areas of opportunity

60%
yearly improvements in employee wellbeing and highlighted by the survey include continuing to
ensure all workplaces align with international best improve physical work environments through
practice health and wellbeing standards. best practice health and wellbeing standards
feel that Majid Al Futtaim supports
and providing opportunities for regular physical PRIORITISING WORK- their physical and/or mental wellbeing
Our efforts are supported by a network of 40 exercise. LIFE BALANCE THROUGH
wellness champions who play a crucial role in FLEXIBILITY
supporting initiatives across our organisation
and enhancing the overall wellness experience of
our employees. To receive direct feedback from
Our programme is supported by an internal
wellness application – MyWellness - which in
2023, had 932 active users across 2 countries. We have several progressive policies
55%
think wellbeing in the workplace has
employees on the effectiveness and relevance of The app allows employees to register for to accommodate different work styles improved since 2022
our programmes, we conduct an annual Healthy sponsored events and enjoy numerous discounted and promote work-life balance. For
Workplaces Survey. This year, the survey was experiences for themselves, their colleagues and example, our Work From Anywhere
incorporated into our new Diversity, Inclusion and families. MAFers can earn points by participating Policy enables employees to work
Wellbeing Survey. This helps us know what we are in these activities and use them to compete remotely from another country and
doing well and where improvements are needed. with their colleagues and unlock rewards. The we also embrace flexible and hybrid
The survey results are shared with each Operating MyWellness Step-Up Challenge, where MAFers working arrangements for roles that
Company, which then creates tailored action plans can link their step count to the app, compete and can be effectively performed in such a
to address any challenges and capitalise on new receive rewards for meeting monthly targets, now manner. In addition, our non-frontline
opportunities. has more than 439 employees engaged, taking employees in the UAE can finish at
a monthly average of over 26 million steps and 1pm every Friday, in line with the UAE
almost 3 billion over the course of the year. Federal Working arrangement.

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OUR 7TH ANNUAL WELLNESS WEEK

In 2023, our annual Wellness Week reached new Equipping individuals with the knowledge and
heights as the most successful one yet. With skills needed to effectively manage their personal
over 25,000 engagements spanning 10 countries, finances was also a key theme. As such, 500
the week encompassed diverse activities to employees attended financial wellness workshops,
support mental, emotional, financial, and physical which covered topics such as the psychology of
wellness, from engaging video game tournaments money and investing, family finances and good vs.
and paddle football to nutrition sessions and bad debt. Following last year’s success, we also
gratitude exercises. Additionally, we provided hosted the second edition of the wellness bazaar
free medical check-ups, including general with eight companies setting up booths to provide
health assessments and screenings, promoting wellness products, discounts and experiences
accessible healthcare services. including: Hip Hop Cardio, Snack Studio, Trufusion,
Ideal Fitness Centre, Top Stretch, Innara, Zero
For example, Carrefour Egypt held a PlayStation Point Flotation and Aventura.
tournament attended by over 100 employees,
distributed 7,000 healthy juices, provided physical
wellness activities for around 200 employees,
and shared over 1,000 gratitude posts. In
addition, Carrefour Lebanon offered free blood
tests whilst in Qatar, a wellness check-up event,
in collaboration with Naseem Medical Center,
provided comprehensive medical screenings and
consultations.
25,000
engagements spanning
10 countries

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Hosting an Inclusive Wellness Engagement Programme

Awareness is vital in our approach to promoting In addition to promoting awareness, our activities
wellbeing. We believe that informed individuals focus on physical health including vaccination
are better equipped to take proactive steps in programmes and regular health check-ins as
maintaining their health and wellness. Our health well as sporting tournaments and events. For
awareness campaigns cover a wide range of example, we sponsored 120 employees to take
mental and physical health issues and in 2023, 56 part in the Dubai Marathon, 200 employees joined
events took place with more than 1,000 MAFers the Marakez Pyramids Half Marathon in Egypt,
engaging in different activities. 70 MAFers took part in the Dubai Corporate
Games, our Entertainment business in Bahrain
For example, in the UAE, our Entertainment hosted its annual employee football tournament
business organised a Food & Food for Thought with over 70 MAFers taking part, and during the
session, where 32 MAFers listened to clinical month-long Dubai Fitness Challenge 30X30, over
psychologist, Dr. Lakshmi Saranya, shed light 250 employees and their families joined the first-
on common misconceptions surrounding mental ever exclusive Majid Al Futtaim marathon and 75
health and the transformative power of holistic MAFers joined the aloft vertical run. Furthermore,
wellbeing. Mall of the Emirates hotels partnered with Unicare
and First Response to provide comprehensive
Our Retail business hosted a total of 16 health health checks for 125 employees. These
campaigns for MAFers in 2023. In Kenya, for assessments covered general health, including
example, Carrefour partnered with Jacaranda dental examinations and optical screenings, to
Maternity for Cervical Cancer Awareness facilitate early detection of any health issues.
Month, where 87 employees took part in health
check-ups. At City Centre Al Zahia, Carrefour
collaborated with Life Pharmacy and United
Pharmacy for Breast Cancer Awareness Month
(Pink October). These sessions, attended by 40
MAFers, emphasised early signs and symptoms,
risk factors, and the importance of clinical and
self-examination.

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Enhancing the Physical Design of Our Workplaces

The design of physical workplaces, from air Within the next phase of our strategy, we have
quality to lighting and biophilic design, can impact a 2028 Sustainable Business Commitment for
employee wellbeing and ultimately, productivity. healthy workplaces that includes a target to
Our current approach includes implementing achieve wellbeing-focused accreditations where
an enhancement programme based on an relevant. These certifications will provide a
assessment of our current performance against consistent framework against which we can
international best practices and employee measure and demonstrate employee health,
feedback, and our building policies (see page wellbeing and productivity through the lens of our
32) detail health and wellbeing requirements. buildings. We have already begun a widespread
For example, our Sustainable Building Policy programme of certifying our assets with the WELL
defines expectations across our assets relating to Health-Safety seal. This is a subset of the WELL
minimum indoor air quality, low toxicity products, Building Standard that assesses safety and acute
daylight, and thermal comfort. health issues within buildings, primarily through
operations and management policies. At the end of
2023, 13 offices and 29 malls are in the process of
achieving the WELL Health-Safety certification.

To further our Sustainable Business Commitment

in 2024, we are excited to embrace the WELL at
ACHIEVING WELL scale scheme. As part of this initiative, we will
HEALTH-SAFETY be subscribing to a service that will allow our
CERTIFICATION entire portfolio to collaborate with an external
consultant, enabling us to effectively implement
and maintain high standards of health and
13 offices and 29 malls are wellbeing across our entire portfolio.
in the process of achieving
the WELL Health-Safety
certification.

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Human Rights and Employment Conditions

HIGHLIGHTS FROM OUR
PROPERTIES BUSINESS
This next phase of our strategy renews our To monitor the implementation of the policy, In addition, we are evaluating how best to
commitment to uphold the highest standards of our Employee Conditions Committee conducts implement the CHRB methodology for our

100%
human rights and employment conditions and our regular compliance audits, with tier 1 suppliers tier 1 suppliers. In 2024, we will undertake a
2028 Sustainable Business Commitment aims to and contractors found to be in violation at risk of comprehensive examination of our policies against
bring further credibility to how we manage these contract termination and exclusion from future the benchmark before examining our suppliers'
topics throughout our complex value chain. tendering processes as a last resort. and private label products' performance in 2025. of projects achieved an audit score of
We have already successfully identified brand ≥ 90 with 30% scoring 100%
Majid Al Futtaim’s Employment Conditions In 2023, we rolled out our accommodation audit partners, tenants, and tier 1 suppliers to engage (vs. 95% in 2022)
Policy, included within all contracts, aligns with training to upskill auditors on our updated in the process and are actively strategising for

26
international best practice standards including requirements and the importance of providing safe operational updates to further integrate CHRB
our support of the principles in the Universal and just accommodation for all our employees, principles into our supplier engagements. By doing
Declaration of Human Rights, the International suppliers and contractors. A 100% completion rate so, we aim to foster stronger collaborations that
prioritise human rights across our supply chain22. audits on workers’ accommodations,
Labour Organisation’s eight core conventions, was achieved.
with 19 scoring ≥ 95% and 7 scoring 100%
and the UN Global Compact’s Ten Principles. The
(vs. 20 ≥ 95% and 5 scoring 100% in 2022)
policy protects our people and applies to our direct We also conducted a preliminary examination
(tier 1) suppliers and contractors, ensuring that of our operations, to ensure alignment with

+40,556,760
we operate ethically and with integrity concerning the UN Guiding Principles indicators for the
employees’ wages and benefits, working days CHRB (Corporate Human Rights Benchmark)
and hours, annual leave, basic employee rights, methodology. The CHRB provides a comparative safe working hours across
women’s rights, child labour, flexible working, snapshot of the largest and most influential our business's construction
diversity and inclusion, health and safety, companies in high-risk sectors, looking at the projects
employee accommodation and education. The policies, processes, and practices they have in
policy was updated in 2023 to emphasise the place to systematise their human rights approach
protection and enhancement of employment and how they respond to serious allegations. This
conditions, playing a pivotal role in our approach to involved conducting a gap analysis of our policies
managing risks related to human rights. against the recommended methodology. The
analysis serves as a pivotal step in pinpointing
areas for enhancement, allowing us to systematise
our human rights approach, and therefore,
guaranteeing the safeguarding and advancement
of human rights across the Company.
https://www.worldbenchmarkingalliance.org/corporate-human-rights-
22

benchmark/

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Implementing High Health Overseeing assets surpassing 4.6 million m² under management, our spaces welcome
and Safety Standards millions of employees and visitors every day. Maintaining their health and safety is of the
HIGHLIGHTS FROM OUR
utmost importance and so our frontline employees receive training in areas such as first
aid, CPR, fire safety, security awareness, and crisis management. In 2023: PROPERTIES BUSINESS
Construction on our developments remains a key
part of our business, where incidents and injuries
are a significant concern. Therefore, we conduct
regular audits and inspections and deliver
numerous health and safety training sessions.
2,131 of our Entertainment business
employees completed 16,625 learning
Our Lifestyle business in the UAE rolled
out first aid training for frontliners, with
+17,000
hours of health, safety and environment
MAF Gateway©, our internal digital Health, hours covering child safeguarding, 21 becoming third-party certified first training was conducted with workers
Safety, Security and Environmental (HSSE) emergency first aid, the Institute of aiders

33
system that we own and operate, provides a Occupational Safety and Health’s (IOSH)
single solution for operational and HSSE issues. Managing Safely course, and food and fire
This includes inspection and accident reporting, safety
health and safety audits on construction
with all incidences investigated and appropriate 50 MAFers from our Properties business
projects (vs. +31 in 2022)
remediation processes enacted. Accor Hotel management team in the UAE

0.00
undertook a safety and security awareness
To demonstrate the seriousness of our Carrefour Kuwait conducted a firefighting programme organised by Dubai Police
approach towards reducing workplace risks training session where employees received
and creating safer working conditions, our 2028 instruction from an external trainer on lost time injury frequency rate (vs. 0.01 in 2022)
Sustainable Business Commitment includes the proper usage of fire extinguishers
a target to ensure all contractors and on-site
suppliers, including staff accommodation,
and essential firefighting techniques, with
35 employees awarded basic firefighting
At the Hilton Garden Inn Mall of the
Emirates, 15 team members successfully +600
adhere to the ISO 45001 occupational health certificates completed first aid CPR training and project health and safety inspections
and safety management standard. As a first obtained certifications (vs. +500 in 2022)
step, we have already begun certifying our own
occupational health and safety management
systems under the standard and in 2023, 204
assets and stores are certified across our
At the Westin and Le Meridien hotels in
Bahrain, 20 attendees received training
100%
of tier 1 contractors in construction
Properties, Retail and Lifestyle businesses. on crisis management from the Director projects are ISO 45001 certified
of Safety and Security at Marriott

0
International

major incidents or lost time incidents

across our construction sites

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Governance
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Governing With Accountability

Majid Al Futtaim Holding LLC Board of Directors
Responsible for reviewing progress against our sustainability strategy
Our governance framework ensures accountability To measure our progress and guide our
for the implementation of Dare Today, Change activities, we develop long-term, medium-term
Tomorrow, embedding sustainability across all and annual targets and action plans, which
levels of the business from executive management focus on sustainability topics where we can
to operational teams. The framework formalises have the greatest impact for our stakeholders.
clear roles and responsibilities, underpinned by Performance against these targets is tracked Chief Executive Officer
enforced policies and procedures that are updated and audited by an independent third-party Responsible for overseeing the implementation of Dare Today, Change Tomorrow
periodically as required, aligned with global best auditor tri-annually, to provide transparency and
practice. accountability for our progress against them.
Additionally, independent third-party assurance
Sustainability is covered in executive meetings of the environmental data related to our portfolio
and board reports, to facilitate dialogue on key of assets ensures the accuracy and reliability
topics and allow for the monitoring of performance of our reporting. Please refer to the Assurance Corporate Sustainability Team
progress at all levels. Furthermore, the Chief statement on page 146 and our 2023 annual Reports into the Chief Financial Officer and is responsible for supporting the implementation of
Executive Officer and Chief Executives of targets assessment on page 149. Dare Today, Change Tomorrow. The team develops and supports the delivery of sustainability action plans in
the Group and our Operating Companies are consultation with the Operating Companies, which outline actions required to achieve our sustainability strategy
provided with sustainability targets, which are
cascaded down to senior management to ensure
alignment on sustainability objectives and the
utmost responsibility. In addition, all executive
management have ESG KPIs within their annual
objectives, which are linked to their performance Our Properties Our Retail Our Entertainment Our Lifestyle Our Global
rating and bonus. On the ground, our strategy business business business business Solutions business
is supported by a network of sustainability Sustainability Lead Sustainability Lead Sustainability Lead Sustainability Lead Sustainability Lead
champions (see page 108).

• Works with the Corporate Sustainability Team to develop action plans to drive the
delivery of Dare Today, Change Tomorrow
• Tracks sustainability targets and actions tri-annually to ensure progress is measured
and managed, enabling issues to be highlighted as soon as possible

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Board of Directors
SIR IAN DAVIS, TARIQ AL FUTTAIM,
SIR MICHAEL RAKE,
Our Board of Directors guide the direction of SENIOR INDEPENDENT NON EXECUTIVE
CHAIRMAN
our Company and operations and ensure that DIRECTOR DIRECTOR
Majid Al Futtaim maintains its stature as the
leading lifestyle conglomerate in the region.
With decades of collective experience at the
helms of worldwide conglomerates, our current
Board possesses a diverse array of capabilities
and skills. Leveraging this expertise, they are
well-equipped to navigate the complexities of ALAN KEIR, VICTOR CHU, LORD STUART ROSE,
sustainability practices. Their robust skill set AUDIT & RISK NON EXECUTIVE NON EXECUTIVE
enables them to provide strategic guidance on COMMITTEE CHAIRMAN DIRECTOR DIRECTOR
sustainability, emphasising the integration of
ESG considerations into our business operations.
Their leadership is instrumental in paving
the way for a sustainable future, aligning our
corporate objectives with global imperatives
for environmental stewardship and social
responsibility. To learn more about our Board of LUC VANDEVELDE, PHILIP BOWMAN, AHMED GALAL ISMAIL,
Directors, please visit our webpage here. NON EXECUTIVE NON EXECUTIVE CHIEF EXECUTIVE
DIRECTOR DIRECTOR OFFICER

PETER DAVIDSON,
COMPANY SECRETARY

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MAJID AL FUTTAIM
Risk Management RECEIVED A LOW-RISK ESG
RISK RATING FOR THE 5TH
In light of maintaining and protecting our core Overseen by the Group's Board of Directors, the CONSECUTIVE YEAR
business activities and providing a stable ERM Framework enables standardisation and
platform for growth and innovation across consistency in the identification and management
Majid Al Futtaim’s Operating Companies as well of risk. It also defines lines of reporting for Our participation in Sustainalytics’
as global economic, political and social volatility, escalating key risks and the responsibility of ESG Risk Rating helps investors
Majid Al Futtaim is exposed to a complex and our numerous risk committees and risk owners understand how well we manage our
interconnected range of business risks. These (please see the chart on page 124). Meanwhile, material ESG issues to make well-
risks have the potential to materially impact both our RAS communicates the Company’s appetite to informed investment decisions. The
our corporate performance and reputation. To 12 key risk categories, including ESG issues. The risk assessment covers more than
leverage emerging opportunities and reduce statement contains a risk appetite scale that aligns 16,000 companies, and since 2019,
our risk exposure, we operate a risk mitigation with a risk assessment criterion, alongside both we have received low-risk scores,
approach to effectively monitor and manage our qualitative and quantitative components to justify demonstrating the strength of our
internal and external risk landscape. This helps us the Company’s appetite for each risk category. For approach and setting us apart in our
nurture a risk-conscious culture and enhance risk- ESG matters, the statement communicates that region and industry. It is essential to
based decision-making. Majid Al Futtaim is averse to taking risks and will take into account the evolving evaluation
not trade ESG risk for the achievement of other criteria and new documentation
Our Risk Appetite Statement (RAS) and robust corporate objectives. requirements by Sustainalytics, which
Enterprise Risk Management (ERM) Framework drive us to continuously enhance our
govern key risks that could adversely affect Following extensive training in the first quarter approach. Following a gap analysis in
our business, including sustainability and climate- of 2023, we will proceed with the identification, 2024, our focus remains on refining our
related risks. In addition, they ensure the effective assessment and escalation of risks from Operating processes, addressing any outstanding
identification, assessment and communication of Companies to the Group. gaps, and enhancing our ESG initiatives
risk management information between the Group to improve our performance further.
and the five Operating Companies in line with
stakeholder expectations and the overall strategy
of the Company.

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Internal Audit Business Ethics

Our Internal Audit function is an independent In 2023, our newly established centralised Recognising that we operate in countries with Our employees play a crucial role in upholding the
and objective activity guided by the philosophy Internal Audit (Group Audit & Advisory varying levels of governance maturity, Code of Conduct and are encouraged to report
of adding value to improve the Company’s Services) function was fully operationalised Majid Al Futtaim adheres to the highest ethical any concerns out of step with our expectations.
operations. To do so, the Internal Audit function and operated as a matrix structure that standards across all our business activities, Employees can speak to their manager or a
provides independent assurance to the Board of balances central scrutiny and efficiency with ensuring that our interactions with employees, member of the compliance team across the Group
Directors and management, alongside facilitating industry-specific expertise. Reporting directly customers, partners, government entities, and and its Operating Companies. We have a fully
a systematic and disciplined approach to evaluate to the Group Audit and Risk Committee, and society are governed by these principles. independent Ethics hotline, accessible via a 24/7
and improve the effectiveness of Majid Al Futtaim’s capitalising on the ‘AAA’ brand promise – Assure, tollfree number or email and an Ethics Panel that
governance, risk management and internal control Advise and Anticipate – our purpose is to enable Our organisational culture fosters integrity, ensures that all reports of alleged misconduct
processes. our Company-wide business outcomes by ethical behaviour and legal compliance, which are promptly and thoroughly substantiated,
assuring effective governance, accountability, is reflected in our policies that set out our handled in line with the criticality level and
Our internal audit process adheres to and internal control. This is fostered by a expectations for behaviour and procedures for independently investigated. When applicable,
Majid Al Futtaim’s core values of Bold, Together, transformed internal audit, keeping pace with managing associated risks. For example, our the panel is responsible for proposing corrective
Passionate and reflects the principles of integrity, change, creating value, remaining relevant, and Code of Conduct outlines our commitment measures and/or disciplinary action to the CEO of
objectivity, confidentiality and competency as enhancing impact and influence. Such purpose to upholding the highest standards and laws their respective Operating Company. Any reports
set out in the Code of Conduct as well as the is achieved through six priorities: internal concerning anti-bribery and corruption, and we are treated with the utmost confidentiality, and
International Standards for the Professional control environment, governance and resilience, operate a robust risk management framework. we operate a zero-tolerance policy in respect to
Practice of Internal Auditing by the Institute of intelligent risk coverage, internal audit maturity, Each Majid Al Futtaim business utilises a risk breaching that confidentiality.
Internal Auditors. internal audit operating model and internal audit register to assess the quality of governance in
communications. each country and the risk of the business being
exposed to corrupt behaviour. Where risk is
identified, we assess our strategy for managing
the risk and, where necessary, take action to
improve procedures and protocols.

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Supplier Code of Conduct Data Protection

With over 23,200 active suppliers across 15 The Code covers topics including compliance At Majid Al Futtaim, maintaining the confidentiality, For example, in 2023, the week focused on data
countries, ensuring their alignment with our values with local laws and regulations, harassment and integrity, and availability of the information we protection with employees provided with guidance
and business practices is essential to safeguard non-discrimination, workers’ rights, health and use and maintain on behalf of our stakeholders, on the safe handling, usage and storage of data.
our integrity, reduce the risk of disruptions, safety, conflict of interest, business integrity, customers, employees, and business partners is a Employees could take part in daily quizzes and
foster accountability and trust, and minimise gifts, hospitality and entertainment, legal top priority. To ensure this, we have implemented demonstrate their learnings and win prizes at
negative social or environmental impacts. Our compliance and governance, business continuity, robust information security controls and the end of the week. Over 4,600 responses were
Supplier Code of Conduct sets out our standards data protection and confidentiality, intellectual procedures that undergo continuous monitoring, received during the daily quizzes. In addition, a live
and behaviours and general principles, which property, sustainability and reporting misconduct. review, and enhancement. hacking session, attended by 613 people, covering
must be adhered to by all suppliers and service All suppliers are expected to sign a Supplier topics of safe browsing, secure remote working
providers. Declaration stating that they agree to adhere to Our cybersecurity programme takes a defence- and mobile security was conducted by guest
expectations set out in the Code. Failure to do so in-depth approach that emphasises prevention, hackers. The audience was shown how they can
may result in the termination of the supplier’s detection and response to cyber threats. We rely protect themselves from such threats and play
assignment and/or contract with Majid Al Futtaim. on a range of advanced security technologies the role of an information security officer for their
and processes to ensure our digital assets are families.
adequately protected.
In terms of privacy, Majid Al Futtaim has
In addition to technical safeguards, we established a robust framework that includes
maintain a comprehensive security awareness tools, processes, roadmaps, and procedures
programme that ensures our workforce is to ensure compliance with relevant privacy
informed about security threats and their regulations. Notably, the recent implementation
corresponding responsibilities. Our awareness of a privacy-enabling technology has allowed
programme includes various training sessions, the Company to launch a privacy centre across
communications and awareness materials. One all digital touchpoints. This centre provides
notable initiative is our annual cybersecurity transparency on the use of personal data through
COLLABORATING FOR awareness week, which aims to raise security privacy notices, offers customers a digital means
EFFECTIVE REGULATION awareness within the workplace, and promote an to exercise their privacy rights, and includes
understanding of securing home networks and a preference centre for managing marketing
devices. preferences.
Our work with the UAE Ministry of AI
and Dubai Future Foundation, places
us at the forefront of discussions on
regulation regarding the Metaverse
to harness its power in delivering a
superior customer experience.
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Sustainable Finance
As our sustainability approach has matured, Developed in 2019, our Green Finance Framework, Recognised as a regional pioneer in sustainable Furthermore in 2021 and 2022, we signed two
we have increasingly sought to link our ESG aligned with the ICMA Green Bond Principles 2018, financing, to date, we have raised a total of sustainability-linked loans (SLL) totalling
performance with how we finance our operational details the processes for using, managing, and USD 4.95 billion through multiple sustainable USD 2.75 billion, which made us the first privately-
and capital expenditures and to embed reporting on our green capital market issuances, instruments. In 2019, we issued the world’s first owned Dubai corporation to borrow through such
accountability surrounding the ESG implications of including how we evaluate and select appropriate benchmark corporate Green Sukuk and the first to an innovative facility and the region’s only ‘penalty-
our activities. sustainability projects to be funded through be issued by a privately-owned UAE corporation, only’ borrower as well as the largest SLL private
these instruments. Net proceeds from green worth USD 600 million, to finance and refinance corporate borrower in the region. These loans are
bonds or Green Sukuk are used to finance green future green projects. We have since issued a designed to facilitate and support environmentally
projects that meet one or more of the categories further two Green Sukuk and one green hybrid and socially sustainable economic activity and
of eligibility recognised in the ICMA Green Bond bond, with our most recent Green Islamic issuance growth. Importantly, the SLLs are dependent on
Principles across four areas: green building in June 2023, demonstrating our continued three predetermined sustainability performance
certifications, renewable energy, water efficiency, preference for sustainability-linked funding. targets that seek to reduce our emissions,
and energy efficiency. We report the emissions, energy and water increase the green building certifications within
performance of our Green Sukuk portfolio annually our portfolio and enhance gender balance
and have appointed a third-party auditor to provide within our senior management. Annual target
independent assurance of this environmental data. performance is externally and independently
Our Green Capital Market Issuances 2024 report is verified to ensure clarity and compliance against
available here. the specific sustainability performance targets.
For our 2023 performance, see page 149.

