In a significant step towards environmental sustainability, Atmosphere Core, a leading hotel group in the Maldives, has partnered with Lootah Biofuels to advance the production and supply of biodiesel, along with waste cooking oil recycling services in the Maldives. The momentous agreement was formalized during the Dubai Business Forum, a prominent global gathering of businesses and investors held at Madinat Jumeirah in Dubai.
The Memorandum of Understanding (MoU) was signed in the presence of distinguished figures including Faisal Naseem, Vice President of Maldives, Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The signing ceremony involved Yousuf bin Saeed Lootah, CEO of Lootah Biofuels, and Ismail Hilmy, Chairman of Atmosphere Core.
The core objective of this collaboration is to combat environmental challenges, particularly the impact of CO2 emissions, by substituting conventional diesel with biodiesel. Additionally, the agreement emphasizes the vital role of collecting and recycling used cooking oil from various establishments like luxury resorts, hotels, restaurants, and households to produce biodiesel within the Maldives.
Lootah Biofuels, headquartered in Dubai and valued at $15 million, was founded in 2010 to meet the surging demand for sustainable and eco-friendly fuel alternatives. Aligning with the UAE's vision for sustainable development and circular economy practices, the company is dedicated to introducing innovative and sustainable energy solutions for long-term usage. It accomplishes this by collecting used cooking oil, traditionally considered waste, and recycling it into green biofuel, also known as biodiesel.
This groundbreaking agreement was formalized under The Deals Hub, an impact-driven platform that facilitates global business leaders and investors in announcing major business initiatives, partnerships, investments, and commercial alliances during the Dubai Business Forum. The initiative reflects Dubai Chambers' commitment to fostering growth in international trade and investment, solidifying Dubai's standing as a prominent global business hub.
Under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Business Forum serves as a vital platform for key stakeholders from government and private sectors worldwide to explore strategic economic collaborations, build international networks, and create new avenues for business, trade, and investments.