1st
We were the first UAE non-financial To learn more about our
corporate to incorporate Green Islamic approach to sustainable
financing into our funding structure finance, and how it can be
used to achieve positive
ESG outcomes, please

USD 4.95 billion read our white paper here.

raised through multiple financial

instruments, including USD 1.7 billion
through three Green Sukuk, USD 2.75
billion in SLL’s and a USD 0.5 billion
green hybrid bond

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MALL OF THE EMIRATES BECOMES THE WORLD’S

LARGEST EXISTING LEED PLATINUM SHOPPING MALL

As an example of the outcomes resulting from our Since 2018, through its conservation initiatives,
sustainable financing, in 2023, Mall of the Emirates Mall of the Emirates has saved an average
was awarded LEED Platinum for Operations 15 million kWh of energy and 40,000 m³ of water
and Maintenance, the highest level by the LEED per year, enough to power almost 1,300 homes
building rating system, becoming the world’s for a year and fill an Olympic-sized swimming
largest existing mall to receive this certification. pool more than 16 times. The mall also generates
As part of the process, the mall was evaluated on clean electricity using 7,291 solar PV panels on the
its performance regarding energy, water, waste, rooftop car park that spans 11,996 m². The solar PV
transportation and human experience. saves 5,360 tCO₂ every year. In addition, the mall
made remarkable progress in the transportation
category, with an almost perfect score of 99/100
and 96/100 in the human experience category.

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Our Response to the Task Force on Climate-Related Financial Disclosures (TCFD)

and Taskforce on Nature-Related Financial Disclosures (TNFD)
By aligning with both TCFD and TNFD, we aim to We have considered nature in our business Whilst this disclosure reflects our integrated
encourage holistic thinking that acknowledges strategies for many years, such as introducing perspective of our climate and nature
the interconnectivity of climate and nature. As farms and beehives at our communities. management, where our approach diverges to
an organisation, we recognise our role within Nevertheless, this year represents our first year account for the specific characteristics of each,
a complex ecosystem and strive to go beyond as a signatory to TNFD, making way for our first this is outlined, such as our scenario analysis
conventional practices to create a sustainable path disclosure report. LEAP, referring to Locate, approach.
that safeguards our planet’s future and generates Evaluate, Assess and Prepare, is a framework
long-term value for our stakeholders. developed by TNFD to assess an organisation's
material nature-related issues. Therefore, we
At Majid Al Futtaim, we recognise nature’s intrinsic conducted a LEAP Assessment to develop an
and immense value. Nature plays a pivotal role informed understanding of our nature-related
in shaping the long-term sustainability of our risks, opportunities, impacts and dependencies
business and the continued health of the global across our geographically diverse portfolio. As Read our
economy depends on it. Therefore, we are we acknowledge that climate and nature are nature-based solutions
dedicated to understanding our interface with interconnected, completing the LEAP Assessment white paper here.
nature as well as our climate risks to preserve has enabled us to start to develop, enhance and
and improve the valuable natural ecosystems and integrate holistic strategies and management
resources that underpin our operations. approaches across our organisation that maximise
our resilience and protect our planet’s natural
systems. Many of our existing initiatives, and the
initiatives we are looking to invest in, consider
climate and nature as complementary concepts
that should be managed simultaneously to produce
holistic outcomes. Therefore, in line with our
existing philosophy and best practice guidance, we
are producing a combined TCFD and TNFD report,
organised under the four key pillars of governance,
strategy, risk and impact management, and
metrics and targets.

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• Responsible for approving the ERM Framework,

Majid Al Futtaim Holding LLC, Board of Directors ‘Combined Risk Report’ and RAS annually
Internal Audit Assurance

• Provides support to the Board of Directors in

discharging responsibilities in relation to the
assessment and management of risks
The Group Audit and Risk Committee
• Ensures risk management infrastructure is
established in accordance with the ERM framework as
issued by the Board

Corporate Compliance • Responsible for updating the ERM framework,

co-ordinating implementation of the framework,
defining and updating risk appetite and compiling the
‘Combined Risk Report’
Properties Retail Lifestyle Entertainment
• Provides support to the Audit, Risk and Compliance
Audit and Risk Committee Audit and Risk Committee Audit and Risk Committee Audit and Risk Committee (ARC) Team in discharging their responsibilities in
relation to the assessment and management of major
risks faced by the Operating Companies

• Implements and establishes ongoing ERM practices

Operating Company Risk & Compliance suitable to the Operating Companies, assisting risk
profiling, compiling the Operating Company risk
register report and preparing the ARC report
Business Unit Audit and Risk Committee • Ensures proper assessment and management of the
major risks faced to the business units, including
reviewing the Business Unit risk register

• Development of mitigation plans and execution and

Risk Owners monitoring

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Governance
Disclosure of the organisation’s Sustainability, climate and nature-related B) Describe management’s role in assessing Furthermore, our Sustainable Building Work
risks are fully integrated into our overall and managing climate and nature-related Group monitors, reviews and updates our
governance around climate-related risk management and escalated via the ERM sustainable building policies at least every two
risks and opportunities
risks and opportunities Framework as required. For instance, ESG years or as and when required, including our
decisions on investments, capital expenditure and Climate and nature-related responsibilities are Sustainable Building Policy and Sustainable Pre-
A) Describe the Board’s oversight of climate other climate-related commitments are raised by integrated into our day-to-day operations. To Acquisition Policy. When assessing and managing
and nature-related risks and opportunities our Corporate Sustainability Team to the Board ensure effective implementation of our climate risks, the Business Unit Risk Management
for approval. Furthermore, our Chief Executive and nature-related programmes, multiple Committees are responsible for risks faced by
Our Board has ultimate responsibility for Officer and Board have ultimate responsibility for committees play essential roles. This includes the business units, while the Operating Company
overseeing the progress of our sustainability monitoring and managing our SBT commitments the Sustainability Steering Group, Sustainability Management Risk Committees are responsible for
strategy ‘Dare Today, Change Tomorrow’, which and net positive carbon and water pathways via and Finance Committee and our Operating risks faced by the Operating Companies.
consists of three pillars: Rethinking Resources, quarterly strategy updates. Company Sustainability Managers. Our Green
Transforming Lives and Empowering Our People. Sukuk Committee sits under the Green Finance
Additionally, it has fundamental oversight of Our Corporate Compliance Team supports the Committee, while our Science-Based Targets
our Sustainable Business Commitments and Group Audit and Risk Committee and Board in Committee and Net Positive Committee sits
environmental targets. The Board receives the management of principal risks. The team under our Sustainability Steering Group. The
quarterly updates on sustainability performance, develops a Combined Risk Report featuring two aforementioned committees meet as needed,
covering each pillar of our strategy and risk registers. Firstly, the Group Risk Register in some cases on a quarterly basis, and
encompassing governance and data management. classifies climate and nature-related risks as responsibilities include identifying, assessing and
Recognising the criticality of climate and nature- top enterprise risks, and the second register integrating sustainability, climate and nature-
related risks to our enterprise, our Board monitors features all material climate and nature-related related risks into the corporate risk registers
these risks. Through our ERM Framework, climate risks individually, along with mitigation measures to ensure risks are escalated through the ERM
and nature-related risks are identified as top risks, to reduce overall enterprise risk. The Combined Framework as described previously.
which allows for consistent monitoring at all levels Risk Report is presented to and reviewed by the
of the organisation. The Board maintains direct Group Audit and Risk Committee, then escalated
and ongoing oversight in this regard. The Board to the Board to ensure climate and nature-
receives updates from other committees included related considerations guide strategic and risk
in the organogram on page 124, on a quarterly management decision-making.
basis or more frequently as necessary.

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C) Describe the organisation’s human rights Our Sustainable Procurement Policy extends our
policies and engagement activities, and stringent approach to responsible business to
oversight by the Board and management, the local communities and other stakeholders
with respect to Indigenous Peoples, implicated across our supply chain. This policy
includes standards for engaging with local
local communities, affected and other
communities, protecting biodiversity, and
stakeholders, in the organisation’s supporting local economies.
assessment of, and response to, nature-
related dependencies, impacts, risks and Our sustainability strategy is aligned with 14 SDGs
opportunities that seek to address global issues such as climate
action, responsible consumption and life on land,
We firmly believe that responsible business amongst others. Our nature strategy supports
practices serve as the cornerstone of success the Goals by promoting biodiversity conservation
for any company. By implementing sustainable and sustainable resource use, important issues
and accountable business strategies, we aim to to address social and economic disparities and
promote the protection of our local communities support community development.
whilst also ensuring the long-term resilience of
our operations.

To ensure responsible and ethical practices,

our Employment Conditions Policy outlines the
labour standards that we uphold. These standards
have been developed in accordance with input
from internal and external stakeholders, as well
as internationally recognised best practices,
including the International Labour Organisation's
Core Conventions and the UN Global Compact
Principles. Our Board and management provide
robust oversight in implementing human rights
policies and engaging with relevant stakeholders
in assessing and responding to nature-related
issues.

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Strategy
Disclosure of the actual and potential Therefore, we have conducted a climate risk By assessing the risk profiles of our assets and Our Nature Risk Assessment - the LEAP Approach
assessment across two Intergovernmental Panel identifying our most at-risk locations, we were
impacts of climate-related risks and on Climate Change (IPCC) climate scenarios, the able to strategically prioritise mitigation actions As this year marks our inaugural full TNFD
opportunities on the organisation’s RCP 4.5 and RCP 8.5 scenarios, and a nature risk and leverage opportunities (as detailed on pages response, we completed a LEAP Assessment
business, strategy and financial assessment across the two TNFD scenarios, #1 132 to 134). across our direct and downstream operations to
and #3. Please refer to page 137 for details on our develop a more thorough understanding of our
planning where such information is chosen scenarios. Our business level assessment qualitatively nature-related risks, opportunities, impacts and
material assessed the significance and likelihood of a range dependencies across our geographically diverse
Time Horizons of physical and transition climate-related risks on portfolio. This assessment has enabled us to
A) Describe the climate and nature-related a scale of one to five and considered the potential strengthen our strategies and risk management
risks and opportunities and nature-related When conducting our climate risk assessment, we financial losses modelled in the quantitative approach to formally encompass a wider range
dependencies and impacts the organisation selected our time horizons to align with climate portfolio modelling. Significance was assessed of climate and nature-related considerations. In
has identified over the short, medium and policy and available data. We have aligned our based on the potential level of disruption, financial 2024, we intend to extend this assessment across
nature risk assessment to these time horizons impact and ease/cost of mitigation of the risk, our entire value chain with the inclusion of an
long-term
to enable us to develop a comprehensive with a score of one representing minimal or no upstream assessment, as we recognise that our
understanding of the interconnections between impact, to five representing catastrophic impact supply chain significantly interfaces with nature,
Underpinning our strategy is the commitment to
climate change and threats to nature, enabling threatening the future of the business. Likelihood therefore, a significant opportunity exists to
manage climate and nature-related issues that
more effective and informed risk management was assessed based on the probability, frequency, address nature-related issues.
threaten our strategic objectives in the short,
and mitigation strategies. Our time horizons are duration of impact and speed at which the risk
medium and long-term. We recognise that the
defined on page 131. could materialise, with a score of one representing
assets we develop and occupy now will be here
lower risk likelihood with a short duration and
far into the future and that we need to protect the
Our Climate Risk Assessment - Climate slow materialisation, to five representing higher
natural systems we interact with to ensure future
prosperity. Without appropriate risk management,
these risks could have severe financial and
Modelling and Scenario Analysis frequency risks with durations that persist over a
long time period. L Locating our interface
with nature

reputational implications, plus potentially harmful

environmental impacts. We believe it is our
We conducted comprehensive climate risk
assessments at both the business and portfolio
E Evaluating our nature-related
impacts and dependencies

responsibility to explore a range of plausible

scenarios to anticipate and prepare effectively for
levels to identify and quantify potential financial
losses and savings associated with various A Assessing our nature-related
risks and opportunities

P
potential future risks and opportunities related to climate-related risks and opportunities. This Preparing to manage and report our
climate change and nature transformations. included physical risks such as flooding, heat nature-related risks and opportunities
stress, and drought, as well as transition risks like
market, legal, reputation, and technology risks.

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THE LEAP ASSESSMENT INCLUDED A FOUR-PHASE APPROACH:

Nature-related dependencies:
LEAP PHASE DESCRIPTION Aspects of ecosystem services that
an organisation relies on for its
Leveraging geolocation mapping, we first identified the biomes, ecosystems, and major water basins that our direct and downstream portfolios interface functioning, such as water regulation,
with. To understand the integrity and importance of the ecosystems at these interfaces, we assessed four metrics from the WWF Biodiversity Risk Filter flood resilience, crop pollination, and
(WWF BRF) Tool, which uses biodiversity-related indexes underpinned by robust, reputable, and scientific data. These metrics were ecosystem condition, timber provision.
water scarcity, range rarity and key biodiversity areas, defined below.
Nature-related impacts: Changes in
• Ecosystem condition – indicates the intactness and connectedness of the natural environment. Poor ecosystem condition can lead to degraded
nature and result in restricted access to the quantity and quality of resources required by a business to operate long-term.
the state of nature that affect the ability
of ecosystems to provide social and
• Water scarcity – refers to the physical abundance or lack of freshwater resources. Water scarcity can significantly impact business operations, economic functions. Impacts can be
supply chains, operating costs, and growth, and it is human-driven. Where water is scarce, social issues are intensified, including health risks and positive or negative, direct, or indirect,
potential conflict, while disruptions to water cycles can irreparably impact natural systems. and may result from the actions of an
organisation or other parties.
• Range rarity – measures the degree of endemism of mammals, amphibians, and bird species. Endemism is a state of a species found in a single
and/or restricted geographic range, where impact on these species might more easily cause extinction. For businesses causing nature-related
harm, reputational risk is considerable, while disruption to ecosystems can be catastrophic, with cascading effects across the ecosystem.

• Key biodiversity areas – are the most important places in the world for species and their habitats as defined by the Integrated Biodiversity
Assessment Tool (IBAT). Business risk is heavily influenced by proximity to key biodiversity areas, particularly as it is used in corporate and financial
LOCATE safeguards.

All assets within locations exhibiting medium risk or higher23 to any of the aforementioned metrics were consolidated into a dataset and uploaded onto
the WWF BRF Tool platform to complete a full assessment of each Operating Companies assets’ nature-related impacts and dependencies.

Following this initial step, given the significant size of our portfolio’s direct and downstream operations, we implemented an additional screening to
identify our final priority assets, in line with TNFD guidance. Across our Properties, Entertainment and Lifestyle portfolios, the top 30% of at-risk sites
were prioritised based on their absolute overall risk scores. Across our Retail portfolio, where risk scores were generally consistent, we used financial
data to pinpoint the highest-risk asset in each country of operation that could pose the greatest business risk should disruption materialise from
nature-related risks that cause a reduction in income. As a result, across our direct and downstream operations, we identified 16 priority assets in our
Properties portfolio, 15 in Entertainment, 7 in Lifestyle and 15 in Retail.

23
The WWF Biodiversity Risk Filter Tool assigned risk categories a score of 1-5 where 1 = very low, 2 = low, 3 = medium, 4 = high and 5 = very high risk. Guidance indicates that medium risk and higher is classified as material.

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LEAP PHASE DESCRIPTION

To understand the nature-related factors driving risk scores, we analysed and assessed the WWF BRF data to identify the material nature-related
dependencies and impacts associated with each asset. Following WWF’s guidelines, risks were considered material when they exhibited medium or
higher scores. The WWF BRF Tool’s methodology assesses risk looking at both asset location and its industry sector, both extremely valuable factors to
develop a contextualised understanding of a business’ relationship with nature.
Overall, 35 biodiversity-related metrics were assessed for all priority assets, split into physical and reputational nature-related dependencies and impacts,
categorised into the following groups: 1) provisioning services, 2) regulating and supporting services – enabling, 3) regulating services – mitigating, 4)
cultural services, 5) pressure on biodiversity, 6) environmental factors, 7) socioeconomic factors, and 8) additional reputational factors. Categories one to
four and eight are characterised as nature-related dependencies, while categories five to seven are characterised as nature-related impacts.
We identified patterns, trends, and potential impacts on both our business operations and the natural systems we interface with. This led to identifying
our top business-level nature-related impacts and dependencies across our direct and downstream operations, outlined below.
Extreme heat, drought, and water scarcity
Our business is dependent on the sustained presence of healthy natural ecosystems to mitigate the likelihood and frequency of these natural hazards,
and to reduce their potential impacts as climate change worsens. Natural systems play a vital role in mitigating these impacts by providing temperature
regulation, water retention and storage, soil moisture regulation and ecosystem resilience against climate extremes.
Water and air condition
ELEVATE
Our business is dependent on being able to access good quality ecosystem services, such as water and air. These resources are important for business
continuity as they directly impact our customers and employee wellbeing, supply chain continuity and the perceived attractiveness of a location. Healthy
natural ecosystems can help mitigate the materialisation of poor water and air condition by providing natural water filtration, aquifer recharge, air
purification and carbon sequestration.
Pollution
As a company, we acknowledge the potential harm that our operations may cause to nature via pollution in the form of air, water, soil and plastic
pollution. Recognising the potential scale of our impact in the region, we are committed to implementing robust safeguards to minimise our
environmental footprint, and we continually strive to further reduce our impact. Please refer to pages 30 to 71 for detailed information on our initiatives
in this regard.

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LEAP PHASE DESCRIPTION

By evaluating our nature-related dependencies and impacts, we have been able to identify and assess the potential risks and opportunities associated
with nature, which will enable us to enhance our proactive risk management and informed strategic decision-making processes. We conducted scenario
analysis to determine our most material nature-related risks and opportunities across potential future realities. Using TNFD guidance, we selected
TNFD scenarios #1 and #3, so-called ‘Ahead of the Game’ and ‘Sands in the Gears’, respectively, as these scenarios offered us the ability to understand
potential outcomes in plausible, yet highly contrasting futures. This reflected the approach taken in our climate risk assessment, using RCP 4.5 and RCP
8.5 scenarios.

ASSESS By undertaking scenario analysis as part of both our climate and nature risk assessments, we have determined our top climate and nature-related risks
in the short, medium, and long-term, featured on pages 132 to 134.

Based on the findings of our comprehensive assessment of our nature-related impacts, dependencies, risks and opportunities, we have developed a
framework that our internal stakeholders can leverage to guide nature-related management actions and decision-making processes. This framework
sets a foundation for how we intend to proactively mitigate a full range of nature-related risks and effectively harness nature-related opportunities.
It features two strands of control measures: direct and indirect. Direct measures focus on building our resilience by implementing mitigation and
adaptation measures, while indirect measures focus on upskilling our teams on nature-related issues, developing capital expenditure plans, and
embedding nature-related considerations into the business. We have identified the actions we are already pursuing to secure a nature positive future,
and we have highlighted key opportunities to enhance our management going forward. We plan to further refine and expand this framework in the
PREPARE upcoming year as we allocate additional time to delve deeper into the results and assess their implications for our on-the-ground operations.

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Our Top Climate and

Nature-Related Risks To mitigate the largest impacts in the current decade, plans and resilience measures need to be put into place in

SHORT-TERM
(2023-2030)
the immediate term. With mature oversight of our material climate risks, we have implemented, and continue to
We have identified the following top climate implement, climate risk mitigation measures to fulfil our SBT commitments. The LEAP Assessment has enabled
and nature-related risks to our business, the us to form a comprehensive understanding of our material nature risks across our direct and downstream
implications of these risks and the actions we operations, largely aligning with our existing priorities, such as phasing-out single-use plastics and reducing
have taken to manage the impacts (see pages our carbon emissions and water consumption. This assessment has provided valuable insights on how we can
132 to 134). further refine our strategy and enhance our approach to maximise our resilience to potential future scenarios.

Additionally, we have identified several

opportunities we can leverage to deliver
outstanding climate and nature-related

MEDIUM-TERM
performance to our stakeholders and customers.

(2030-2050)
Some of our key climate and nature-related We aim to support the government's UAE Net Zero by 2050 strategic initiative by setting carbon reduction targets.
opportunities include: Our intention is to use the 2026/27 target update required by the SBTi to revise our 2035 targets and set a 2050
target, increasing their stringency to help meet global and regional goals (see page 37 for more details on our
• Securing long-term cost savings through early carbon roadmaps). Additionally, within this time horizon, we are committed to achieving net positive carbon and
implementation of mitigation and adaptation water by 2040.
solutions

• Achieving our 2040 net positive carbon

targets via long-term high-quality renewables
PPAs, reducing our energy consumption and
increasing efficiency across our operations,
and expanding our electric vehicle charging
LONG-TERM
We understand the importance of considering long-term climate and nature-related risks. Inaction in the
(2050-2100)
infrastructure for our customers, to maintain near-term could impact our business via reputational damage and reduced asset values across our portfolio,
our position as a leading provider in a maturing particularly if we were to develop in at-risk locations or fail to implement adaptation measures in at-risk
market locations. Equally, inaction can impact stakeholders beyond our organisation, including the natural ecosystems
we operate in and the communities that exist alongside our operations. As awareness of climate and nature
• Achieving our 2040 net positive water target by considerations matures, the potential impact of inaction would only amplify.
embedding circular economy strategies in our
operations, reducing water consumption and
investing in deploying NbS

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Short-Term: 2030

CLIMATE AND NATURE-

RISK DESCRIPTION RISK IMPLICATIONS ACTIONS
RELATED RISKS

Seasonal shifts, temperature extremes and • Energy prices increase due to support for low carbon To meet our 2040 net positive carbon commitment, we invest in
regulatory pressure to transition from fossil generation and taxation renewable energy sources to reduce energy consumption and
Increased energy fuels can increase energy costs and carbon • Increased operational costs, due to rising prices and associated emissions. We lobby with other like minded companies for
demand and costs emissions, whilst presenting an opportunity growing demand for cooling policy change and updated regulation to enable our ongoing investment
to improve our energy efficiency utilisation of into renewable energy sources.
renewable energy. • Rising material and procurement costs from supply
chain disruptions and carbon tax on embodied carbon

Policy mandates existing building stock and • Capex cost to meet new standards Being a signatory to the WorldGBC NZCB Commitment, we
Asset upgrade developments to improve efficiencies and • Stranded asset risk and increased void period for pursue market-leading standards. We also update our sustainable
requirements operational practices. non-compliance refurbishment guidelines to align with our sustainability commitments
and best practices.

The low carbon transition drives the shift • Reduced asset values and rising risk of ‘brown To achieve net positive carbon by 2040, we invest in expanding renewable
from fossil fuel energy. Early investment in discounts’ for poor-performing assets energy capacity through on-site generation and high-quality off-site
Fossil fuel phase-out renewable energy is crucial for achieving • Costs of unexpected equipment upgrades due to procurement. We also collaborate with the UAE Government on its UAE
net positive carbon and meeting the rising shifts in demand/legislative requirements Net Zero by 2050 strategic initiative. See pages 36 to 53 for our activities
demand for renewables. in 2023.
• Capex to implement low carbon technologies

Pollution is a global threat, posing a • Reputational and litigation risk Our Sustainable Procurement Policy and Pre-Acquisition Policy
significant risk to our business by degrading • Capex to invest in technology to filter air and mitigate limit emissions by incorporating requirements for CO₂, GHGs, waste,
Pollution natural resources and the ecosystems we against health risks associated with pollution and materials. Also, our Sustainable Building Policy mandates the
depend on. appointment of an ecologist during design, with at least 50% of
• Implementation of low carbon technologies recommendations implemented.

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Medium-term: 2030-2040

CLIMATE AND NATURE-

RISK DESCRIPTION RISK IMPLICATIONS ACTIONS
RELATED RISKS

Climate change strains water resources, • Rise in operational costs and downward pressure To mitigate risks, we will implement water recycling in developments, assess building
potentially leading to inadequate supply to on asset values for water inefficient assets engineering and materials for resilience, optimise water consumption, assess supplier
meet demand and declining water quality • Capex to improve efficiency and invest in resilience to water stress, diversify the supply chain, and promote water efficiency
Water stress and as resources deplete. Amid regional water alternative water sources measures. Our net positive water commitment drives ongoing efforts to reduce usage.
drought resource pressures, water efficiency and We will continue our natural water retention assessments on standalone assets,
NbS are crucial for achieving our net • Disruption to operations incorporating NbS like green spaces to slow water runoff.
positive water commitment. • Our communities can face health issues such as
the spread of waterborne diseases

Climate-related risks may impact our • Increased insurance premiums or greater difficulty We will work closely with insurance providers to assess climate-related risks and
ability to secure appropriate and affordable in securing for vulnerable assets anticipate changes in insurance premiums. Our focus will be on our most valuable and
Insurance challenges insurance for our assets, a risk to the real • Heightened risk of stranded assets vulnerable assets.
estate market globally.
• Difficulties securing financial capital where
adequate insurance cannot be secured

Extreme temperature shifts are • Impact on human health such as heat-related To mitigate exposure, we will persist in our Heat Island Reduction strategy outlined in
accelerating, particularly in our illnesses and heat stress our Sustainable Building Policy. Moreover, our Near-Zero Fit-Out and Refurbishment
region, which is characterised by high • Greater operational costs from increased energy Policy incorporates passive design strategies. For example, we ensure the design of our
temperatures. Safeguarding against this demands from the use of air conditioning and communities aim for outdoor and indoor thermal comfort through the consideration of
Extreme heat is crucial for our business. Nature offers passive design and NbS by looking at effective orientation, including shading devices
cooling requirements
natural solutions to mitigate extreme heat, on building facades, shaded walkways through external shading canopies in the public
heightening our level of dependency as • Disruption to operations realm as well as parking spaces, materials with high SRI values, and open and vegetated
climate change continues. spaces. See pages 54 to 57 for more information.

Natural systems are vital for maintaining • Threatened health and productivity of employees, As a member of Business for Nature’s Call to Action, preserving natural resource quality
the quality of resources we rely on. which can disrupt operations is a priority for us. Our Sustainable Building Policy ensures water quality by minimising the
Unfortunately, as nature diminishes, the • Capex for technologies to address poor quality risk of contamination and ensuring the availability of clean water. It also mitigates against
Declining resource
quality of these resources declines. The such as ventilation systems poor air quality, with an erosion and sedimentation control plan to reduce airbone dust. In
quality deterioration of water and air conditions is our Sustainable Pre-Acquisition Policy, we proactively address the risk of water pollution,
especially worrisome for our operations. • Health and safety concerns for our local by pre-empting the risk and ensuring the desired certification is achieved through our
communities checklist considered for all development sites.

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Long-term: 2050-2100

CLIMATE AND NATURE-

RISK DESCRIPTION RISK IMPLICATIONS ACTIONS
RELATED RISKS

Physical impacts disrupt supply chain • Higher construction and procurement costs In our Sustainable Procurement Policy, we prioritise circularity
production, directly affecting our tenants’ • Business disruption, loss of income and local procurement. We conduct thorough supply chain
Supply chain
businesses. Construction material costs rise reviews to identify climate change vulnerable areas and enhance
disruption due to climate change-induced scarcity and • Tenant default risk resilience. We upgrade infrastructure and implement NbS to
carbon pricing policies. strengthen our supply chain against climate change impacts.

Climate-related litigation cases may be • Significant reputational risk Our Legal Team regularly completes a review of existing and
raised against businesses that do not • Loss of income from tenant default risk because of a upcoming legislation relevant to the countries we operate in to
Climate-induced
demonstrate proactive action and sufficient damaged reputation protect against non-compliance and associated impacts.
litigation communication on climate-related risks and
their management.

Coastal flooding poses a long-term risk to • Capex to repair and clean up costly damage Carrefour UAE and P&G have launched Forests for Good, planting
our region and many coastal areas globally. • Loss of access, downtime or business interruptions mangrove trees in the UAE for protection against flooding and
Collaboration between the private sector and sea-level rise. At some of our shopping malls24 in the UAE, we
governments is crucial to invest in regional • Decline in asset values or stranded asset risk have made roof water proofing repairs, repaired galleria glass
flood defence measures for long-term • Litigation or reputational risk if perceived to insulation and silicon, and provided sandbags for external water
Coastal flooding resilience. inadequately prepare for flooding risk floods, while at City Centre Bahrain, we have also made roof water
proofing repairs. Regional resilience is essential in managing
physical risks. We engage with local authorities, government,
Green Building Councils, communities, and businesses to foster
regional awareness and adaptation plans.

24
Roof water proofing repairs at City Centre Mirdif and Mall of Emirates; galleria glass insulation and silicon repairs at Mall of Emirates; sandbags provided at City Centre Sharjah and City Centre Ajman.

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B) Describe the effect of climate-related Our Climate Resilience Strategy and Roadmap Industry Collaboration Our Portfolio’s Resilience
risks and opportunities and nature-
related dependencies, impacts, risks and Last year, we developed our five-year We are actively collaborating with like-minded Our Sustainable Pre-Acquisition Policy, applicable
opportunities on the organisation’s business Climate Resilience Strategy and Roadmap, a corporations to drive policy change and for all development sites of Majid Al Futtaim,
model, value chain, strategy and financial comprehensive strategy that outlines our actions engaging with local authorities to pursue greater integrates strict criteria to support our 2040
to navigate and excel in a world of escalating management of our climate and nature-related net positive carbon and water targets, SBT
planning, as well as any transition plans or
climate change impacts. This supports the risks. So far, we have engaged with authorities on commitments, circular economy commitments
analysis in place activation of our Climate Transition Action Plan - a building regional flood resilience and PV capacity, and enhances our resilience to climate-
route to net positive carbon and climate resilience. as these will be crucial to mitigate potential future related hazards. The checklist encompasses
Climate and nature-related risks inform our Two key pillars of our strategy are climate impacts on our business. considerations of energy, water, waste, biodiversity
financial planning and investment strategy. Year- mitigation and climate adaptation, both essential and physical climate risk criteria, and mandates
on-year, we increase our investment into managing for embedding holistic climate resilience into our Our Sustainable Business Commitments the use of our forward-looking Climate Risk
sustainability-related risks and opportunities, business and portfolio. Within this strategy, NbS Assessment Tool. By identifying the present and
which encompasses climate and nature concerns. are prioritised to achieve our desired outcomes, future carbon performance of buildings and the
In 2021, we conducted a materiality review,
This enables us to develop new or enhance supporting nature positive outcomes. Having climate resilience of potential sites, we can make
including internal and external stakeholder
our existing sustainability strategies, invest in completed the LEAP Assessment this year, in informed strategic decisions that align with our
engagement, and peer, investor and legislation
integrating climate resilience measures into our 2024, we intend to enhance our strategy to address ambitious goals and future-proof our business.
reviews. This aimed to assess if sustainability
buildings and expand our deployment of NbS. To our material nature-related risks and harness our issues materialising across the business remained
support our ambitions, we continue to work closely nature-related opportunities more effectively. A aligned with our existing list of material issues.
with leading sustainability experts to remain key element of our strategy is to disclose annually Last year, we confirmed 2028 Sustainable
abreast of the sustainability curve. against TNFD, alongside TCFD. Business Commitments, formalising a new
commitment ‘to increase the resilience of our
This year, we developed energy, water, biodiversity business in the context of global climate change
and physical climate risk targets, KPIs and and promote the restoration of natural habitats
metrics, and established our baselines to track and biodiversity on our own sites and in our value
our progress and report on this externally in the chain’ via climate resilience and nature-based
future. We intend to refine our data to support solutions. By making climate resilience and
these metrics and report our progress publicly. nature top-level priorities, climate and nature-
related considerations will remain embedded in
our organisation’s culture and all decision-making
processes.

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Our Sustainable Building Policy supports our For all projects, an Environmental Impact Our SBTs Our Net Positive Commitments
sustainability commitments, setting out minimum Assessment must be undertaken, and for
standards for climate adaptation measures in all residential communities, a Land Use and We have SBTs for all Majid Al Futtaim’s Operating To achieve our net positive carbon goal by 2040,
line with best practice recommendations to Ecology Assessment must be completed by a Companies across scope 1, 2 and 3 emissions. we implement strategies to reduce embodied
maximise our resilience to a changing operating qualified ecologist to ensure all sites are of low This year, we made strides towards setting SBTns carbon, optimise energy efficiency, maximise on-
environment. These measures integrate nature ecological value. For example, across our by conducting a materiality assessment across site renewable energy, and procure high-quality
considerations and are reviewed every two years Al Zahia Community, we completed an Ecological our entire value chain to identify where pressure renewable energy off-site where feasible. We
to remain fit for use. Our Sustainable Building Impact Assessment during the development stage points occur at our interface with nature. We now prioritise SBT-aligned emission targets for all
Policy features minimum requirements relating to identify valuable ecological resources and understand which science-based targets to set, Operating Companies, enabling a clear pathway to
to pollution prevention, sustainably sourced potential impacts on biodiversity. The findings then and which locations and economic activities to achieving our goal. In 2023, we lowered our scope
timber, maintaining or enhancing water quality, informed our Ecological Strategy that covered both include in our target boundaries. 1 and 2 emissions by 23% (market-based) and
enhancing site ecology and general environmental the construction and operational phases of increased on-site renewable energy generation
management requirements, supporting our Al Zahia Community to prevent any damage to Next year, we will look to set specific water targets to more than 34 million kWh (see pages 36 to 53).
management of material nature-related risks. nature. in alignment with the SBTN, as we recognise These actions also bolster resilience against top
Additionally, the policy requires an embodied that water stress is a very material risk to our climate-related risks.
carbon reduction of 20% over the baseline for all Refurbishments present an opportunity to organisation. This will be accompanied by a
new builds from 2021 onwards. enhance our portfolio’s climate resilience, strategy to address our impact in the water basins Operating in a water-scarce region, we are
net zero performance and interactions with where we currently have the greatest impact. Not committed to achieving net positive water by
nature. We have updated policies and relevant only is this critical for the successful continuation 2040. In 2022, we formed partnerships with STX
documents, including the new Fit-Out and Major of our business but also for the wider communities group and Project Maji to assess water offsetting
Refurbishment Guide, to incorporate enhanced net that are dependent on these water basins to thrive. projects aligned with best practices. By offsetting
zero and climate resilience minimum performance water use, we enhance resilience against water
standards that apply to all new real estate assets stress and drought. Furthermore, we initiated
within our Operating Companies. We will review the development of our SBTns, encompassing
and reassess these standards on a biennial freshwater targets, which were supported by our
basis. This policy enables projects to increase understanding of our water-related dependencies
operational energy and water efficiency, minimise and impacts via the TNFD LEAP Assessment.
waste production, enhance climate resilience and
conserve site ecology in line with our strategic
sustainability goals.

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CLIMATE RISK ASSESSMENT

C) Describe the resilience of the Scenario analysis for both our climate and nature
Average
organisation’s strategy to climate and risk assessments traversed an expansive range of Transition Operating environment overview
temperature rise
nature-related risks and opportunities, likely futures and associated risks. This included
taking into consideration different climate- RCP 4.5 and RCP 8.5 to identify and assess our 1.7 - 3.2°C by 2100 Lower emissions scenario where Economic: substantial regulatory and
climate-related risks and TNFD scenarios #1 and there is increasing policy action market pressure to decarbonise and
related scenarios, including a 2°C or lower to meet the Paris Agreement. associated costs to meet these demands.

RCP 4.5
#3 to identify and assess our nature-related risks.
scenario Transition risks dominate.
Environmental: Less physical risk,
The RCP 4.5 climate scenario is characterised although ca. 2°C warming still presents
Following the completion of comprehensive by significant policy action and market forces substantial physical climate risks.
business and portfolio-level climate risk to decarbonise and meet the Paris Agreement.
assessments in 2021 under the IPCC’s RCP Our resilience against risks associated with this 3.2 - 5.4°C by 2100 Higher emissions, business- Economic: permanently stunted GDP
4.5 and RCP 8.5 scenarios, we have gained low emissions scenario is being secured by our
as-usual scenario where policy growth and severe economic and social
a holistic perspective on climate-related action is negligible and warming shifts.

RCP 8.5
net positive carbon pathway, SBT commitments rises drastically. Physical risks
risks and opportunities. This understanding and related activities described in this TCFD dominate. Environmental: chronic changes to
serves as a foundation for our core business disclosure. The RCP 8.5 scenario is characterised weather patterns and ecosystems
strategy and decision-making processes. To by significant changes in weather patterns and causing severe impacts on a global scale.
enhance our resilience, we remain proactive severe physical hazards. Our resilience against
in implementing management, mitigation, and LEAP ASSESSMENT
risks associated with this high emissions
adaptation measures. By completing the TNFD scenario is being secured by embedding stringent Shared political Positive progress on carbon and Economic: high regulatory and market
LEAP Assessment this year, including scenario mitigation measures to support climate adaption and business climate drives policy measures for pressure to reduce nature degradation

TNFD #1 Ahead
analysis under two plausible futures, we now

of the Game
and resilience across each stage of the property directionality nature positive outcomes, creating and support a nature positive future, with
also have a comprehensive view of our nature- lifecycle and our proactive approach to assessing business advantages for early associated costs to meet these demands.
related risks and opportunities across our direct and managing risks.
Moderate ecosystem adopters while exposing others to
and downstream operations. This will enable us degradation regulatory and reputation risks Environmental: actual nature loss
to make informed decision-making around our as environmental safeguards take experienced from nature degradation
Marginal costs shape. remains relatively low.
management of nature-related issues.
Conflicting political Environmental assets rapidly Economic: declining pool of natural

TNFD #3 Sand in the Gears

and business deteriorate as political and resources widely disrupts supply chains,
directionality financial complexities impede threatens the health of communities, and
wide-ranging action. Organisations causes significant economic instability.
Severe ecosystem prioritise short-term stopgaps
degradation and cost externalisation, with Environmental: Natural systems and
perverse incentives for overusing landscapes are heavily degraded and, in
Disruptive costs environmental assets. The growing some cases, altered beyond repair.
disparity between developed and
developing economies exacerbates
risks.

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D) Disclose the locations of assets and/ OUR PROPERTIES Overall, six of our hotel assets, located across
or activities in the organisation’s direct BUSINESS the UAE and Bahrain, demonstrated the highest
operations and, where possible, upstream nature-related risk scores. Hotels are resource-
and downstream value chain(s) that meet intensive by nature as we strive to provide leading
Bahrain, Egypt, Lebanon, and the UAE guest comfort, convenience, and enjoyment.
the criteria for priority locations
However, we also understand the importance of
reducing our dependency and impact on nature
The LEAP Assessment revealed that our priority OUR RETAIL
and have implemented multiple strategies to
assets across each Operating Company are BUSINESS address our material risks. For example, following
located in the following locations: the LEAP Assessment findings, we are actively
Armenia, Bahrain, Egypt, Georgia, Iraq, Jordan, engaging in strategic discussions regarding the
Kenya, Kuwait, Lebanon, Oman, Pakistan, Qatar, enhancement of our hotel specifications to include
Saudi Arabia, the UAE, and Uganda stricter nature-related minimum standards. Our
objective is to finalise these in the coming year.

OUR ENTERTAINMENT
BUSINESS

Bahrain, Egypt, Kuwait, Oman, the UAE, Qatar, and

Saudi Arabia

OUR LIFESTYLE
BUSINESS

Bahrain, Kuwait, and Qatar

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Risk and Impact Management

Disclose how the organisation Next, we evaluate our relationship with nature at We consider nature-related risks across the To maintain comprehensive oversight of potential
these priority locations through the selection of property lifecycle. At the land acquisition stage, we climate risk impacts, we mandate the use of
identifies, assesses and manages relevant impacts and dependencies. These insights conduct a nature-related risk and environmental our Majid Al Futtaim Climate Risk Assessment
climate-related risks then inform the identification of our nature-related assessment. During operation, we consider our Tool for assessing climate risks at all stages of
risks and opportunities, which we then assess impacts on water stress and what we can do to the property lifecycle, from project design to
Ai) Describe the organisation’s processes through scenario analysis. reduce our consumption. For example, this year, development. Identification and assessment of
for identifying and assessing climate- we looked at how we can reduce the stress on the nature-related considerations are also integrated
related risks, and identifying and assessing The results from the climate risk assessment and water basins identified as high risk, consequently into processes across the property lifecycle,
nature-related LEAP Assessment are integrated we are working with Project Maji (see page 62) to including within the Environmental Impact
nature-related dependencies, impacts, risks
into the Group Risk Register, which underpins relieve stress for the Nile. We have established Assessment completed for all projects and the
and opportunities in its direct operations specific climate and nature-related requirements Land Use and Ecology Assessment completed for
the single risk issue of ‘environmental risks’,
encompassing all climate and nature risks that that the business must adhere to, to ensure that residential communities. Next year, we intend to
We have developed a comprehensive approach we maintain comprehensive oversight of our review our policies against our LEAP Assessment
could impact the business and our portfolio
to identifying and assessing climate and nature- climate and nature-related risks. findings to ensure all our material nature-related
in the short, medium, and long-term. Within
related risks across our business. Climate risks dependencies and impacts, risks and opportunities
our Combined Risk Report, a separate report
are identified and assessed through our dual are captured effectively.
consolidates all individual climate and nature-
approach to climate risk assessments at both the
related risks, and each is awarded a significance
business and portfolio levels. This has enabled
and likelihood score, responsibility is assigned,
us to identify material climate-related risks
and mitigation controls are listed. Climate and
and opportunities by assessing their potential
nature-related risks are reviewed on an ongoing
likelihood and significance. Additionally, the
basis by Business Unit Risk Management
portfolio modelling identified potential financial
Committees. On a scale of one to five, risks that
loss figures for each material risk, offering us
meet the threshold of three or above are formally
the ability to prioritise our material risks and
presented to the Board on a quarterly basis. The
consider the positioning of our entire portfolio.
Business Unit Risk Management Committees work
Nature-related impacts, dependencies, risks, and
closely with the risk owners to maintain visibility of
opportunities for our business are identified and
any significant risk impacts at the asset level.
assessed through the TNFD’s LEAP Assessment.
This framework aims to first locate our nature
interface and identify our priority locations.

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Aii) Describe the organisation’s processes B) Describe the organisation’s processes Our Majid Al Futtaim Climate Risk Assessment Our Climate Resilience Strategy and Roadmap
for identifying and assessing nature- for managing climate-related risks and Tool provides best practice recommended will be enhanced by our TNFD LEAP Assessment
related dependencies, impacts, risks managing nature-related dependencies, adaptation and mitigation measures that can be findings and will guide our journey towards greater
and opportunities in its upstream and impacts, risks and opportunities implemented to address our material risks. These resilience to a changing climate. For example, we
recommendations are tailored to the property have identified that flooding is a major risk for our
downstream operations value chain(s)
lifecycle stage, geographical location and level of business and so we have actively engaged with
We have embedded numerous policies and
impact identified to ensure we address climate- local authorities to discuss how we can mitigate
In 2023, we completed our first formal processes into our day-to-day operations to
related risks using appropriate and effective these risks. Further information on activities
assessment of a full array of nature-related manage climate and nature-related risks to
methods. In the ‘Prepare’ stage of the TNFD completed in 2023 can be found in the Rethinking
risks, opportunities, impacts and dependencies ensure optimal sustainability performance
LEAP Assessment, we created a framework that Resources section of this report.
across our business’s direct and downstream across our portfolio. Our Sustainable Building
we intend to leverage across the business to
operations. Next year, we will extend the TNFD Policy covers a wide range of climate and nature
communicate how our material nature-related We have several initiatives in place that we believe
assessment to our upstream value chain, following initiatives to manage our material risks, including
risks, impacts and dependencies should be demonstrate our nature-centric approach. For
a consolidation of our supply chain data. We are minimum standards for implementing nature-
addressed to inform effective decision-making. our villas in Tilal Al Ghaf Community, we are
committed to presenting a full, transparent view of based recommendations, such as only using
In the coming year, we intend to enhance our currently exploring green roof and wall suppliers
our nature-related impacts, dependencies, risks legally harvested wood and minimum standards
understanding of our material nature-related risks to embed NbS into the infrastructure. We have
and opportunities, therefore, we will cover our for climate resilience measures. Similarly,
to develop this framework with greater granularity also introduced eight beehives, which have yielded
full value chain in our next TCFD-TNFD integrated minimum sustainability standards are integrated
to optimise our management practices. 40 litres of pure honey and improved the health of
report. Nevertheless, we have already worked within our Near-Zero Fit-Out and Refurbishment
Policy, aligning with our Climate Resilience our pollinator-reliant vegetation. To complement
towards establishing nature-related metrics
Strategy and Roadmap and strategic sustainability In addition to the mitigating controls described this effort, 391 Ziziphus trees have been planted,
and KPIs, focused on water and biodiversity, to
priorities that support our targets (see metrics and in the sections – Strategy A) and B), we track our renowned for their significant contribution to
measure and monitor our interaction with nature
targets on page 142). energy, water and waste efficiency performance honey production. These trees offer high nectar
and performance over time.
across our entire portfolio to gauge the building- secretion capabilities and have extended flowering
level impact of efficiency upgrades. This patterns, providing widespread shaded canopies
data provides clear oversight of our progress for other biodiversity. In Al Mouj Community,
towards our sustainability goals and a detailed we have created a community urban farm that
understanding of our management of associated serves as a hub for our residents to connect,
physical and transition climate and nature-related learn about sustainable agriculture and promote
risks. We complete assurance for our water and environmental stewardship. The farm is supported
energy data, providing independent evaluation and by 35 volunteers and offers programmes on
verification to enhance transparency, credibility planting, composting, and harvesting.
and confidence in what we report (see page 146).

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C) Describe how processes for identifying, Our energy, water, and waste reporting includes
assessing and managing climate-related tenant consumption, and we have prioritised
risks and identifying, assessing, prioritising engagement with tenants for enhanced
and monitoring nature-related risks are environmental data disclosure. Through
programmes and mechanisms like the Green
integrated into the organisation’s overall
Star Rating System, we encourage sustainable
risk management consumption and monitor efficiency performance.
Majid Al Futtaim's Green Star Rating System
Using our ERM Framework, we assess and engages tenants by evaluating the environmental
prioritise climate and nature-related risks relative impact of store fit-outs and operations and
to enterprise risks and in the context of overall provides a sustainability benchmark for tenants
risk management, enabling the escalation of to strive for. Updating our principal fit-out and
all top risks through our governance structure. refurbishment policies regularly aims to further
Quarterly Consolidated Risk Reports compiled by boost green star ratings and enhance resilience to
our Corporate Compliance teams communicate climate and nature-related issues.
top enterprise risks to our Operating Company
Audit and Risk Committees, the Group Audit and We consider biodiversity risk as integral to our
Risk Committee, and ultimately, the Board. Climate Resilience Strategy and prioritise NbS. We
support incorporating nature-related risk analysis
We incorporate material legislation risks, into corporate decision-making and, as a result,
including climate and nature-related regulations, have completed our first disclosure to the TNFD.
into our risk registers, and continuously monitor Going forward, we aim to extend the assessment
and manage these risks through Combined to our upstream value chain for a comprehensive
Risk Reports. ‘Action Owners’ are assigned understanding of nature-related risks and
responsibility and oversee risk management opportunities across our entire value chain and
actions, allowing for an agile response when to deepen our understanding of the material
risks materialise and a rapid response is needed, nature-related impacts, dependencies, risks and
with approval by an Operating Company’s Chief opportunities we identified this year, to enhance
Executive Officer. our business’s nature strategy and maximise our
positive impact.

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Metrics and Targets

Disclose the metrics and targets Our carbon and water metrics support our net In 2022, we signed a second SLL of
positive and SBT commitments and demonstrate USD 1.25 billion, with targets linked to gender
used to assess and manage our commitment to climate and nature action diversity, green building certifications and our
relevant climate-related risks through our annual progress. Tracking this Properties business's scope 1 and 2 SBT targets,
and opportunities where such performance also enables us to focus investment adding to our 2021 SLL valued at USD 1.5 billion.
where it is most required to address several of Our second SLL has the same performance
information is material our most material climate and nature-related targets between reporting years 2022 and 2024.
risks, such as increased energy and carbon costs, From 2025 onwards, the targets slightly differ
A) Disclose the metrics used by the temperature extremes, heat stress, water stress between the loans.
organisation to assess climate and nature- and drought.
related risks and opportunities in line with
its strategy and risk management processes We monitor green building certifications across
our portfolio. By the end of 2023, 3,181 assets,
We publicly report on our environmental residential units and neighbourhood communities
performance, including scope 1, 2 and 3 GHG were green certified, which is supported by our
emissions, energy, water and waste. Our target for all new developments to hold a LEED
emissions reporting aligns with the GHG Protocol Gold, Estidama 3 Pearl or BREEAM Very Good
methodology and each metric is measured against rating at a minimum, with aspirational targets that
a 2019 baseline. This approach facilitates historical aim higher.
trends analysis to demonstrate our progress
towards our sustainability targets. Our data is In 2023, we developed climate and nature-related
third-party, independently assured to meet best KPIs and metrics that we will monitor and track
practice transparency protocols. We also report on regularly to understand our progress towards
the renewable energy generated on-site. Further embedding resilience across our business and
information can be found in our Environmental limiting our impact on nature. We performed
Data Annex. a baseline exercise to understand our current
position, which will inform our strategic priorities.
Metrics were developed for key focus areas,
including energy performance, physical climate
resilience, water use and biodiversity.

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B) Disclose scope 1, scope 2 and, if D) Describe the targets used by the This year, to support our Climate Resilience
appropriate, scope 3 GHG emissions and the organisation to manage climate and Strategy and Roadmap, we developed climate and
related risks nature-related risks and opportunities and nature-relate KPIs that will guide our strategic
performance against targets actions to achieve our enterprise targets and
In 2023, our scope 1 and scope 2 GHG emissions commitments.
totalled 637,231 tCO₂e (market-based) and our A full view of our Operating Companies’
scope 3 GHG emissions from transmission and sustainability targets can be found on page 149. All sustainability and senior management
distribution as well as construction totalled We set long-term targets to support our overall employees have sustainability KPIs integrated into
48,260 tCO₂e. For more information on our energy strategy goals and targets that we report performance reviews. Our Operating Companies
and emissions performance and a breakdown progress against annually in our sustainability have sustainability performance targets, focused
by Operating Company, please see the 2023 report, including our 2028 Sustainable Business on the achievement of our Sustainable Business
Environmental Data Annex. Commitments (see page 147 for more information). Commitments. Target owners, responsible for
the delivery of these targets, have these KPIs
integrated into their performance reviews, with
C) Disclose the metrics used by the To support our transition to achieving net positive
their achievement impacting remuneration.
organisation to assess and manage carbon, our SBTs for our Operating Companies
dependencies and impacts on nature – Properties, Entertainment, Lifestyle and Retail
align to a well-below 2°C pathway. We have set
During the ‘Locate’ phase of our TNFD LEAP targets for embodied carbon, operational carbon,
Assessment, we utilised key nature metrics to on-site renewable generation, renewable energy
identify our interface with nature and our priority procurement and carbon offsetting per asset type
assets. These included ecosystem condition, to reach our carbon commitments and mitigate
water scarcity, range rarity and key biodiversity transition climate and nature-related risks. We
areas. During the ‘Evaluate’ and ‘Assess’ phases also plan to conduct a feasibility study in order
of our TNFD LEAP Assessment, we integrated to prepare our business to align with a 1.5°C
35 biodiversity-related metrics, such as pollution trajectory for the next round of alignment with the
and water condition. To manage our material SBTi.
dependencies and impacts on nature, many
metrics we already track support this, including To reduce our impact on the natural world, we are
our carbon, water and waste metrics, but we committed to achieving the phase-out of single-
will continue to proactively review any additional use plastics across our operations. More detail on
metrics we believe will support our strategic these targets and our progress against them is
priorities. outlined in earlier sections of this report.

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Looking to
Climate change
the Future mitigation, adaptation Diversity, equity
and resilience and inclusion
Whilst the past year represented a We are in the process of updating our
We will develop a net zero carbon strategy and
transition year for our strategy, in 2024, pathway to align with a long-term 2050 updated Diversity and Inclusion Policy to include
we will be ready to begin realising SBT, which will enable the achievement of our equity given its importance for acknowledging
progress against our 2028 Sustainable net positive carbon commitment. To achieve that not all individuals start from the same
Business Commitments. Majid Al Futtaim’s and bring greater granularity to the existing position or have equal access to resources,
top focus areas include: top-down SBTs, a bottom-up, asset- based opportunities, and privileges. Therefore, in
approach will be taken, to assess the feasibility 2024, we will explore how to address the
of the SBTs, identify the actions we need to underlying systemic issues that hinder equal
take and lay out how these actions can be opportunities for all individuals.
implemented.

Biodiversity
Transparent
and nature-based
disclosures
solutions
We will continue to provide clear,
We will look to set specific water targets in comprehensive, and accessible
alignment with the SBTN, as we recognise information about our ESG
that water stress is a very material risk to performance, seeking opportunities
our organisation. This will be accompanied to improve our disclosures year-
by a strategy to address our impact in the on-year, such as those relating to
water basins where we currently have the TCFD and TNFD.
greatest impact.

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Performance
and Reporting
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Independent Assurance Statement

TO: THE STAKEHOLDERS OF MAJID AL FUTTAIM 3. Increasing gender diversity among Majid Al Futtaim’s 2. As certified by the U.S. Green Building Council • Reviewed the processes involved in data collection, Responsibilities
Majid Al Futtaim engaged JLL to provide independent senior management, defined as the percentage of i. Reducing the number of shopping malls in the management and reporting. The management of Majid Al Futtaim is responsible for
assurance of energy and water consumption and GHG women in the top three seniority levels (board, senior Property portfolio that do not have a green building • Discussed data, evidence and any associated issues the completion and publication of the annual sustainability
emissions, and three KPIs relating to two sustainability- executive and senior management) to reach 32% by certification of a minimum level of LEED Gold, or with data managers. report.
linked loans (SLL), relevant to its annual sustainability the end of 2026 and therefore align to the 30% Club equivalent • Performed an analytical review and considered risks
report for 1 January to 31 December 2023. 3. Increasing gender diversity among Majid Al Futtaim’s of misstatement of the Subject Matter Information. Our responsibility as an independent practitioner is
Reporting Period senior management, defined as the percentage of • Conducted statistical and year-on-year testing for to undertake a limited assurance engagement and
Summary of Engagement 1 January to 31 December 2023 women in the top three seniority levels (board, senior each utility to identify and query significant differences report our opinion on the Subject Matter Information in
Subject Matter Information executive and senior management) to reach 30% by in performance. accordance with the Reporting Criteria.
2023 (total) figures for the Properties, Retail, Lifestyle, Reporting Criteria the end of 2025 and therefore align to the 30% Club • Tested and re-calculated GHG emissions for a sample
and Entertainment Operating Companies under the data In preparing the Subject Matter, Majid Al Futtaim applied of emission categories in line with the Greenhouse Gas Due to our expertise and experience with non-financial
tables headed as follows: its sustainability reporting methodologies as set out in the 2 SLL KPIs
nd
Protocol. information, sustainability management and reporting,
• Absolute energy consumption (kWh) Environmental Data Annex (the “Criteria”). 1. Reducing the scope 1 and scope 2 emissions intensity we have the competencies required to conduct this
• Like-for-like energy consumption (kWh) of the Property portfolio, calculated as kgCO₂e/ Limitations and Constraints independent assurance engagement. We are bound by
• Absolute greenhouse gas emissions (tCO2e) Assurance Standard managed m², in line with Majid Al Futtaim’s SBTs and Inherent limitations exist in all assurance engagements the JLL Code of Ethics and JLL’s internal management
• Like-for-like greenhouse gas emissions (tCO2e) International Standard on Assurance Engagements 3000 net positive 2040 ambition and are due to the limited nature of testing. The self- procedures. JLL’s Code of Ethics sets out our ethical
• Absolute water consumption (m3) (Revised), Assurance Engagements Other than Audits or 2. As certified by the U.S. Green Building Council defined procedures carried out vary in nature, timing operating conditions and guides our actions and
• Like-for-like water consumption (m3) Reviews of Historical Financial Information (“ISAE 3000”), i. Reducing the number of shopping malls in the and extent due to the absence of consistent, external behaviours internally and externally to ensure we are
issued by the International Auditing and Assurance Property portfolio that do not have a green building standards for all reported metrics. doing business with integrity. JLL has also established
1st SLL KPIs Standards Board. certification of a minimum level of LEED Gold, or a business management system, documented and
1. Reducing the scope 1 and scope 2 emissions intensity equivalent Significant Issues or Exceptions Identified maintained in accordance with the requirements of the
of the Property portfolio, calculated as kgCO₂e/ Assurance Level ii. Increasing the number of malls in the Property • The unit of measure for KPI 1 is presented as tCO2e/ International Standard for Quality Management Systems –
managed m², in line with Majid Al Futtaim’s SBTs and Limited Assurance portfolio with a LEED Platinum or equivalent rating managed m2 in Majid Al Futtaim’s SLL, however it has ISO 9001:2015.
net positive 2040 ambition 3. Increasing gender diversity among Majid Al Futtaim’s been identified and confirmed that this should in fact
2. As certified by the U.S. Green Building Council Conclusion senior management, defined as the percentage of be detailed as kgCO2e/managed m2 to align with the JLL is a consultant to Majid Al Futtaim and provides
i. Reducing the number of shopping malls in the Based on the procedures performed, nothing has come women in the top three seniority levels (board, senior Company’s SBTs. support on its ESG programme. The assurance team has
Property portfolio that do not have a green building to our attention that causes us to believe that for the executive and senior management) to reach 32% by • Floor areas were omitted for 5 properties in relation not been involved in the delivery of these other services
certification of a minimum level of LEED Gold, or Reporting Period, the Subject Matter Information is the end of 2026 and therefore align to the 30% Club to KPI 1 of the 1st and 2nd SLLs, which were unavailable for Majid Al Futtaim and we do not consider that there is
equivalent materially misstated, in line with the Reporting Criteria. during the baselining of targets. However, the any conflict of interest between these other services and
3. Increasing gender diversity among Majid Al Futtaim’s Other than described above, we did not perform associated consumption for these sites has been this verification engagement. JLL implement and maintain
senior management, defined as the percentage of Scope of Work assurance procedures on the remaining information included in reporting. a system of information barriers in line with our internal
women in the top three seniority levels (board, senior The Subject Matter Information comprises the following included in the annual sustainability report so do not procedures.
executive and senior management) to reach 30% by key performance indicators and targets which are subject express an opinion on this information. Framework and Standards
the end of 2025 and therefore align to the 30% Club to Assurance. We carried out a limited assurance engagement, Jones Lang LaSalle Limited
Assurance Approach conducted in accordance with the International Standard London, UK
2nd SLL KPIs 2023 (total) figures for the Properties, Retail, Lifestyle, We have performed the following procedures: on Assurance Engagements 3000 (Revised) - Assurance May 2024
1. Reducing the scope 1 and scope 2 emissions intensity and Entertainment Operating Companies under the data Engagements Other than Audits or Reviews of Historical
of the Property portfolio, calculated as kgCO₂e/ tables headed as follows: • Interviewed representatives from Majid Al Futtaim and Financial Information (“ISAE 3000”), issued by the
managed m², in line with Majid Al Futtaim’s SBTs and • Absolute energy consumption (kWh) its third parties (data and facilities managers) about International Auditing and Assurance Standards Board.
net positive 2040 ambition • Like-for-like energy consumption (kWh) data collection, management, reporting processes and
2. As certified by the U.S. Green Building Council • Absolute greenhouse gas emissions (tCO₂e) controls. The procedures undertaken in a limited assurance
i. Reducing the number of shopping malls in the • Like-for-like greenhouse gas emissions (tCO₂e) • Attended site visits at City Centre Deira and Mall of the engagement are less comprehensive than a reasonable
Property portfolio that do not have a green building • Absolute water consumption (m³) Emirates, and other buildings located in/around these assurance engagement. We believe that the testing
certification of a minimum level of LEED Gold, or • Like-for-like water consumption (m³) properties, to understand how the reporting process is carried out provides a sufficient and appropriate basis for
equivalent being applied in practice at operational site level. our limited assurance conclusion.
ii. Increasing the number of malls in the Property 1st SLL KPIs • Tested a sample of data points against evidence across
portfolio with a LEED Platinum or equivalent rating 1. Reducing the scope 1 and scope 2 emissions intensity all indicators listed in the Subject Matter Information.
of the Property portfolio, calculated as kgCO₂e/
managed m², in line with Majid Al Futtaim’s SBTs and
net positive 2040 ambition

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Our 2028 Sustainable Business Commitments

Following the close of the first phase of Dare Today,
Change Tomorrow in 2022, we have refreshed, RETHINKING RESOURCES
set and launched 11 Sustainable Business
Commitments, which run to 2028, based on the 2028 Sustainable Business Commitment 2023 progress Relevant report section
findings of our most recent materiality assessment
NET POSITIVE CARBON • Reduced Company-wide scope 1 and 2 emissions (market-based) by 23%, against a 2019 baseline See pages 36 to 53
to address the issues that matter the most to our • Increased Company-wide energy consumption by 2% compared to 2022
We will become net positive in carbon
business and stakeholders. by 2040 • Increased renewable energy installed capacity by 238 kWp
• Purchased over 7 million kWh I-RECs and over 79 million kWh CECs
To progress against our 2028 commitments, • Certified 2,070 assets, residential units and neighbourhood communities to LEED, BREEAM or
we set short and medium-term measures of equivalent
success and annual targets, which we measure,
audit and report on externally within our annual CLIMATE RESILIENCE & • Conducted our first TNFD LEAP Assessment to evaluate our nature-related risks, opportunities, See pages 54 to 57
NATURE-BASED SOLUTIONS impacts and dependencies across our geographically diverse portfolio
sustainability report (see page 149 for our 2023
We will increase the resilience of our • Assessed the dependencies and impacts of our operations using WWF's Risk Biodiversity tool
annual targets assessment). Our Sustainable
business in the context of global climate • Completed our first TNFD response
Business Commitments shape our long-term change and promote the restoration of • Developed climate risk baseline, targets, KPIs and monitoring procedures
Dare Today, Change Tomorrow ambitions. natural habitats and biodiversity on our
own sites and in our value chain
With 2023 marking the first year of the next phase
of our strategy, our focus has been on adapting our NET POSITIVE WATER • Decreased Company-wide water consumption by 16% (excluding RO, TSE, BH), against a 2019 baseline See pages 58 to 62
We will become net positive in water by • Calculated our direct water consumption using the Aqueduct Water Risk Atlas to help determine
policies and processes to align with our new and
2040 our most material water basins
refreshed commitments, which we are reporting • Engaged our teams to gather information about the location of our suppliers’ essential water basins
on for the first time. Therefore, we have included • Worked on finalising a second water kiosk with Project Maji in Uganda, with the capacity to provide
an update of our 2028 Sustainable Business up to 8,000 litres of water per day
Commitments progress below and will continue to
report on our achievements annually. CIRCULAR ECONOMY • Committed to diverting at least 75% of non-hazardous construction and demolition waste from See pages 63 to 71
We will embed circular economy landfills and incineration
principles across our business • Phased-out SUP from 25 out of 29 shopping malls (86%) and our head office and Tilal Al Ghaf
operations to minimise our impact on offices are SUP free
the environment and generate new • Phased-out SUP in 6 of our Entertainment business’s 10 product lines
revenue streams • Phased-out SUP bags from all stores within our Lifestyle business
• Phased-out SUP bags in 6 countries, e-commerce bags in 5 countries and cutlery in 12 countries
across our Retail business
• Established a sustainable brands tracker to measure and determine the percentage of sustainable/
eco-friendly brands within our shopping malls
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TRANSFORMING LIVES EMPOWERING OUR PEOPLE

2028 Sustainable Business Commitment 2023 progress Relevant report section 2028 Sustainable Business Commitment 2023 progress Relevant report section

LOCAL ECONOMIC • Invested in 6 projects to develop See pages 74 to 84 ATTRACTING & RETAINING • Ranked as the 4th best workplace to grow See pages 96 to 104
DEVELOPMENT additional infrastructure TALENT your career in the UAE by LinkedIn Top
We will promote prosperity and • Spent 80% of supply chain spending with We will integrate sustainability Companies
economic development in our suppliers local to our operations into attraction and retention • Developed a standardised framework
communities through upskilling • Received 200 applications to our programmes to meet the across the Company that defines the
and entrepreneurship in line with Launchpad Programme, with 7 start-up evolving values of our workforce critical roles that should be filled by
local needs and by increasing our winners receiving support of which 2 individuals identified as top talent
expenditure in local economies were from the Climate Tech category • Launched the UAE Nationals Leadership
• Developed 5 Arabic films by VOX Studios Development Programme

CUSTOMER WELLBEING • Awarded SHORE Excellent Safety for See pages 85 to 89 TRAINING & • Conducted over 2.2 million training hours See pages 105 to 108
We will offer inclusive customer Mall of the Emirates and Gold SHORE DEVELOPMENT through the Retail Business School
experiences and promote healthy Excellent Safety for City Centre Deira, We will provide sustainability • Held our inaugural Company-wide learning
and sustainable consumer choices City Centre Mirdif and City Centre Al training to employees and week - ‘LearnUp! Creating the Future'
Zahia suppliers throughout the value • Completed sustainability-related training
• Had 281 tenants promote sustainable chain by over 10,000 employees
lifestyles
• Launched Choose Better, in partnership HEALTHY WORKPLACES • Held 56 events with more than 1,000 See pages 109 to 112
with HowGood, to help consumers We will implement wellbeing MAFers engaging in different activities
better understand the environmental programmes across the • Hosted Wellness week with 25,000
and social impact of their consumption business and demonstrate engagements spanning 10 countries
choices measurable improvements in • Updated our Healthy Workplace Policy and
• Partnered with Topland, an employee health, wellbeing and associated guidelines
organisation that supports companies productivity
to become more inclusive for people of
HUMAN RIGHTS & • Rolled out our accommodation audit See pages 113 to 114
determination
EMPLOYMENT CONDITIONS training to upskill auditors on our updated
DISRUPTIVE TECHNOLOGY • Ran 7 innovation challenges through See page 91 We will lead by example by requirements
We will invest in our employees’ the Open Innovation platform, with 889 requiring all employees and • Conducted a preliminary examination of
innovative ideas by having an ideas submitted by over 560 people direct (tier 1) contractors to our operations, to ensure alignment with
Innovation Programme to comply with the International the UN Guiding Principles indicators for the
drive improvements in Labour Organisation’s eight CHRB methodology
sustainability performance core conventions • Completed over 40.5 million safe working
across Majid Al Futtaim and hours across our Properties business’s
our supply chain construction projects
• Had 100% of tier 1 contractors in
construction projects certified to IS0 45001

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2023 Annual Company-wide

target performance
Majid Al Futtaim -
Holding
Our Entertainment
business

Targets 2023:
92% Achieved 100%
2023:
100% Achieved 80%
2023:
80% Achieved
20% Partially Achieved
8% Partially Achieved
Assessment 2022: 78% Achieved
2022: 100% Achieved
2021: 100% Achieved 2022: 59% Achieved
2021: 71% Achieved
2021: 82% Achieved

Majid Al Futtaim’s overarching 2028 Sustainable

Business Commitments are supported by annual
sustainability targets across its three focus areas: Our Properties Our Lifestyle
Rethinking Resources, Transforming Lives and business business
Empowering Our People, which are detailed in this
section. 92% 100%
2023:
100% Achieved 100%
2023:
100% Achieved

JLL, our independent auditors, audited 2022: 80% Achieved 2022: 87% Achieved
Majid Al Futtaim’s progress against its 2023 2021: 89% Achieved 2021: 73% Achieved
sustainability targets and actions over three
audits, using a methodology consistent with the
international assurance standard AA1000AS v3.
Evidence for ‘Completed’ actions was reviewed in
each audit across the Group and Majid Al Futtaim’s Our Retail Our Global Solutions
Operating Companies’ Target Trackers. The audit business business
reviews the quality of evidence provided to support
2023: 2023:
action and target status updates.
78% 78% Achieved
22% Partially Achieved
90% 90% Achieved
10% Partially Achieved
Here we provide a detailed update on progress
against our 2023 sustainability targets. 2022: 80% Achieved 2022: 71% Achieved
2021: 63% Achieved

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Majid Al Futtaim – Holding

MATERIAL 2028 SUSTAINABLE 2023 OVERALL MATERIAL 2028 SUSTAINABLE 2023 OVERALL
ISSUE BUSINESS COMMITMENT TARGET STATUS ISSUE BUSINESS COMMITMENT TARGET STATUS

RETHINKING RESOURCES RETHINKING RESOURCES

Net positive We will become net positive Improve data collection for scope 1, 2 and 3 GHG Achieved Circular We will embed circular Embed circular economy principles across the Achieved
carbon in carbon by 2040 emissions across all Operating Companies economy economy principles across business to minimise waste within relevant Operating
our business operations to Companies
Where operationally, technically and financially Achieved minimise our impact on the
feasible, maximise the use of on-site renewable energy Embed circular economy principles in developments Achieved
environment and generate
systems and major refurbishment design guidelines
new revenue streams
Where feasible, engage with relevant authorities to Achieved Aim for at least 90% of tenant refurbishments to Achieved
promote policy and regulations which will allow an adhere to circular retail fit-out guidelines
increase of on-site renewable energy generation
capacity and create new PPA partnerships Develop a framework to increase the scope and Achieved
diversity of circular retail concepts in shopping malls
All new property developments and major Achieved
refurbishments are to be aligned to the Net Zero Climate We will increase the Support all Operating Companies to undertake a value Achieved
Carbon Fit-Out Guide and Sustainable Building Policies resilience and resilience of our business chain climate change risk assessment and implement
nature-based in the context of global resilience strategies
solutions climate change and promote
Develop an approach to establish science-based Achieved
the restoration of natural
targets for nature
habitats and biodiversity
on our own sites and in our
value chain

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MATERIAL 2028 SUSTAINABLE 2023 OVERALL MATERIAL 2028 SUSTAINABLE 2023 OVERALL
ISSUE BUSINESS COMMITMENT TARGET STATUS ISSUE BUSINESS COMMITMENT TARGET STATUS

TRANSFORMING LIVES EMPOWERING OUR PEOPLE

Local economic We will promote prosperity Develop a standardised approach to support Operating Achieved Attracting & We will integrate Align roles across the Operating Companies, Achieved
development and economic development Companies in mapping local suppliers and supply retaining talent sustainability into attraction standardise roles and benefits across the geographies
in our communities chains and retention programmes and create a talent management timeline including
through upskilling and to meet the evolving values emerging talent
Engage with internal teams and local start-ups and Achieved
entrepreneurship in line of our workforce
SMEs to drive sustainability initiatives and where Identify suitable workplace benchmark(s) and Achieved
with local needs and by
feasible, roll out a pilot initiative undertake a baselining exercise
increasing our expenditure
in local economies Healthy We will implement wellbeing Adapt the existing workplace perception survey to Achieved
Disruptive We will invest in our Develop an environmental and social risk assessment Achieved workplaces programmes across the establish our baseline performance in 2023 and run
technology employees’ innovative framework for innovative ideas business and demonstrate the annual survey, aiming to demonstrate a year-on-
ideas by having an measurable improvements year improvement
Innovation Programme in employee health,
Assess selected workplaces with international best Achieved
to drive improvements in wellbeing and productivity
practice health and wellbeing standards
sustainability performance
across Majid Al Futtaim and
our supply chain
Customer We will offer inclusive Support Operating Companies to identify and Achieved
wellbeing customer experiences implement the most appropriate safety and
and promote healthy and accessibility guidelines
sustainable consumer
Support Operating Companies to promote sustainable Achieved
choices
lifestyle choices

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

MATERIAL 2028 SUSTAINABLE 2023 OVERALL

ISSUE BUSINESS COMMITMENT TARGET STATUS

EMPOWERING OUR PEOPLE

Training & We will provide sustainability All Operating Companies must provide sustainability Achieved
development training to employees and training to employees within priority roles and
suppliers throughout the the training should be reviewed yearly, with 90%
value chain completion targeted for employee categories at any
given time
Support the Operating Companies’ development of Achieved
Company-wide diversity and inclusion training and roll
out of the 2023 survey
Human rights We will lead by example Ensure that the Employment Conditions Policy is Achieved
& employment by requiring all employees included in standard and template contracts, operating
conditions and direct (tier 1) policies and accommodation audit checklists for all
contractors to comply with employees, tenants, and partners
the International Labour
Review CHRB requirements and assess the current Achieved
Organisation’s eight core
performance and policies of Majid Al Futtaim against
conventions
the requirements
Ensure all contractors and on-site suppliers adhere to Achieved
ISO 45001 and health and safety incidents are reduced

Support the roll out of the human rights and Achieved

employment conditions training

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

Our Properties Business

MATERIAL 2028 SUSTAINABLE 2023 OVERALL MATERIAL 2028 SUSTAINABLE 2023 OVERALL
ISSUE BUSINESS COMMITMENT TARGET STATUS ISSUE BUSINESS COMMITMENT TARGET STATUS

RETHINKING RESOURCES TRANSFORMING LIVES

Net positive We will become net positive Improve data collection for scope 1, 2 and 3 GHG Achieved Local economic We will promote prosperity Develop a baseline of spend contributing to the local Achieved
carbon in carbon by 2040 emissions across all Operating Companies development and economic development economy
in our communities
Where operationally, technically and financially Achieved through upskilling and Engage with internal teams and local start-ups and Achieved
feasible, maximise the use of on-site renewable energy entrepreneurship in line SMEs to drive sustainability initiatives and where
systems with local needs and by feasible, roll out a pilot initiative
All new property developments and major Achieved increasing our expenditure
refurbishments to be aligned to the Net Zero Carbon in local economies
Fit-Out Guide and Sustainable Building Policies Disruptive We will invest in our Develop an environmental and social risk assessment Achieved
Circular We will embed circular Embed circular economy principles to minimise waste Achieved technology employees’ innovative framework for innovative ideas
economy economy principles across within relevant Operating Companies ideas by having an
our business operations to Innovation Programme
minimise our impact on the Ensure construction policies align with circular Achieved to drive improvements in
environment and generate economy best practice sustainability performance
new revenue streams across Majid Al Futtaim and
Ensure the Green Star standard aligns with circular Achieved our supply chain
economy best practice
Customer We will offer inclusive Identify and implement the most appropriate safety Achieved
Increase and monitor the scope and diversity of Achieved wellbeing customer experiences and accessibility guidelines
circular economy retail concepts and promote healthy and
sustainable consumer Establish a baseline of activities that promote Achieved
Climate We will increase the All Operating Companies to undertake a value chain Achieved choices sustainable lifestyles including design, product, service
resilience and resilience of our business climate change risk assessment and implement offer, and customer engagement and marketing
nature-based in the context of global resilience strategies
solutions climate change and promote
Support the development of science-based targets for Achieved
the restoration of natural
nature
habitats and biodiversity
on our own sites and in our
value chain

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MATERIAL 2028 SUSTAINABLE 2023 OVERALL

ISSUE BUSINESS COMMITMENT TARGET STATUS

EMPOWERING OUR PEOPLE

Attracting & We will integrate Identify suitable workplace benchmark(s) and Achieved
retaining talent sustainability into attraction undertake a baselining exercise
and retention programmes
to meet the evolving values
of our workforce
Healthy We will implement wellbeing Adapt the existing workplace perception survey to Achieved
workplaces programmes across the establish our baseline performance in 2023 and run
business and demonstrate the annual survey, aiming to demonstrate a year-on-
measurable improvements year improvement
in employee health,
Assess selected workplaces with international best Achieved
wellbeing and productivity
practice health and wellbeing standards

Training & We will provide sustainability All Operating Companies must provide sustainability Achieved
development training to employees and training to employees within priority roles, and
suppliers throughout the the training should be reviewed yearly, with 90%
value chain completion targeted for employee categories
Support the development of a Company-wide diversity Achieved
and inclusion training and roll out of the 2023 survey

Human rights We will lead by example Ensure that the Employment Conditions Policy is Achieved
& employment by requiring all employees included in all contracts and accommodation audit
conditions and direct (tier 1) checklists for all tier 1 suppliers and contractors
contractors to comply with
Review CHRB requirements and assess the current Achieved
the International Labour
performance and policies of Majid Al Futtaim against
Organisation’s eight core
the requirements
conventions
Ensure all tier 1 contractors adhere to ISO 45001 and Achieved
health and safety incidents are reduced

Roll out of the human rights and employment Achieved

conditions training

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

Our Retail Business

MATERIAL 2028 SUSTAINABLE 2023 OVERALL MATERIAL 2028 SUSTAINABLE 2023 OVERALL
ISSUE BUSINESS COMMITMENT TARGET STATUS ISSUE BUSINESS COMMITMENT TARGET STATUS

RETHINKING RESOURCES TRANSFORMING LIVES

Net positive We will become net positive Improve data collection for scope 1, 2 and 3 GHG Achieved Local economic We will promote prosperity Increase the support of local supply chains Achieved
carbon in carbon by 2040 emissions across all Operating Companies development and economic development
in our communities
Where operationally, technically and financially Achieved through upskilling and Engage with internal teams and local start-ups and Achieved
feasible, maximise the use of on-site renewable energy entrepreneurship in line SMEs to drive sustainability initiatives and where
systems with local needs and by feasible, roll out a pilot initiative
All new property developments and major Partially increasing our expenditure
refurbishments are to be aligned to the Net Zero Achieved in local economies
Carbon Fit-Out Guide and Sustainable Building Policies Disruptive We will invest in our Develop an environmental and social risk assessment Achieved
Circular We will embed circular Embed circular economy principles to minimise waste Achieved technology employees’ innovative framework for innovative ideas
economy economy principles across within relevant Operating Companies ideas by having an
our business operations to Innovation Programme
minimise our impact on the Continue working towards the single-use plastic Achieved to drive improvements in
environment and generate phase-out commitment sustainability performance
new revenue streams across Majid Al Futtaim and
Continue working towards food waste reductions Achieved our supply chain
across all countries
Customer We will offer inclusive Establish a baseline of activities that promote Achieved
Climate We will increase the All Operating Companies are to undertake a value Achieved wellbeing customer experiences sustainable lifestyles including design, product, service
resilience and resilience of our business chain climate change risk assessment and implement and promote healthy and offer, and customer engagement and marketing,
nature-based in the context of global resilience strategies sustainable consumer particularly focusing on health and wellness initiatives
solutions climate change and promote choices and ethical sourcing
Support the development of science-based targets for Achieved
the restoration of natural
nature
habitats and biodiversity
on our own sites and in our
value chain

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MATERIAL 2028 SUSTAINABLE 2023 OVERALL

ISSUE BUSINESS COMMITMENT TARGET STATUS

EMPOWERING OUR PEOPLE

Attracting & We will integrate Assess current employment performance of target Achieved
retaining talent sustainability into attraction demographics and roll out diversity and inclusion
and retention programmes initiatives to support their career progression
to meet the evolving values
of our workforce
Healthy We will implement wellbeing Adapt the existing workplace perception survey to Achieved
workplaces programmes across the establish our baseline performance in 2023 and run
business and demonstrate the annual survey, aiming to demonstrate a year-on-
measurable improvements year improvement
in employee health,
Assess selected workplaces with international best Achieved
wellbeing and productivity
practice health and wellbeing standards

Training & We will provide sustainability All Operating Companies must provide sustainability Partially
development training to employees and training to employees within priority roles and Achieved
suppliers throughout the the training should be reviewed yearly, with 90%
value chain completion targeted for employee categories
Human rights We will lead by example Review CHRB requirements and assess the current Partially
& employment by requiring all employees performance and policies of Majid Al Futtaim against Achieved
conditions and direct (tier 1) the requirements
contractors to comply with
Ensure all contractors and on-site suppliers adhere to Partially
the International Labour
ISO 45001 and health and safety incidents are reduced Achieved
Organisation’s eight core
conventions

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Our Entertainment Business

MATERIAL 2028 SUSTAINABLE 2023 OVERALL MATERIAL 2028 SUSTAINABLE 2023 OVERALL
ISSUE BUSINESS COMMITMENT TARGET STATUS ISSUE BUSINESS COMMITMENT TARGET STATUS

RETHINKING RESOURCES TRANSFORMING LIVES

Net positive We will become net positive Improve data collection for scope 1, 2 and 3 GHG Achieved Local economic We will promote prosperity Engage with internal teams and local start-ups and Achieved
carbon in carbon by 2040 emissions across all Operating Companies development and economic development SMEs to drive sustainability initiatives to promote local
in our communities film talent and support the local film industry supply
Where operationally, technically and financially Partially through upskilling and chain
feasible, maximise the use of on-site renewable energy Achieved entrepreneurship in line
systems with local needs and by
All new property developments and major Achieved increasing our expenditure
refurbishments are to be aligned to the Net Zero in local economies
Carbon Fit-Out Guide and Sustainable Building Policies Disruptive We will invest in our Develop an environmental and social risk assessment Partially
Circular We will embed circular Embed circular economy principles to minimise waste Achieved technology employees’ innovative framework for innovative ideas Achieved
economy economy principles across within relevant Operating Companies ideas by having an
our business operations to Innovation Programme
minimise our impact on the Ensure the Green Star standard aligns with circular Partially to drive improvements in
environment and generate economy best practice Achieved sustainability performance
new revenue streams across Majid Al Futtaim and
our supply chain
Climate We will increase the All Operating Companies to undertake a value chain Achieved
resilience and resilience of our business climate change risk assessment and implement Customer We will offer inclusive Identify and implement the most appropriate safety Achieved
nature-based in the context of global resilience strategies wellbeing customer experiences and accessibility guidelines
solutions climate change and promote and promote healthy and
Support the development of science-based targets for Achieved sustainable consumer Promote sustainable lifestyles including design, Achieved
the restoration of natural
nature choices product, service offer, technology, and customer
habitats and biodiversity
engagement and marketing
on our own sites and in our
value chain

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

MATERIAL 2028 SUSTAINABLE 2023 OVERALL

ISSUE BUSINESS COMMITMENT TARGET STATUS

EMPOWERING OUR PEOPLE

Attracting & We will integrate Identify suitable workplace benchmark(s) and Achieved
retaining talent sustainability into attraction undertake a baselining exercise
and retention programmes
to meet the evolving values
of our workforce
Healthy We will implement wellbeing Adapt the existing workplace perception survey to Achieved
workplaces programmes across the establish our baseline performance in 2023 and run
business and demonstrate the annual survey, aiming to demonstrate a year-on-
measurable improvements year improvement
in employee health,
Assess selected workplaces with international best Achieved
wellbeing and productivity
practice health and wellbeing standards

Training & We will provide sustainability All Operating Companies must provide sustainability Achieved
development training to employees and training to employees within priority roles and
suppliers throughout the the training should be reviewed yearly, with 90%
value chain completion targeted for employee categories
Support the development of a Company-wide diversity Achieved
and inclusion training and roll out of the 2023 survey

Human rights We will lead by example Ensure that the Employment Conditions Policy is Achieved
& employment by requiring all employees included in all contracts and accommodation audit
conditions and direct (tier 1) checklists for all tier 1 suppliers and contractors
contractors to comply with
Review CHRB requirements and assess the current Achieved
the International Labour
performance and policies of Majid Al Futtaim against
Organisation’s eight core
the requirements
conventions
Ensure all tier 1 contractors adhere to ISO 45001 and Partially
health and safety incidents are reduced Achieved

Roll out the human rights and employment conditions Achieved

training

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

Our Lifestyle Business

MATERIAL 2028 SUSTAINABLE 2023 OVERALL MATERIAL 2028 SUSTAINABLE 2023 OVERALL
ISSUE BUSINESS COMMITMENT TARGET STATUS ISSUE BUSINESS COMMITMENT TARGET STATUS

RETHINKING RESOURCES TRANSFORMING LIVES

Net positive We will become net positive Improve data collection for scope 1, 2 and 3 GHG Achieved Local economic We will promote prosperity Engage with internal teams and local start-ups and Achieved
carbon in carbon by 2040 emissions across all Operating Companies development and economic development SMEs to drive sustainability initiatives and where
in our communities feasible, roll out a pilot initiative
All new property developments and major Achieved through upskilling and
refurbishments are to be aligned to the Net Zero entrepreneurship in line
Carbon Fit-Out Guide and Sustainable Building Policies with local needs and by
Circular We will embed circular Embed circular economy principles to minimise waste Achieved increasing our expenditure
economy economy principles across within relevant Operating Companies in local economies
our business operations to Disruptive We will invest in our Develop an environmental and social risk assessment Achieved
minimise our impact on the Ensure the Green Star standard aligns with circular Achieved
technology employees’ innovative framework for innovative ideas
environment and generate economy best practice
ideas by having an
new revenue streams Innovation Programme
Increase and track the scope and diversity of circular Achieved
economy retail concepts to drive improvements in
sustainability performance
Climate We will increase the All Operating Companies to undertake a value chain Achieved across Majid Al Futtaim and
resilience and resilience of our business climate change risk assessment and implement our supply chain
nature-based in the context of global resilience strategies
solutions climate change and promote Customer We will offer inclusive Identify and implement the most appropriate safety Achieved
Support the development of science based targets for Achieved wellbeing customer experiences and accessibility guidelines
the restoration of natural
nature and promote healthy and
habitats and biodiversity Establish a baseline of activities that promote Achieved
on our own sites and in our sustainable consumer
choices sustainable lifestyles including design, product, service
value chain offer, and customer engagement and marketing

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MATERIAL 2028 SUSTAINABLE 2023 OVERALL

ISSUE BUSINESS COMMITMENT TARGET STATUS

EMPOWERING OUR PEOPLE

Attracting & We will integrate Identify suitable workplace benchmark(s) and Achieved
retaining talent sustainability into attraction undertake a baselining exercise
and retention programmes
to meet the evolving values
of our workforce
Healthy We will implement wellbeing Adapt the existing workplace perception survey to Achieved
workplaces programmes across the establish our baseline performance in 2023 and run
business and demonstrate the annual survey, aiming to demonstrate a year-on-
measurable improvements year improvement
in employee health,
Assess selected workplaces with international best Achieved
wellbeing and productivity
practice health and wellbeing standards

Training & We will provide sustainability All Operating Companies must provide sustainability Achieved
development training to employees and training to employees within priority roles and
suppliers throughout the the training should be reviewed yearly, with 90%
value chain completion targeted for employee categories
Support the development of a Company-wide diversity Achieved
and inclusion training and roll out of the 2023 survey

Human rights We will lead by example Ensure that the Employment Conditions Policy is Achieved
& employment by requiring all employees included in all contracts and accommodation audit
conditions and direct (tier 1) checklists for all tier 1 suppliers and contractors
contractors to comply with
Review CHRB requirements and assess the current Achieved
the International Labour
performance and policies of Majid Al Futtaim against
Organisation’s eight core
the requirements
conventions
Ensure all tier 1 contractors adhere to ISO 45001 and Achieved
health and safety incidents are reduced

Roll out the human rights and employment conditions Achieved

training

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

Our Global Solutions Business

MATERIAL 2028 SUSTAINABLE 2023 OVERALL MATERIAL 2028 SUSTAINABLE 2023 OVERALL
ISSUE BUSINESS COMMITMENT TARGET STATUS ISSUE BUSINESS COMMITMENT TARGET STATUS

RETHINKING RESOURCES EMPOWERING OUR PEOPLE

Net positive We will become net positive Improve data collection for scope 1, 2 and 3 GHG Partially Attracting & We will integrate Identify suitable workplace benchmark(s) and Achieved
carbon in carbon by 2040 emissions across all Operating Companies Achieved retaining talent sustainability into attraction undertake a baselining exercise
and retention programmes
to meet the evolving values
TRANSFORMING LIVES
of our workforce
Local economic We will promote prosperity Develop a baseline of spend contributing to the local Achieved Healthy We will implement wellbeing Adapt the existing workplace perception survey to Achieved
development and economic development economy workplaces programmes across the establish our baseline performance in 2023 and run
in our communities business and demonstrate the annual survey, aiming to demonstrate a year-on-
through upskilling and measurable improvements year improvement
entrepreneurship in line in employee health,
with local needs and by Assess selected workplaces with international best Achieved
wellbeing and productivity
increasing our expenditure practice health and wellbeing standards
in local economies
Training & We will provide sustainability All Operating Companies must provide sustainability Achieved
development training to employees and training to employees within priority roles and
suppliers throughout the the training should be reviewed yearly, with 90%
value chain completion targeted for employee categories
Support the development of a Company-wide diversity Achieved
and inclusion training and roll out of the 2023 survey

Human rights We will lead by example Ensure that the Employment Conditions Policy is Achieved
& employment by requiring all employees included in all contracts, operating policies and
conditions and direct (tier 1) accommodation audit checklists for all employees,
contractors to comply with tenants, and partners
the International Labour
Review CHRB requirements and assess the current Achieved
Organisation’s eight core
performance and policies of Majid Al Futtaim against
conventions
the requirements
Roll out the human rights and employment conditions Achieved
training

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Our Sustainability-Linked Loan Target Progress

In July 2021, we signed our first USD 1.5 billion
sustainability-linked loan (SLL 1), the largest in the
MENA real estate sector, that aims to facilitate and
support environmentally and socially sustainable SLL SUSTAINABILITY 2023 2023 2023
economic activity and growth. This was followed by
PERFORMANCE TARGETS25 DEFINITION TARGET PERFORMANCE STATUS
a second USD 1.25 billion SLL in September 2022
(SLL 2). Majid Al Futtaim was the first privately-
owned Dubai corporation to borrow through such KPI 1
an innovative facility and the region’s only ‘penalty- Reducing the scope 1 and 2 emissions intensity of Reduce the
only’ borrower as well as the largest SLL private
corporate borrower in the region.
Majid Al Futtaim’s property portfolio, calculated as
kgCO₂e/managed m², in line with Majid Al Futtaim’s
emissions we own
or control within 151.7 128.62
science-based targets and net positive 2040 ambition our properties Achieved
Key to driving this activity are predetermined
sustainability performance targets, outlined here,
that seek to reduce our emissions, increase the
green building certifications within our portfolio KPI 2 Increase the
and enhance gender balance within our senior number of shopping
Reducing the number of malls in Majid Al Futtaim’s
management. Annual target performance is
externally and independently verified to ensure
portfolio that do not have a green building malls with a ≤6 5
certification of a minimum level of LEED Gold, or green building Achieved
clarity and compliance against the specific equivalent certification
sustainability performance targets.

In 2023, we achieved our annual targets for all

KPIs. KPI 3
Increasing gender diversity amongst Increase the
Majid Al Futtaim’s senior management, defined as the
percentage of women in the top three seniority levels
number of women 23% 26%
(board, senior executive and senior management) to
in senior positions Achieved
reach 32% and therefore align to the 30% club

SLL 1 has the same sustainability performance targets as SLL 2 for reporting years 2022 up until 2024 inclusive. For the reporting years 2025 and 2026, for SLL 2, KPI 1 is extended to an additional year, in line with the validated science-based targets. In
25

addition, KPI 2 will have an additional target to increase the number of malls with a LEED Platinum or equivalent rating to more than 2. For KPI 3, the percentage will increase from 30% to 32%.

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SDG TARGET FOCUS AREA SUPPORTING EVIDENCE

United Nations 2.4 By 2030, ensure sustainable food production systems and implement resilient agricultural practices
that increase productivity and production, that help maintain ecosystems, that strengthen capacity Rethinking Resources,
Supporting nature positive

Sustainable
outcomes, p51
for adaptation to climate change, extreme weather, drought, flooding and other disasters and that Empowering Our People
Minimising food waste, p65
progressively improve land and soil quality

Development 3.4 By 2030, reduce by one third premature mortality from non-communicable diseases through
prevention and treatment and promote mental health and well-being

Goals Disclosure 3.8 Achieve universal health coverage, including financial risk protection, access to quality essential
health-care services and access to safe, effective, quality and affordable essential medicines and
vaccines for all
Rethinking Resources,
Transforming Lives,
Empowering Our People
Supporting healthy
lifestyles, p89
Healthy workplaces, p109

3.9 By 2030, substantially reduce the number of deaths and illnesses from hazardous chemicals and air,
Click the SDG goal for more information water and soil pollution and contamination
on its objectives 3.a Strengthen the implementation of the World Health Organisation Framework Convention on Tobacco Transforming Lives,
Smoke-Free Policy
Control in all countries, as appropriate Empowering Our People

4.3 By 2030, ensure equal access for all women and men to affordable and quality technical, vocational
and tertiary education, including university

4.4 By 2030, substantially increase the number of youth and adults who have relevant skills, including Empowering the region
technical and vocational skills, for employment, decent jobs and entrepreneurship through skills
4.7 By 2030, ensure that all learners acquire the knowledge and skills needed to promote sustainable development, p78
development, including, amongst others, through education for sustainable development and sustainable Attracting and retaining
Transforming Lives,
lifestyles, human rights, gender equality, promotion of a culture of peace and non-violence, global talent, p96
Empowering Our People
citizenship and appreciation of cultural diversity and of culture’s contribution to sustainable development Fostering diversity, equity
and inclusion, p102
4.b By 2020, substantially expand globally the number of scholarships available to developing countries, Training and development,
in particular least developed countries, small island developing States and African countries, for p105
enrollment in higher education, including vocational training and information and communications
technology, technical, engineering and scientific programmes, in developed countries and other
developing countries

5.1 End all forms of discrimination against all women and girls everywhere Empowering the region
through skills development,
5.5 Ensure women’s full and effective participation and equal opportunities for leadership at all levels of p78
decision-making in political, economic and public life Transforming Lives,
Fostering diversity, equity and
Empowering Our People
inclusion, p102
5.c Adopt and strengthen sound policies and enforceable legislation for the promotion of gender equality
Women in the Workplace
and the empowerment of all women and girls at all levels
white paper

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SDG TARGET FOCUS AREA SUPPORTING EVIDENCE

6.1 By 2030, achieve universal and equitable access to safe and affordable drinking water for all It is within Majid Al Futtaim’s responsibility to ensure that
all water resources provided at our assets are safe and affordable for all
Net positive water, p58

6.2 By 2030, achieve access to adequate and equitable sanitation and hygiene for all and end open defecation, paying special Rethinking Resources
attention to the needs of women and girls and those in vulnerable situations In all our assets, we promote the importance of washing hands and
6.3 By 2030, improve water quality by reducing pollution, eliminating dumping and minimising release of hazardous maximum hygiene levels to keep our customers safe
chemicals and materials, halving the proportion of untreated wastewater and substantially increasing recycling and safe Supporting nature positive outcomes, p51
reuse globally

6.4 By 2030, substantially increase water-use efficiency across all sectors and ensure sustainable withdrawals and supply of Rethinking Resources,
Net positive water, p58
freshwater to address water scarcity and substantially reduce the number of people suffering from water scarcity Transforming Lives

7.1 By 2030, ensure universal access to affordable, reliable and modern energy services Rethinking Resources,
Net positive carbon, p36
Transforming Lives

7.2 By 2030, increase substantially the share of renewable energy in the global energy mix Renewable energy, p42

7.3 By 2030, double the global rate of improvement in energy efficiency Energy efficiency, p40
Tenant emissions, p52
Rethinking Resources
7.a By 2030, enhance international cooperation to facilitate access to clean energy research and technology, including
Our advocacy at COP28, p28
renewable energy, energy efficiency and advanced and cleaner fossil-fuel technology, and promote investment in energy
Sustainable finance, p121
infrastructure and clean energy technology

7.b By 2030, expand infrastructure and upgrade technology for supplying modern and sustainable energy services for all in
Rethinking Resources,
developing countries, in particular least developed countries, small island developing States, and land-locked developing Net positive carbon, p36
Transforming Lives
countries, in accordance with their respective programmes of support

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SDG TARGET FOCUS AREA SUPPORTING EVIDENCE

8.1 Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% gross Majid Al Futtaim pays fair wages and adheres to countries’ minimum
domestic product growth per annum in the least developed countries wages across its business and supply chain
Local economic development, p74

8.2 Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including
Transforming Lives
through a focus on high value added and labour-intensive sectors Local economic development, p74
8.3 Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity Innovating for customer experience, p90
and innovation, and encourage the formalisation and growth of micro, small and medium-sized enterprises, including through
access to financial services

8.4 Improve progressively, through 2030, global resource efficiency in consumption and production and endeavour to decouple
economic growth from environmental degradation, in accordance with the 10-year framework of programmes on sustainable Rethinking Resources Circular economy, p63
consumption and production, with developed countries taking the lead

8.5 By 2030, achieve full and productive employment and decent work for all women and men, including for young people and Local economic development, p74
persons with disabilities, and equal pay for work of equal value Fostering diversity, equity and inclusion, p102

8.7 Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure
the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 Empowering Our People
end child labour in all its forms Human rights and employment conditions, p113
8.8 Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in
particular women migrants, and those in precarious employment

9.1 Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to
Local economic development, p74
support economic development and human well-being, with a focus on affordable and equitable access for all

9.2 Promote inclusive and sustainable industrialisation and, by 2030, significantly raise industry’s share of employment and Majid Al Futtaim contributes to inclusive and sustainable industrialisation,
gross domestic product, in line with national circumstances, and double its share in least developed countries while increasing industry’s share of employment, in the 15 countries
Transforming Lives
where we operate. Our presence through our assets (p12) contributes to
society, innovation, and infrastructure

9.3 Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial Supporting local start-ups and SMEs, p81
services, including affordable credit, and their integration into value chains and markets Innovating for customer experience, p90

9.4 By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency
Supply chain emissions, p48
and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking Rethinking Resources
Tenant emissions, p52
action in accordance with their respective capabilities

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SDG TARGET FOCUS AREA SUPPORTING EVIDENCE

9.5 Enhance scientific research, upgrade the technological capabilities of industrial sectors in all countries, in particular
developing countries, including, by 2030, encouraging innovation and substantially increasing the number of research and
development workers per one million people and public and private research and development spending
Local economic development, p74
9.a Facilitate sustainable and resilient infrastructure development in developing countries through enhanced financial,
Transforming Lives Supporting local start-ups and SME’s, p81
technological and technical support to African countries, least developed countries, landlocked developing countries and small
Innovating for customer experience, p90
island developing States

9.b Support domestic technology development, research and innovation in developing countries, including by ensuring a
conducive policy environment for, inter alia, industrial diversification and value addition to commodities

10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and
Local economic development, p74
practices and promoting appropriate legislation, policies and action in this regard Transforming Lives,
Delivering accessible and inclusive spaces, p86
Empowering Our People
Fostering diversity, equity and inclusion, p102

11.3 By 2030, enhance inclusive and sustainable urbanisation and capacity for participatory, integrated and sustainable human
Transforming Lives Local economic development, p74
settlement planning and management in all countries

11.6 By 2030, reduce the adverse per capita environmental impact of cities, including by paying special attention to air quality Managing our scope 3 emissions, p45
Rethinking Resources
and municipal and other waste management Circular economy, p63

11.7 By 2030, provide universal access to safe, inclusive and accessible, green and public spaces, in particular for women and
children, older persons and persons with disabilities Rethinking Resources, Supporting nature positive outcomes, p51
Transforming Lives, Local economic development, p74
11.a Support positive economic, social and environmental links between urban, peri-urban and rural areas by strengthening Empowering Our People Delivering accessible and inclusive spaces, p86
national and regional development planning

11.c Support least developed countries, including through financial and technical assistance, in building sustainable and Sustainable standards across the property lifecycle, p32
Rethinking Resources
resilient buildings utilising local materials Local economic development, p74

12.2 By 2030, achieve the sustainable management and efficient use of natural resources Collaborating across the value chain, p61
Circular economy, p63

12.3 By 2030, halve per capita global food waste at the retail and consumer levels and reduce food losses along production and
Minimising food waste, p65
supply chains, including post-harvest losses
Rethinking Resources
12.4 By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in
Sustainable standards across the property lifecycle, p32
accordance with agreed international frameworks, and significantly reduce their release to air, water and soil in order to
Circular economy, p63
minimise their adverse impacts on human health and the environment

12.5 By 2030, substantially reduce waste generation through prevention, reduction, recycling and reuse Circular economy, p63

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SDG TARGET FOCUS AREA SUPPORTING EVIDENCE

12.6 Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate
sustainability information into their reporting cycle Managing our scope 3 emissions, p45
Transforming Lives
Procuring responsibly, p77
12.7 Promote public procurement practices that are sustainable, in accordance with national policies and priorities

12.8 By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and Encouraging sustainable choices, p77
lifestyles in harmony with nature Empowering Our People Supporting healthy lifestyles, p89
Expanding our sustainability training, p107

12.a Support developing countries to strengthen their scientific and technological capacity to move towards more sustainable Circular economy, p63
patterns of consumption and production Local economic development, p74
Transforming Lives
Encouraging sustainable choices, p87
Supporting healthy lifestyles, p89

13.1 Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries

13.2 Integrate climate change measures into national policies, strategies and planning Net positive carbon, p36
Climate resilience & nature-based solutions, p54
13.3 Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation,
impact reduction and early warning Rethinking Resources

13.a Implement the commitment undertaken by developed-country parties to the United Nations Framework Convention
on Climate Change to a goal of mobilising jointly USD 100 billion annually by 2020 from all sources to address the needs Our advocacy on COP28, p28
of developing countries in the context of meaningful mitigation actions and transparency on implementation and fully Sustainable finance, p121
operationalise the Green Climate Fund through its capitalisation as soon as possible

15.5 Take urgent and significant action to reduce the degradation of natural habitats, halt the loss of biodiversity and, by 2020,
protect and prevent the extinction of threatened species
Rethinking Resources Climate resilience & nature-based solutions, p54

17.16 Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that
mobilise and share knowledge, expertise, technology and financial resources, to support the achievement of the sustainable Rethinking Resources,
development goals in all countries, in particular developing countries Transforming Lives, Stakeholder engagement, p23
17.17 Encourage and promote effective public, public-private and civil society partnerships, building on the experience and Empowering Our People
resourcing strategies of partnerships

17.19 By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement Local economic development, p74
Transforming Lives
gross domestic product, and support statistical capacity-building in developing countries Innovating for customer experience, p90

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GRI Content Index

Majid Al Futtaim has reported in accordance with Our sustainability report is available both in hard  ue to improvements in data collection and
D Details on our sustainability approach, vision and
the GRI Standards for the period 1 January 2023 copy upon request and online. We also have a verification processes, some re-statements of material impacts are provided in the Overview and
to 31 December 2023. sustainability section on our website: https://www. previous years’ environmental data have been Dare Today, Change Tomorrow sections of this report.
majidalfuttaim.com/en/who-we-are/sustainability- included in this report to take in to account
We have reported against GRI 1: Foundation 2021. and-esg these improvements. Full explanations of these  ur business activities, impacts and sustainability
O
adjustments are provided in data qualification notes risks and opportunities can be found throughout
Our applicable Sector Standard is GRI G4  ontent is designed to be easily navigable to the
C in the EPRA sBPR tables provided on our website: this report.
Construction and Real Estate Sector (CRES). We will reader and avoids complex technical jargon and https://www.majidalfuttaim.com/en/who-we-are/
be validating our list of material ESG issues with excessive detail. sustainability-and-esg/reports  ur environmental performance and impacts are
O
the latest GRI Sector Standard for our industry detailed in our Rethinking Resources section on
when it is published by GRI. In order to be transparent, we disclose both pages 30 to 71. An Environmental Data Annex
negative and positive aspects and results of our Completeness reporting our performance in line with the EPRA
Accuracy performance.
 he scope of our reporting covers all existing assets
T
sBPR can be downloaded from our website.

 e have taken steps to ensure information within

W under our operational control. The environmental
our sustainability report is correct and sufficiently Comparability performance of some of our construction sites is Timeliness
detailed to allow an assessment of our impacts. included in the scope of this sustainability report.
 he historical performance data used in this report
T Any areas where we do not have complete data to  he information presented in this sustainability
T
Validation of the majority of the information in spans five years and covers the environmental, report was developed to reflect our performance
this report is performed by our sustainability report against are indicated within the report.
economic and social aspects of our sustainability from 1 January to 31 December 2023. Our
consultants, JLL. strategy. Consolidated Financial Statements cover the
 ur reporting focuses on the issues that are most
O
material to the running of our business. Additional same period. The sustainability reporting schedule
 ata assumptions and calculations are disclosed
D  e participate in GRESB through which we, and
W information on our business and its financial is aligned with the annual financial reporting
in data qualifying notes in the Environmental Data our stakeholders, are able to better understand performance is provided in our Consolidated schedule.
Annex on our website: www.majidalfuttaim.com our performance in comparison with that of our Financial Statements 2023, which is available on
peers. We provide a separate Environmental Data our website.
Balance & Clarity Annex on environmental data in line with the EPRA Verifiability
Sustainability Best Practices Recommendations
 e have a clear strategy which supports our goal
W (sBPR). This can be downloaded from our website.
Sustainability Context  alidation of the majority of the information within
V
to be recognised internationally as a sustainability our sustainability report is performed by our
leader. Our approach is structured around three It is important to ensure we align our approach with sustainability consultants, JLL.
International metrics, standard conversion factors
focus areas. See page 17 for full details. local needs and international trends.
and protocols, where applicable, were used for The Assurance Statement can be found on page
compiling and reporting information.  146.

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
2-5 External 2023 environmental data for our portfolio has been externally assured. Scope details are available in the
GRI 2: General Disclosures 2021 assurance Assurance statement on page 146 of this report. We do not currently have full external assurance for our
2-1 Organisational Majid Al Futtaim sustainability reporting.
details 2-6 Activities, value There are no changes in reporting for 2023.
Majid Al Futtaim is owned by Mr Majid Al Futtaim, who founded the company in 1992. For more information chain and
about the ownership and nature of the Group's assets, please see our website: other business Majid Al Futtaim has five different Operating Companies: Properties, Retail, Entertainment, Lifestyle and
www.majidalfuttaim.com relationships Global Solutions, each with their own supply chains. Retail's downstream supply chain consists of its
Majid Al Futtaim, Tower 1, 10th Floor, City Centre Deira Complex, PO Box 91100, Dubai, United Arab Emirates private label products and deliveries and Properties' downstream supply chain is the houses we sell to our
customers.
About us, page 2. Also see our website: www.majidalfuttaim.com 2-7 Employees The staff numbers included in this report are calculated only for direct employees and thus do not include
contractors. This data is extracted from Majid Al Futtaim's HR portal, therefore no assumptions were made.
2-2 Entities The Group As only direct employees were included within the data tables, there is no seasonal/project variation of staff.
included in the Our Properties business
organisation’s Our Retail business EMPLOYEE INFORMATION BY GENDER EMPLOYEE INFORMATION BY REGION
sustainability Our Entertainment business Female Male Other Undisclosed Total MENA Africa Cent. Asia S&SE Asia E Asia Europe Total
reporting Our Lifestyle business
Our Global Solutions business Number of employees Number of employees

Majid Al Futtaim's sustainability report covers the same entities as the consolidated statements. 11,987 30,772 0 0 42,759 34,847 2,647 3,281 1,963 19 2 42,759
Majid Al Futtaim’s Consolidated Financial Statements can be found on our website: www.majidalfuttaim.com Number of permanent employees Number of permanent employees
11,660 30,594 0 0 42,254 34,447 2,647 3,177 1,962 19 2 42,254
Majid Al Futtaim follows a consistent reporting approach across all Operating Companies. Their performance
Number of temporary employees Number of temporary employees
is consolidated in this sustainability report.
227 108 0 0 335 229 0 104 1 0 0 334
2-3 Reporting period, Majid Al Futtaim reports on its sustainability performance annually. The information presented in this
Number of non-guaranteed hours employees Number of non-guaranteed hours employees
frequency and sustainability report was developed to reflect our performance from 1 January to 31 December 2023.
contact point 0 0 0 0 0 0 0 0 0 0 0 0
Our Consolidated Financial Statements cover our performance from 1 January to 31 December 2023 Number of full-time employees Number of full-time employees
and in 2023, we appointed a new financial auditor to review Majid Al Futtaim’s financial statements. The
sustainability reporting schedule is aligned with the annual financial reporting schedule. 11,866 27,321 0 0 39,187 34,550 2,647 3,275 1,962 19 2 42,455
Number of part-time employees Number of part-time employees
Majid Al Futtaim's 2023 Sustainability Report is published in May 2024. This is the sixth year of the Company-
wide sustainability strategy reporting. 75 37 0 0 112 105 0 6 1 0 0 112

Contact [email protected] for any questions regarding the report.

2-4 Restatements of About this report, page 2
information
Due to improvements in data collection and verification processes, several data points have been updated
since 2022, mostly impacting environmental data. Therefore some restatements of previous year’s
environmental data have been included in this report to take into account these improvements. Full
explanations of these adjustments are provided in data qualification notes in the EPRA tables included within
the Environmental Data Annex (available online).

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
2-8 Workers who are A significant proportion of our work at our construction sites and assets is delivered by contractors. 2-14 Role of the highest We issue quarterly sustainability board reports for each Operating Company to the Board. The Sustainability
not employees governance body Lead in each of the Operating Companies presents a paper which is followed by a discussion with the Board.
We also use contractors for: in sustainability
• Security reporting In addition, our sustainability policies are reviewed and signed by the relevant Chief Executive Officers.
• Landscape maintenance
• Window cleaning (malls, offices) You can find our polices on our website: www.majidalfuttaim.com
• Mall construction (and all sub contractors)
• Design teams 2-15 Conflicts of The Boards of Majid Al Futtaim maintain a register of Directors’ interests that is updated regularly and noted
• Operators of our hotels interest at each Board meeting, including any conflict arising. There are currently no conflicts from these interests.
• Cleaning in our offices If there is a conflict, the Director in question would abstain from any discussion or vote on the matter.
• Recycling operational waste (all our assets) Employees complete mandatory conflicts of interest declaration forms.
• Third-party verifiers who are appointed directly by Majid Al Futtaim i.e., CXA agent, sustainability
consultants, etc. The Chairman of Properties, Retail and Entertainment sit on the Boards of the Group and Majid Al Futtaim
• Creative agency (branding/printing/photography) Company. The intention of this is to drive alignment.
• Training
• Data management system Majid Al Futtaim Company has nine shareholders, other Majid Al Futtaim subsidiaries are majority owned or
• Travel agency joint ventures.
• Promotions and media
Principles of governing conflict of interest can be found in our Code of Conduct and our Supplier Code of
2-9 Governance Governing with accountability, page 116
Quality of
Conduct available on our website: www.majidalfuttaim.com
structure and
governing body composition Our sustainability governance structure can be found on page 116, and further information on our business 2-16 Communication of All critical concerns are communicated to the highest governance body through timely ExComs, Steerco
structure can be found on our website: www.majidalfuttaim.com critical concerns meetings, Ethics Panel meetings, quarterly risk committee meetings and ARC/Board meetings for their
2-10 Nomination Highest governance body is selected based on competencies, background and experience with global peers. action.
and selection
of the highest In 2023, two cases were classified as critical as per the Ethics Hotline Policy and were reported to ARC as part
governance body of the Business Ethics Report. The nature of the cases can’t be disclosed due to confidentiality.
2-11 Chair of Omission 2-17 Collective Sustainability and ESG-related insights are shared with the leadership of all Operating Companies on a
the highest Reason: Not applicable knowledge of monthly basis. Sustainability reports are submitted to the Board of the Group and each of its Operating
governance body Explanation: Majid Al Futtaim's Chair of the highest governance body is not also a senior executive. the highest Companies on a quarterly basis to update them on the progress made on the sustainability strategy and
governance body commitments.
2-12 Role of the highest Governing with accountability, page 116
governance body 2-18 Evaluation of the Board effectiveness is crucial to ensure the Board optimises its effectiveness and its ability to provide
in overseeing the performance direction for the Company’s management. The evaluation of board dynamics helps the Board to better
management of of the highest understand its effectiveness in challenging and supporting management, dealing with differences, handling
impacts governance body conflict and tension, enacting effective leadership, and will identify areas for improvement.
2-13 Delegation of Governing with accountability, page 116
responsibility for The Board Effectiveness Review is conducted annually and online through a diligent-based questionnaire.
managing impact This review focuses on board composition, the quality of information and decision-making processes, and the
board’s relationship with management. It allows for the aggregation of data and analysis, pinpointing both
strengths and areas for enhancement.

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
2-19 Remuneration Omission 2-27 Compliance For Majid Al Futtaim Retail LLC and its subsidiaries, we only have the following case in Kenya which we
policies Reason: Confidentiality constraints with laws and consider as significant, however the fine was not paid. Pwani Oil Products Limited (“Supplier”) filed a case
2-20 Process to Omission regulations against Majid Al Futtaim Hypermarkets Limited in Kenya (“MAFH Kenya”) in relation to the terms of the supply
determine Reason: Confidentiality constraints agreement alleging that MAFH Kenya imposed certain contractual terms (including provisions on rebates).
remuneration The value of the claim has not been quantified. The Competition Authority Kenya (“CAK”) issued a notice of
investigation on 30 September 2022 and a further request for information on 17 November 2022. MAF Kenya
2-21 Annual total Omission
submitted a response on 1 December 2022. CAK issued temporary cease and desist orders stopping MAFH
compensation Reason: Confidentiality constraints
Kenya from deducting rebates from the Supplier pending determination of the case, and as a result MAFH
ratio
Kenya stopped taking orders from the Supplier. CAK published its notice of preliminary decision dated 27
2-22 Statement on A message from our Chief Executive Officer, page 5 April 2023. The parties thereafter engaged in successful discussions to settle the matter amicably. MAFH
Governing sustainable Kenya was able to agree with the Supplier on new contract terms without affecting the rebate structure.
purpose development CAK however insisted on publishing a final determination with penalties to MAFH Kenya stating that any
strategy settlement within the Competition Act should be made between MAFH Kenya and itself and not the Supplier.
2-23 Policy The Company’s commitment to responsible business conduct is covered in our Code of Conduct which lists Majid Al Futtaim engaged the Competition Authority on settlement negotiations of the matter and served its
commitments (amongst others): proposals to the Authority for consideration. Whilst this settlement process was still ongoing, the Authority
1. Our commitments to employees published its determination on 18 December 2023 finding Majid Al Futtaim guilty of buyer power.
2. Our commitments to our customers
3. Our commitments to our partners CAK’s Determination: The Authority determined a financial Penalty of 1.5% of Majid Al Futtaim’s preceding
4. Our commitments to society years gross turnover in Kenya amounting to KES 554,163,936 in addition to other orders related to retail
5. Our commitments to sustainability practice. MAFH Kenya filed a notice of appeal on 28 December 2023 and an application for stay of the orders
pending determination of the appeal.
A copy of our Code of Conduct along with other components related to our commitment to the highest ethical 2-28 Membership Cambridge Institute of Sustainability Learning (Centre for Business Transformation)
standards can be found in the following link: https://www.majidalfuttaim.com/en/who-we-are/corporate- Stakeholder associations CDP
compliance engagement Consumers Goods Forum
Egypt Green Building Council
The Code of Conduct has been approved by the Group Chief Executive Officer and represents the umbrella Ellen McArthur Foundation
under which all other policies and standards are developed. All employees are provided with training on our Emirates Green Building Council
Code of Conduct and the Code is published and made readily available to everyone. EP100 The Climate Group Annual Membership
2-24 Embedding policy The Chief Executive Officer of Majid Al Futtaim approves policy commitments to ensure the policy is ESG Agreement with Sustainalytics
commitments embedded. Annual trainings are provided throughout the Company in line with the policies and every Fitness First Membership
employee is required to pass training year-on-year. Policies are also included in contracts with contractors, GRESB Annual Member
suppliers, consultants and other third parties. International Association of Amusement Parks and Attractions (IAAPA)
ISO45001 Properties Certification
2-25 Processes Grievance cases are either directly captured from employees or through the Ethics Hotline. Cases are then Kenya Green Building Council
to remediate reviewed and investigated on a case-by-case basis and resolved appropriately via coaching, written warnings, Middle East and North Africa Leisure and Attraction Council (MENALAC)
negative impacts transfers or termination of employees. Results are shared with the Compliance Team and to the Board on MyWellness Subscription
cases, where relevant. Further information can be found in our Code of Conduct on our website. The Climate Change Organisation - EP100
2-26 Mechanisms for Business ethics, page 119 Topland Membership
Ethical seeking advice UAE Ambition Climate Alliance
behaviour and raising Employees have access to the Ethics Hotline or can raise concerns directly with managers, a member of their World Business Council for Sustainable Development
concerns Operating Company’s Ethics Panel or Chief Compliance Officer. Further information can be found in our Code World Green Economy Organisation (WGEO)
of Conduct on our website.
Additional information on some of our memberships can be found in this report, page 19.

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
2-29 Approach to Stakeholder engagement, page 23 Procurement Practices
Stakeholder stakeholder
engagement engagement Stakeholder engagement and frequency differs depending on which stakeholders Majid Al Futtaim is engaging 204-1 Proportion of 80% of spending was on suppliers local to Majid Al Futtaim operations in 2023.
with. For any new development, stakeholder identification is undertaken with residents, charities, government spending on local
and communities, who are often the main stakeholders identified in the process. Our community engagement suppliers
charter then lays out how the business should engage with the groups identified including conducting a socio-
economic survey on a yearly basis. Energy
3-3 Management of The management approach we take for different elements of our environmental strategy include:
Tier 1 suppliers are engaged with on a regular basis. Our Sustainable Procurement Policy also lays out
material topics -
the future engagement and expectations of our suppliers. Majid Al Futtaim works with suppliers to ensure
Environmental • Our Climate Transition Action Plan can be found on page 36
standards are met.
• Our Climate Resilience Strategy and Roadmap can be found on page 54
2-30 Collective GCC countries do not permit unions but in countries where unions are permitted, such as Lebanon or Egypt, • Energy • Our approach to net positive water can be found on page 58
bargaining Majid Al Futtaim does not prohibit employees from joining these unions in accordance with the country's laws • Water • Our circular economy strategy can be found on page 63
agreements and regulations. • GHG emissions • Our mapping to the SDGs can be found on page 163
• Effluents and • Our 2023 sustainability targets can be found on page 149
GRI 3: Material Topics 2021 waste
• Biodiversity
Economic Topics
302-1 Energy Environmental Data Annex available on our website.
3-1 Process to Our sustainability strategy, page 17 Climate consumption
determine change within the
material topics Majid Al Futtaim selects material issues by studying the market and benchmarking global best practice in the organisation
sectors in which we operate such as real estate, retail and entertainment. We then select our stakeholders
302-2 Energy Environmental Data Annex available on our website.
externally (governments, NGO, academia, banks, etc.) and internally across business units and teams to
consumption
consult them to identify issues that are most material based on our needs, geographies and operations.
outside of the
3-2 List of material Our sustainability strategy, page 17 organisation
topics
303-3 Energy intensity Environmental Data Annex available on our website.
3-3 Management of Infrastructure investments and their social impact on the communities we serve are highly material to us and
material topics - fall under the Transforming Lives pillar. You can read more about this topic on page 74.
Economic impacts 302-4 Reduction Environmental Data Annex available on our website.
of energy
Indirect Economic Impacts consumption
203-1 Infrastructure Local economic development, page 74
investments 302-5 Reductions Environmental Data Annex available on our website.
and services in energy
supported requirements
of products and
203-2 Significant indirect Local economic development, page 74 services
economic impacts

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
Environmental Topics 303-2 Management of Majid Al Futtaim only records data for produced water and third-party water. There is no information on any
water discharge- water source listed due to this being against local regulation.
Water related impacts
303-1 Interactions with We work extensively to maintain the highest international standards of reliability, efficiency and safety in 303-3 Water withdrawal Majid Al Futtaim only records data for produced water and third-party water. There is no information on any
water as shared our water resources. We continually provide water conservation strategies and services to our employees, Freshwater water source listed due to this being against local regulations.
resource customers, mall visitors and tenants to encourage them to reduce their water consumption. All availability
Majid Al Futtaim Company-wide potable water is sourced through the municipal water supply. The irrigation
water for landscaping at Properties' communities, shopping malls and hotels is sourced through TSE and on- 303-4 Water discharge Omission
site sewage treatment plants. In line with the Majid Al Futtaim Sustainable Building Policy, no potable water is Reason: Not applicable
used for irrigation purposes. Majid Al Futtaim has pledged to become net positive in water by 2040. Explanation: Does not apply to the Company’s operations.
For Tilal Al Ghaf, our flagship mixed-use community in Dubai, annual water consumption was 41,272 m3 in 303-5 Water Environmental Data Annex available on our website.
2023. TSE is used for irrigation purposes. The amount of TSE supplied by the municipality in 2023 was Freshwater consumption
455,886 m3. availability

In Al Zahia, Sharjah’s first gated mixed-use community, there is an on-site sewage treatment plant with a
capacity to treat 2,200 m3 of water per day. The water is collected from the residential units and after being Biodiversity
treated, it is used for irrigating the community landscape. 304-1 Operational sites Pre-Acquisition Policy available on our website: www.majidalfuttaim.com
Nature loss owned, leased,
Our shopping malls have used around 1,246,219 m3 of recycled water in 2023. managed in,
or adjacent to,
As our business continues to grow, it is imperative to increase water consumption proportionately. We have protected areas
worked to ensure that water efficiency improvements are given the highest priority. Our Sustainable Building and areas of high
Policy details the water strategies we implement in the design, construction and operations of the various biodiversity value
Majid Al Futtaim assets, including: outside protected
areas
• Internal: efficient flow and flush fixtures, aerators, sensors etc.
• External: landscape native species selection and efficient irrigation systems such as drip irrigation and
using moisture sensors
• Using TSE/on-site sewage treatment plant water for irrigation
• Water metering and submetering for tracking water usage
• Water leakage detection systems
• On-site/off-site water generation using an atmospheric water generator machine and in the future,
sourced using solar power in line with our net positive 2040 water and carbon commitments

Achieving net positive water will require more than implementing water efficiency measures. As a result,
we have concentrated on exploring the water offsetting practices available in the countries where
Majid Al Futtaim operates. Majid Al Futtaim abides by high-quality Oxford Principles for water offsetting,
such as afforestation or reforestations. In 2022, we began working with STX group (formerly Vertis) and
Project Maji to evaluate water offsetting and replenishing projects (see page 62).

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
304-2 Significant Supporting nature positive outcomes, page 56 304-3 Habitats protected Nature-based solutions, page 57
Nature loss impacts of Nature Loss or restored
activities, For each development, an Environmental Impact Assessment (EIA) is carried out for all our projects by a suitably None of the recorded species found on our sites occur on the list of UAE threatened species. A number of
products, and qualified professional. The EIA is conducted to identify any potentially significant impacts project development healthy mature Ghaf trees (Prosopis cineraria) have been recorded at site. These trees are native and provide
services on may have on the social, physical and biological environment, and whether mitigation measures are required in shelter, protection, shade, and nesting, burrowing and feeding opportunities e.g., for sand martins. Naturally
biodiversity the master plan design. All our residential communities developments also carry out a Land Use and Ecology occurring Ghaf trees are considered to be important culturally as well and are protected from removal
Assessment by a suitably qualified ecologist. Enhancement measures are suggested to enhance the project's or disturbance by law. Permits must be acquired prior to the removal of Ghaf, and typically trees must be
biodiversity. The surveys are obtained at the start of the project through a detailed desktop survey and a site-based relocated to reduce the impact arising from the loss of these trees.
ecology walkover survey, supplemented by observations and photographs by the suitably qualified ecologist.
In Tilal Al Ghaf, the existing Ghaf trees were properly protected or relocated. Relocation or removal of Ghaf
The sites being developed are of low ecological value and attract birds and the provision of native vegetation to trees was carried out after communication and coordination with Dubai Municipality Environment and
the site area. This will enhance the ecological richness of the site commensurate with a dedicated, landscape
Horticulture Department. Proper preparation was required in which a new lateral root zone was promoted in
development programme to improve the land value and quality.
a surrounding trench with frequent watering for at least six months and then a relocation measure following
the ecologist recommendations.
During construction, general mitigation such as dust suppression, emissions reductions, minimised light, spill
prevention, noise control and adequate waste management can help to curb additional impacts beyond direct
habitat loss. A log of all biodiversity/ecology-related observations and actions is kept by the site manager. As part of the site enhancement of Tilal Al Ghaf, more than 5,000 Ghaf trees are planned to be planted, with
1,000 already planted.
During the survey, all species found are listed and classified accordingly. The ones with ecological value are
defined if it needs to be relocated or protected and proper instructions are given. During operations, residents of the communities are encouraged to plant native, water efficient and non-
invasive species of plants such as Ghaf trees. Options are provided to them in the Home User Guide that is
Examples of enhancement measures implemented include: distributed to all residents at handover.
304-4 IUCN Red The species found in our developments are the following as per International Union for Conservation of
• T he inclusion of native tall trees in the development Nature loss List species Nature (IUCN) Red lists:
• The inclusion of assorted heights and varieties of native landscape plants into the landscaping theme and national
• Leaving a quantity of leaf litter in parks and amenity areas and allowing secondary growth on the ground conservation IUCN RED LIST SPECIES
adjacent to footpaths and landscaping to attract birds list species
• In order to maintain connectivity to areas beyond the site, the Site 1 boundary fencing has been adjusted to Common name Latin name IUCN Red List Status Conservation value
with habitats in
incorporate wildlife friendly passage which would allow smaller animals to slip under the railing and travel areas affected by Ghaf Tree Prosopis cineraria - High/Protected
between the site and the wider environment operations
• Any planned fresh water features should be fenced in order to attract birds Sidr Tree Ziziphus spina christi - Moderate
• Nesting boxes to attract birds Spiny-tailed Lizard Uromastyx aegyptia Vulnerable High/Protected
• The inclusion of native, desert adapted plants is considered within the landscaped areas for water savings as
Arabian Red Fox Vulpes vulpes arabicus Least Concern Low
well as attracting native bird species to the area
• Where possible and appropriate, roof planters may be included as part of the building design, developed
using native/ecologically appropriate species with a view to encourage avifaunal and invertebrate biodiversity Although the project site is of low to medium value, ecological mitigation should be applied to prevent and
• A commitment that is reflected within the operational and management plan should indicate minimisation of reduce the significance of the project’s activities on ecology receptors. Of particular concern are the high-
pesticides and herbicides on-site to maintain ecological health value receptors, including the limestone gravel hillocks habitat, Ghaf trees, Mountain Gazelle, Sand Martin,
• Any mesquite trees will be removed as these are considered an invasive species and the Egyptian Spiny-tailed Lizard.
• Mammal populations, namely Arabian red fox (Vulpes arabicus), should be allowed to flee from this site and
be subsequently excluded Prosopis trees are not in the IUCN list of endangered species for the UAE therefore they do not have
• Due to the presence of trees potentially suitable to support nesting birds, it is recommended that a targeted international protection status. The Ghaf tree was protected under Amiri decree initially in the Emirate of Abu
survey to identify any nesting birds should be undertaken prior to any demolition and clearing of vegetation on- Dhabi by the late Sheikh Zayed bin Sultan Al Nahyan who recognises the native Ghaf as the National tree of
site, with an appropriate protection or relocation plan in place should there be any evidence of current nesting
the UAE.
• Residents will be actively encouraged to plant native, water efficient and non-invasive species of plants such
as Ghaf trees. A preferred plant species list is developed for distribution to residents and a list of nurseries
carrying these plants is available as part of the Home User guides

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
Emissions Effluents and Waste
305-1 Direct (Scope 1) Reducing our scope 1 and 2 emissions, page 38 306-1 Waste generation Circular economy, page 63
Climate change GHG emissions and significant
Environmental Data Annex available on our website. waste-related We are purchasing items in bulk (water bottles, tissue boxes, printing paper) to reduce the amount of
impacts packaging put into the project boundary’s material stream. We are reusing our rain barrels. All of our cutlery
305-2 Energy indirect Reducing our scope 1 and 2 emissions, page 38 is reusable. Our office paper has been reduced by applying duplex printing as well as recycled. Our printer
Climate change (Scope 2) GHG cartridge is a reusable cartridge we send to be refilled. E-waste is reused and recycled. Our E-waste is
emissions Environmental Data Annex available on our website. collected bi-annually by the service provider and sent for recycling. In 2018, we started to procure BPA-free
reusable water bottles with messaging that encourages MAFers to stay hydrated with a fruit infuser option.
305-3 Other indirect Managing our scope 3 emissions, page 45 The water bottles were distributed around Majid Al Futtaim's offices across different countries such as Egypt,
Climate change (Scope 3) GHG Oman and Georgia.
emissions Environmental Data Annex available on our website.
We joined the Circular Packaging Association (CPA) with the support of Her Excellency Minister Mariam
305-4 GHG emissions Environmental Data Annex available on our website. Almheiri, the Ministry of Climate Change and Environment and the Dubai Chamber of Commerce. As a
intensity founding member, our Retail business, along with its fellow members, will be working towards meaningful
and effective solutions to divert consumer packaging away from landfill and for circularity through reducing,
reusing and recycling packaging in collaboration with GCC governments.
305-5 Reduction of GHG Environmental Data Annex available on our website. 306-2 Management of Environmental Data Annex available on our website.
emissions significant waste-
related impacts

305-6 Emissions of Omission 306-3 Waste generated Environmental Data Annex available on our website.
ozone-depleting Reason: Information unavailable
substances (ODS) Explanation: This information is not currently collected. Omission
Reason: Information unavailable
305-7 Nitrogen oxides Omission Explanation: Data only available for our Properties business.
(NOX), sulphur Reason: Information unavailable
306-4 Waste diverted Environmental Data Annex available on our website.
oxides (SOX), and Explanation: This information is not currently collected.
from disposal
other significant
Omission
air emissions
Reason: Information unavailable
Explanation: Data only available for our Properties business.
306-5 Waste directed Environmental Data Annex available on our website.
to disposal
Omission
Reason: Information unavailable
Explanation: Data only available for our Properties business.

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
Environmental Compliance Employment
307-1 Non-compliance At Majid Al Futtaim, there has not been any form of non compliance as the business always goes above and 401-1 New employee Trust Holding Properties
with environmental beyond the local requirements, regulation and legislation in the countries where we operate. Therefore we Employment and hires and employee JOINERS
Total Total Total
wealth generation turnover Female Male Total % Turnover Female Male Total % Turnover Female Male Total % Turnover
laws and do not have any significant environmental fines or sanctions to disclose. headcount headcount headcount

regulations MENA 0 2 2 17 12% 21 12 33 171 19% 10 8 18 1,392 1%

Africa 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Supplier Environmental Assessments Central Asia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
S&SE Asia
308-1 New suppliers All contractors, consultants and suppliers will have undergone a requirement to answer questions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Eastern Asia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
that were surrounding environmental and sustainability policy documentation and accreditation (see Procuring
Europe 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
screened using responsibly on page 77).
Total 0 2 2 17 12% 21 12 33 171 19% 10 8 18 1,392 1%
environmental
criteria Retail Entertainment Lifestyle
JOINERS
308-2 Negative Sustainable Procurement Policy is available on our website: www.majidalfuttaim.com Female Male Total
Total
% Turnover Female Male Total
Total
% Turnover Female Male Total
Total
% Turnover
headcount headcount headcount
environmental
MENA 100 342 442 27,146 2% 187 378 565 3,590 16% 194 249 443 1,318 34%
impacts in the
Africa 24 38 62 2,647 2% 0 0 0 0 0 0 0 0 0 0
supply chain and
Central Asia 9 3 12 3,281 0% 0 0 0 0 0 0 0 0 0 0
actions taken
S&SE Asia 0 8 8 1,963 0% 0 0 0 0 0 0 0 0 0 0
Social Topics Eastern Asia 0 0 0 19 0% 0 0 0 0 0 0 0 0 0 0
Europe 0 0 0 2 - 0 0 0 0 0 0 0 0 0 0
3-3 Management of The Empowering Our People pillar of our sustainability strategy includes material topics: labour practices, Total 133 391 524 35,058 1% 187 378 565 3,590 16% 194 249 443 1,318 34%
material topics - health and safety, employment, training and development, diversity and human rights.
Social Global Solutions Future Solutions
JOINERS
Empowering Our People progress can be found on pages 94 to 114. Female Male Total
Total
% Turnover Female Male Total
Total
% Turnover
headcount headcount
• O ccupational
MENA 124 120 244 987 25% 9 13 22 226 10%
health and Updates on our social impact can be found on pages 72 to 93.
Africa 0 0 0 0 0 0 0 0 0 0
safety
Central Asia 0 0 0 0 0 0 0 0 0 0
• Supplier Majid Al Futtaim has policies, targets and KPIs in place to ensure that we follow a best practice approach.
S&SE Asia 0 0 0 0 0 0 0 0 0 0
assessment for
Eastern Asia 0 0 0 0 0 0 0 0 0 0
labour practices Our Employment Conditions Policy can be downloaded from our website: www.majidalfuttaim.com Europe 0 0 0 0 0 0 0 0 0 0
• Employment Total 124 120 244 987 25% 9 13 22 226 10%
• Training and
education
• Diversity
and equal
opportunity
• Non-
discrimination
• Child labour
• Human rights
• Local
communities

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
401-1 New employee Trust Holding Properties 401-3 Parental leave
Employment and hires and LEAVERS PARENTAL LEAVE 2023 Male Female Total
Total Total Total
wealth generation employee Female Male Total
headcount
% Turnover Female Male Total
headcount
% Turnover Female Male Total
headcount
% Turnover
Entitled to take parental leave 2,400 1,150 3,550
turnover MENA 0 0 0 17 0% 19 6 25 171 15% 137 142 279 1,392 20%
Africa 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Took parental leave 593 370 963
Central Asia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Returned to work after parental leave 593 367 960
S&SE Asia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Eastern Asia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Still employed 12 months after their return to work 546 304 850
Europe 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Return to work and retention rates 92% 83% 89%
Total 0 0 0 17 0% 19 6 25 171 15% 137 142 279 1,392 20%

Retail Entertainment Lifestyle

Occupational Health and Safety
LEAVERS
Female Male Total
Total
% Turnover Female Male Total
Total
% Turnover Female Male Total
Total
% Turnover
403-1 Occupational The Group and its subsidiaries (the Majid Al Futtaim Company) recognise the importance of managing
headcount headcount headcount
health and safety occupational health and safety (OH&S) as an integral component of a successful business.
MENA 1,528 4,589 6,117 27,146 23% 319 641 960 3,590 27% 169 168 337 1,318 26%
management
Africa 113 226 339 2,647 13% 0 0 0 0 0 0 0 0 0 0
system We aim to provide and maintain a safe and healthy working environment by eliminating hazards, mitigating
Central Asia 1,412 1,153 2,565 3,281 78% 0 0 0 0 0 0 0 0 0 0
health and safety risks and raising awareness amongst employees, contractors, visitors and others who may be
S&SE Asia 88 556 644 1,963 33% 0 0 0 0 0 0 0 0 0 0
Eastern Asia 3 4 7 19 37% 0 0 0 0 0 0 0 0 0 0
affected by our activities.
Europe 1 0 1 2 - 0 0 0 0 0 0 0 0 0 0
Total 3,145 6,528 9,673 35,058 28% 319 641 960 3,590 27% 169 168 337 1,318 26%
The Company’s Occupational Health and Safety Policy states that Majid Al Futtaim:
• Commits to provide an environment where work-related health and safety risks are appropriately mitigated
Global Solutions Future Solutions and managed across the organisation
LEAVERS
Female Male Total
Total
% Turnover Female Male Total
Total
% Turnover
• Commits to comply with applicable legal and other applicable OH&S requirements and best practices
headcount headcount
• Commits to develop and continually improve the organisation’s health, safety and environmental
MENA 112 122 234 987 24% 69 111 180 226 80%
management system
Africa 0 0 0 0 0 0 0 0 0 0
• Commits to establish and drive a strategy and culture that promotes the prevention of injury and ill health to
Central Asia 0 0 0 0 0 0 0 0 0 0
all employees, guests, contractors and anyone affected by the business
S&SE Asia 0 0 0 0 0 0 0 0 0 0
Eastern Asia 0 0 0 0 0 0 0 0 0 0
• Commits to ensure that adequate resources are provided to meet the requirements of the policy
Europe 0 0 0 0 0 0 0 0 0 0
• Commits to develop employee OH&S competency through effective training and leadership at all levels of
Total 112 122 234 987 24% 69 111 180 226 80%
the organisation
• Subjects OH&S systems, procedures and performance to audits and validation
401-2 Benefits provided Majid Al Futtaim provides full time employees with:
to full-time We will continuously set objectives and targets in relation to the management of OH&S in each of our Operating
employees that • M edical and Life Insurance as well as their eligible dependants, which entitles employees to medical Companies and aim to achieve standards that exceed relevant legal requirements and apply best practices.
are not provided treatment/prescription from selected private hospitals, clinics and government hospitals from their start 403-2 Hazard Human rights and employment conditions, page 113
to temporary date identification,
or part-time • Group Life and Personal Accident Insurance from their start date (disability benefits are also covered risk assessment, Occupational Health and Safety Policy is available on our website: www.majidalfuttaim.com
employees within this) and incident
• Annual leave, sick leave and maternity leave investigation Risk assessment processes are in place to identify, manage and mitigate risks to health and safety. These risk
• Maternity leave extended from 45 to 90 days Company-wide in 2023 (employees who started their assessments are reviewed periodically to ensure they continue to be suitable and sufficient.
maternity leave in 2022 also benefited from the change)
• Pensions and bonuses Across Majid Al Futtaim’s Operating Companies, employees can raise concerns about health and safety
• Additional benefits include schooling assistance and relation/repatriation assistance when applicable through a confidential hotline, online platform or directly. All incidents are recorded and investigated in line
with the accident, incident and investigation procedures and corrective measures are put in place to avoid
More information is available upon request from the HR department. reoccurrences.

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
403-3 Occupational health Occupational Health and Safety Policy is available on our website: www.majidalfuttaim.com 403-8 Workers covered Implementing high health and safety standards, page 114
Health and services by an occupational
wellbeing
health and safety Occupational Health and Safety Policy is available on our website: www.majidalfuttaim.com
management
403-4 Worker Occupational Health and Safety Policy is available on our website: www.majidalfuttaim.com system Across Majid Al Futtaim’s Operating Companies, various processes and policies are in place to manage
participation, worker’s healthy and safety. An Occupational Health and Safety management system in line with ISO 45001
consultation, and At Majid Al Futtaim, we have Health and Safety Committees in each business unit, consisting of both workers' covers our Properties, Retail, Entertainment and Lifestyle business employees and workers engaged
communication on representatives and management team members. The committee meetings occur quarterly and discuss health in the premises, this system is reviewed and audited periodically to ensure it’s effective and continually
occupational health and safety-related issues and communicate relevant information to workers. improved.
and safety 403-9 Work-related Human rights and employment conditions, page 113
403-5 Worker training on Implementing high health and safety standards, page 114 Health and injuries
occupational health wellbeing ABSENTEE AND INJURY 2023 - Rates based on 1,000,000 working hours
and safety Occupational Health and Safety Policy is available on our website: www.majidalfuttaim.com Employees
Absentee rate Number of Minor injury Number of Major injury Total number Overall injury Work-related Fatality injury Total hours
Across Majid Al Futtaim, competence, training and awareness processes are implemented, including first aid minor injuries rate major injuries rate of injuries rate fatalities rate worked
and emergency response training and critical safety training for roles that manage rides and attractions. Holding 0.64 0 0.00 0 0.00 0 0.00 0 0.00 0
403-6 Promotion of Healthy workplaces, page 109 Properties 0.04 0 0.00 0 0.00 0 0.00 0 0.00 0
worker health Retail 0.17 633 8.38 122 1.61 755 9.99 1 0.01 75,545,856
Occupational Health and Safety Policy is available on our website: www.majidalfuttaim.com Entertainment 0.50 146 17.98 23 2.83 169 20.81 0 0.00 8,120,269
Lifestyle 0.08 6 2.20 0 0.00 6 2.20 0 0.00 2,729,644
Majid Al Futtaim provides a health care and insurance scheme and is active with various health and wellness
initiatives, such us our annual Wellness Week to promote healthy lifestyles among staff. All of our employees Trust 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0
have access to a range of health services, including health checkups, nutritional advice, eyesight and hearing Xsight Future Solutions 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0
testing and blood donations. Additionally, we offer a free gym membership via a selection of gyms. Global Solutions 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0
403-7 Prevention and Occupational Health and Safety Policy is available on our website: www.majidalfuttaim.com Workers
mitigation of
Number of minor Minor injury rate Number of major Major injury rate Total number of Overall injury Work-related Fatality injury Total hours
occupational Across each of our Operating Companies, we have specific hazard identification and risk assessment injuries injuries injuries rate fatalities rate worked
health and safety processes in place to mitigate specific health and safety impacts. Holding 0 0.00 0 0.00 0 0.00 0 0.00 0
impacts directly Properties 602 7.42 0 0.00 602 7.42 0 0.00 81,113,522
linked by business
Retail 442 5.69 0 0.00 442 5.69 0 0.00 77,656,032
relationships
Entertainment 18 3.65 0 0.00 18 3.65 0 0.00 4,936,260
Lifestyle 0 0.00 0 0.00 0 0.00 0 0.00 0
Trust 0 0.00 0 0.00 0 0.00 0 0.00 0
Xsight Future Solutions 0 0.00 0 0.00 0 0.00 0 0.00 0
Global Solutions 0 0.00 0 0.00 0 0.00 0 0.00 0

403-10 Work-related Human rights and employment conditions, page 113

ill health
Our Occupational Health and Safety Policy defines our commitment to eliminating hazards, mitigating health
and safety risks, and raising awareness amongst employees, contractors and all stakeholders who may be
affected by our activities.

Other operational action plans include training, replacement of faulty equipment and close monitoring of
action plans.

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
Training and Education Diversity and Equal Opportunity
404-1 Average hours of TRAINING HOURS 2023 405-1 Diversity of DIVERSITY OF THE BOARD FOR 2023 - Number of employees who sit on governance bodies (the Board) in each
Skills for the future training per year per Dignity and equality governance bodies
Retail Average Training Hours Properties Average Training Hours Entertainment Average Training Hours age group
employee and employees
Number of non-managers Number of managers Number of non-managers Number of managers Number of non-managers Number of managers Retail Properties Entertainment
Female Male Female Male Female Male Female Male Female Male Female Male
Age Age Age
76.08 48.79 28.87 22.24 8.06 7.22 54.89 19.81 7.95 7.96 11.69 7.50 Total Total Total
under 30 30-50 50+ under 30 30-50 50+ under 30 30-50 50+
Lifestyle Average Training Hours Holding Average Training Hours Global Solutions Average Training Hours Male - 1 5 6 - 2 5 7 - 1 3 4
Number of non-managers Number of managers Number of non-managers Number of managers Number of non-managers Number of managers
Female - - 1 1 - - - 0 - - 1 1
Female Male Female Male Female Male Female Male Female Male Female Male
36.67 32.01 86.29 62.81 6.62 5.72 6.62 5.72 1.14 0.41 0.62 1.05
Lifestyle Holding
Xsight Solutions Average Training Hours Trust Average Training Hours
Age Age
Number of non-managers Number of managers Number of non-managers Number of managers Total Total
Female Male Female Male Female Male Female Male under 30 30-50 50+ under 30 30-50 50+
4.28 3.53 5.03 2.95 0.00 0.00 0.00 0.00 Male - 1 - 1 - 1 8 9

Female - - 1 1 - - - 0
We currently collect employee training data across multiple platforms and are continuously working with
our teams to ensure the highest accuracy of this information.
405-2 Ratio of basic Omission
Dignity and equality salary and Reason: Confidentiality constraints
404-2 Programmes for Training and development, page 105
remuneration of Explanation: This is not currently common place in the UAE but we recognise the value in reporting this
upgrading employee
women to men information. We have initiated a consultation with our Human Capital Team and the Board to disclose this
skills and transition
information.
assistance
programs
Non Discrimination
404-3 Percentage of CAREER DEVELOPMENT 2023 - Number and percentage of individuals who received a performance and career
employees receiving development review 406-1 Incidents of A total of 32 cases from all Operating Companies pertaining to discrimination were logged through the Ethics
regular performance Retail Properties Entertainment Lifestyle Dignity and equality discrimination and Hotline for the period 1 January 2023 to 31 December 2023. Our investigation of the 32 cases has revealed
and career reviews Female Male Female Male Female Male Female Male corrective actions the following: 6 proven cases, wherein it was actioned with coaching (1), a written warning (1), a written
Non- Non- Non- Non- Non- Non- Non- Non- taken reminder of the policy (1), a policy/process review (1), resignation (1), and 1 case was resolved.
manager Manager manager Manager manager Manager manager Manager manager Manager manager Manager manager Manager manager Manager

7,454 856 20,464 4,026 429 90 576 214 896 83 2,256 187 295 51 486 58
90% 95% 94% 94% 95% 95% 65% 69%

Holding Global Solutions Trust Xsight Future Solutions

Female Male Female Male Female Male Female Male
Non- Manager Non- Manager Non- Manager Non- Manager Non- Manager Non- Manager Non- Manager Non- Manager
manager manager manager manager manager manager manager manager
47 46 11 48 328 72 339 186 5 0 6 4 59 15 95 49
92% 84% 91% 96% 100% 83% 96% 97%

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GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
Child Labour 412-3 Significant 100% of contracts contain our Employee Conditions Policy, aligned with the International Labour
investment Organisation's eight core conventions, which includes Majid Al Futtaim's requirements on human rights.
408-1 Operations and We understand that our greatest risk of child labour is within our supply chain and it is for that reason that agreements and
Dignity and equality suppliers at we launched our Employee Conditions Policy and Sustainable Procurement Policy, which require our tier 1 contracts that
significant risk for suppliers and contractors to comply with the requirements laid out within them. include human
incidents of child rights clauses or
labour In addition, we actively encourage the suppliers and contractors to cascade the policy down to their own that underwent
suppliers and contractors. Additional checks are made on all contractors and suppliers to ensure the human rights
requirements set out in the Employment Conditions Policy and Sustainable Procurement Policy are met. screening

Majid Al Futtaim’s Employment Conditions Policy addresses child labour, this is also reflected within the Local Communities
contracts template where child labour is clearly prohibited. 413-2 Operations At Majid Al Futtaim, Environmental Impact Assessments are carried out at all of our development projects
with significant along with an Additional Infrastructure Framework, which help to identify the local community development
The policy can be found on our website: www.majidalfuttaim.com actual and programmes required.
Forced or Compulsory Labour potential negative
impacts on local The Additional Infrastructure Framework engages local stakeholders and community members to identify what
409-1 Operations and Majid Al Futtaim’s Employment Conditions Policy addresses child labour and can be found on our website, communities the community truly needs. It is through this process alongside regular community updates that the business
Dignity and equality suppliers at and this is also reflected within the contracts template where child labour is clearly prohibited. Additionally, communicates important issues and progress.
significant risk for checks are made on all contractors and suppliers to ensure the requirements set out in the Employment
incidents of forced Conditions Policy are met. For our communities, local stakeholders involved include schools for special needs children, local businesses,
or compulsory community groups, NGOs, etc.
labour The policy can be found on our website: www.majidalfuttaim.com
Human Rights Assessment For more information on our social impact, see pages 72 to 93. Majid Al Futtaim has an internal Health and
Safety Committee and an external People of Determination Advisory Council that are engaged with supporting
412-1 Operations that 100% of operations undergo human rights reviews. on these issues, including any grievances within the community.
have been subject
to human rights Supplier Social Assessment
reviews or impact 414-1 New suppliers All tier 1 suppliers are screened using social criteria.
assessments that were
412-2 Employee training Human rights and employment conditions, page 113 screened using
on human rights social criteria
policies or Training on the auditable requirements of the Employment Conditions Policy has been rolled out to relevant
procedures employees across our Properties business.

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CHANGE TOMORROW RESOURCES LIVES OUR PEOPLE AND REPORTING

GRI Standard GRI Standard

WEF STAKEHOLDER WEF STAKEHOLDER
CAPITALISM CAPITALISM
METRICS DISCLOSURE ANSWER METRICS DISCLOSURE ANSWER
414-2 Negative social We understand that our greatest negative social risks are within our supply chain and it is for that reason Marketing and Labelling
impacts in the that we launched our Employee Conditions Policy and Sustainable Procurement Policy that require our tier
supply chain and 1 suppliers and contractors to comply with the requirements laid out within them. In addition, we actively 417-1 Prequirements All products are subject to product evaluation and registration to ensure compliance with regulation before
actions taken encourage the suppliers and contractors to cascade the policy down to their own suppliers and contractors. for product and launching and after the launch through the regular monitoring plan.
service labelling
Additional checks are made on all contractors and suppliers to ensure the requirements set out in the
Employment Conditions and Sustainable Procurement Policy are met. Majid Al Futtaim’s Employment 417-2 Incidents of We did not receive any fines or warnings.
Conditions Policy addresses key issues including employees’ wages and benefits, working days and non-compliance
hours, annual leave, basic employee rights, women’s rights, child labour, health and safety, employee concerning product
accommodation and education and can be found on our website. We have taken several measures to integrate and service
social issues into our contractual clauses. The policy is also integrated in 100% of contracts. information and
labelling
We have implemented supplier questionnaires, surveys and risk assessments to improve supply chain 417-3 Incidents of To our knowledge, no fines, penalties or warnings have been received.
standards in the Middle East and beyond. Through training and ongoing monitoring, we aim to create a positive non-compliance
impact on local communities and the environment. concerning
marketing
After launching our Sustainable Procurement Policy, all suppliers are trained and upskilled. Suppliers must be communications
compliant by 2025, otherwise we will terminate their contract.
Customer Health and Safety
416-1 Assessment of the 100% of Private Label products are developed based on strict product development processes that include
health and safety the product’s technical review and lab analysis and supplier’s audits to ensure compliance with the quality
impacts of product and food safety standards.
and service
categories

416-2 Incidents of In 2023, UAE stores received 25 fines amounting to AED 28,400.
non-compliance
concerning All Private Label products are subject to a product evaluation and registration to ensure compliance with
the health and regulation before launching and after the launch throughout the regular monitoring plan.
safety impacts
of products and
services

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World Economic Forum Stakeholder Capitalism Metrics

CORE METRICS & CORE METRICS &
PILLAR THEME RESPONSE PILLAR THEME RESPONSE
DISCLOSURES DISCLOSURES

Governing Setting purpose Our value creation model, page 13 Risk and Integrating risk and Managing our strategic context, page 16
purpose opportunity opportunity into

GOVERNANCE
Our sustainability strategy, page 17 Our sustainability strategy, page 17
oversight business process
Governing with accountability, page 116
Quality of Governance body Governing with accountability, page 116
governing body composition During the coverage period, the company did not have any
Board of Directors, page 117
data breaches.
Stakeholder Material issues Stakeholder engagement, page 23
engagement impacting stakeholders

Ethical behaviour Anti-corruption Each Operating Company has an Ethics Panel, comprising
the Group Head of Compliance, Operating Company Chief
Executive Officer and Chief Financial Officer, Operating
Company General Counsel, Operating Company Human CORE METRICS &
PILLAR THEME RESPONSE
Capital Head, and Operating Company Head of Risk & DISCLOSURES
GOVERNANCE

Compliance. This multidisciplinary and operationally Employment Absolute number and GRI 401-1
independent body plays a vital role in governance, with and wealth rate of employment
responsibilities that include driving, role modelling, generation
and supporting the business's ethics programme, Net economic AED 34.5 billion (revenue)
particularly in relation to anti-corruption. All Ethics Panel contribution
members undergo training on anti-corruption policies
and standards. Additionally, we have implemented a Financial investment AED 2 billion
contribution

PROSPERITY
mandatory Gifts, Hospitality and Entertainment (GHE)
training programme for employees of a certain job grade
and higher, which has so far provided anti-corruption Innovation in Total research and AED 1.5 million
training to all relevant staff members. better products development expenses
and services
• 8 incidents of corruption were recorded in 2023, of
which 5 involved an employee and 3 involved a supplier Community and Community investment Where we operate, page 12
• 970 employees were trained on anti-corruption across social vitality Our value creation model, page 13
our Operating Companies in 2023
Community support, page 92
Protected ethics Please refer to our Code of Conduct Employee volunteering, page 100
advice and reporting
mechanisms Total tax paid AED 160 million

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CORE METRICS & CORE METRICS &

PILLAR THEME RESPONSE PILLAR THEME RESPONSE
DISCLOSURES DISCLOSURES

Climate change Greenhouse gas (GHG) Environmental Data Annex available on our website Dignity and Gender pay equality (%) Omission - Reason: Confidentiality constraints
emissions Reducing our scope 1 and 2 emissions, page 38 equality
Diversity and inclusion Omission - Reason: Confidentiality constraints
(%)

Task Force on Climate- Our response to TCFD and TNFD, page 123 Wage level (%) Omission - Reason: Confidentiality constraints
related Financial

PEOPLE
Disclosures (TCFD) Risks for incidents GRI 408, 409
implementation of child, forced or
compulsory labour
Nature loss Land use and ecological Climate resilience & nature-based solutions, page 54
Health and Health and safety (%) of GRI 403-9
sensitivity Our response to TCFD and TNFD, page 123 wellbeing injury and fatalities
PLANET

GRI 304-1, 304-2, 304-3, 304-4

Skills for the Training provided Training and development, page 105
Freshwater Water consumption and GRI 303-3 future GRI 404-1
availability withdrawal in water- For Tilal Al Ghaf, annual water consumption for 2023 was
stressed areas 41,272 m3. TSE is used for irrigation purposes. The amount
of TSE supplied by the municipality in 2023 was 455,886 m3.
In Al Zahia Community in Sharjah there is an on-site
sewage treatment plant with a capacity to treat 2,200 m3 of
water per day. The water is collected from the residential
units and after being treated, it is used for irrigating the
community landscape.
In line with Majid Al Futtaim’s Sustainable Building Policy,
no potable water is used for irrigation purposes.

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Sustainability Accounting Standards Board Index

TOPIC CODE GRI ALIGNMENT METRIC UNIT OF MEASURE DISCLOSURE

IF-RE-130a.1 302-1 Energy consumption data coverage as a percentage of total floor Percentage (%) by N761 Equity Shopping Centers (FN21): 100%
area, by property sector floor area N771 Equity Lodging/Resorts: 100%
N742 Equity Office (FN15): 100%
N761 Equity Shopping Centers (FN21) [Communities]: 54%
N751 Equity Apartments (FN18): 100%

IF-RE-130a.2 302-1 (1) Total energy consumed by portfolio area with data coverage, (2) 1) Gigajoules (GJ), N761 Equity Shopping Centers (FN21): 1) 3,369 2) 62% 3) 3%
percentage grid electricity and (3) percentage renewable, by property 2) & 3) Percentage N771 Equity Lodging/Resorts: 1) 246 2) 82% 3) 0%
sector (%)
ENERGY MANAGEMENT

N742 Equity Office (FN15): 1) 33 2) 100% 3) 0%

N761 Equity Shopping Centers (FN21) [Communities]: 1) 0 2) 83% 3) 17%
N751 Equity Apartments (FN18): 1) 21 2) 74% 3) 15%

IF-RE-130a.3 302-4 Like-for-like percentage change in energy consumption for the Percentage (%) N761 Equity Shopping Centers (FN21): 11%
portfolio area with data coverage, by property sector N771 Equity Lodging/Resorts: -5%
N742 Equity Office (FN15): 0%
N761 Equity Shopping Centers (FN21) [Communities]: 158%
N751 Equity Apartments (FN18): -21%

IF-RE-130a.4 Percentage of eligible portfolio that (1) has an energy rating and (2) is Percentage (%) by 1) 100% of our Properties business's hotels have an energy rating, with 12 rated as EU-EPC A and 1
certified to ENERGY STAR, by property sector floor area rated as EU-EPC A+
2) Not applicable in the locations where our assets are located
Note: Energy ratings are only applicable for Majid Al Futtaim's hotel assets.

IF-RE-130a.5 Description of how building energy management considerations are N/A See pages 32 to 44
integrated into property investment analysis and operational strategy

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TOPIC CODE GRI ALIGNMENT METRIC UNIT OF MEASURE DISCLOSURE

IF-RE-140a.1 303-3, 303-5 Water withdrawal data coverage as a percentage of (1) total floor area Percentage (%) by N761 Equity Shopping Centers (FN21): 1) 100% 2) 45%
and (2) floor area in regions with High or Extremely High Baseline floor area N771 Equity Lodging/Resorts: 1) 100% 2) 0%
Water Stress, by property sector
N742 Equity Office (FN15): 1) 100% 2) 0%
N761 Equity Shopping Centers (FN21) [Communities]: 1) 54% 2) 0%
N751 Equity Apartments (FN18): 1) 100% 2) 0%

IF-RE-140a.2 303-3, 303-5 (1) Total water withdrawn by portfolio area with data coverage and (2) 1) Thousand cubic N761 Equity Shopping Centers (FN21): 1) 5,122 2) 22%
WATER MANAGEMENT

percentage in regions with High or Extremely High Baseline Water metres (m3), 2) N771 Equity Lodging/Resorts: 1) 508 2) 0%
Stress, by property sector Percentage (%)
N742 Equity Office (FN15): 1) 30 2) 0%
N761 Equity Shopping Centers (FN21) [Communities]: 1) 1 2) 0%
N751 Equity Apartments (FN18): 1) 888 2) 0%

IF-RE-140a.3 303-3, 303-5 Like-for-like percentage change in water withdrawn for portfolio area Percentage (%) N761 Equity Shopping Centers (FN21): 18%
with data coverage, by property sector N771 Equity Lodging/Resorts: -1%
N742 Equity Office (FN15): -1%
N761 Equity Shopping Centers (FN21) [Communities]: N/A
N751 Equity Apartments (FN18): 180%

IF-RE-140a.4 303-1 Description of water management risks and discussion of strategies N/A See pages 58 to 62
and practices to mitigate those risks

IF-RE-410a.1 (1) Percentage of new leases that contain a cost recovery clause for Percentage (%) by 0% of new leases contain a cost recovery clause for resource efficiency-related capital
resource efficiency-related capital improvements and (2) associated floor area, Square improvements.
MANAGEMENT OF TENANT
SUSTAINABILITY IMPACTS

leased floor area, by property sector metres (m²) However, Majid Al Futtaim sets environmental efficiency standards for our tenants and the lease
requires a mandatory minimum 3-star rating through our Green Star Rating System in relation to
tenants' fit-out of the premises. In total, 87% of green star applicable units opened in 2023 have
been rated 3-star or above.

IF-RE-410a.2 Percentage of tenants that are separately metered or submetered Percentage (%) by 100% of tenants' premises are fitted with energy and water meters.
for (1) grid electricity consumption and (2) water withdrawals, by floor area
property sector

IF-RE-410a.3 Discussion of approach to measuring, incentivising and improving N/A See page 52 and 61
sustainability impacts of tenants

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TOPIC CODE GRI ALIGNMENT METRIC UNIT OF MEASURE DISCLOSURE

IF-RE-450a.1 201-2 Area of properties located in 100-year flood zones, by property sector Square metres 349,622 m²
ADAPTATION

(m²) Note: This pertains to City Centre Almaza, City Centre Maadi, Mall of Egypt, Matajer Al Quoz, and
CLIMATE
CHANGE

City Centre Beirut.

IF-RE-450a.2 201-2 Description of climate change risk exposure analysis, degree of N/A See pages 123 to 143
systematic portfolio exposure, and strategies for mitigating risks

IF-RE-000.A Number of assets, by property sector Number N761 Equity Shopping Centers (FN21): 29
N771 Equity Lodging/Resorts: 13
N742 Equity Office (FN15): 4
N761 Equity Shopping Centers (FN21) [Communities]: 2
2N751 Equity Apartments (FN18): 15

IF-RE-000.B Leasable floor area, by property sector Square metres (m²) N761 Equity Shopping Centers (FN21): 1,293,285
ACTIVITY METRIC

N771 Equity Lodging/Resorts: N/A

N742 Equity Office (FN15): N/A
N761 Equity Shopping Centers (FN21) [Communities]: 6,684
N751 Equity Apartments (FN18): N/A

IF-RE-000.C Percentage of indirectly managed assets, by property sector Percentage (%) Our Properties business: 24.8% (1,313,781 m²)
by floor area Our Lifestyle business: 88.5% (34,275 m²)
Note: Not applicable for our Retail and Entertainment businesses.

IF-RE-000.D Average occupancy rate, by property sector Percentage (%) Our Properties business's shopping malls: 96.5%
Our Properties business's hotels: 80.91%
Note: Occupancy rates are only applicable to tenant occupancy rates in our shopping malls and
guest occupancy rates in our hotels.

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Majid Al Futtaim Holding LLC