In a landmark move towards sustainable tourism, Lootah Biofuels, a prominent circular economy company specializing in biofuel production from cooking oil in the UAE, has joined forces with Atmosphere Core, a leading hospitality conglomerate in the Maldives boasting 8 resorts across 3 lifestyle brands. The Memorandum of Understanding (MoU), inked by Yousif bin Saeed Lootah, CEO of Lootah Biofuels, and Mr. Ismail Hilmy, Chairman of Atmosphere Core Pvt Ltd in the Maldives, marks a significant milestone in environmental protection and sustainable tourism. This historic agreement was signed at the Dubai Business Forum organized by Dubai Chamber of Commerce on November 2nd, 2023.
Central to this collaborative effort is a shared dedication to waste reduction, resource recycling, and the promotion of circular economy principles, all with the ultimate aim of bequeathing a healthier planet to future generations. The MoU also signals Lootah Biofuels' expansion into the international arena and pledges support to the Maldives Clean Energy Initiative, the Maldives Marine Protected Areas Initiative, and the Maldives Sustainable Tourism Initiative.
Under the MoU, both entities will collaborate in advancing a circular economy model in the Maldives, introducing environmentally-friendly biofuel, produced by Lootah Biofuels, at resorts managed by Atmosphere Core. This move is poised to significantly diminish operational carbon footprints while catalyzing the development of a sustainable tourism industry in the Maldives.
A pivotal aspect of this partnership is the exploration of the viability of collecting and repurposing used cooking oil from resorts, hotels, and households in the Maldives through Lootah Biofuels' pilot biofuel plant in the region. This collaboration not only promises job creation but also serves as a vital step towards reducing the nation's reliance on traditional fossil fuels, aligning with the Maldives’ unwavering commitment to environmental sustainability and its ambitious goal of achieving carbon neutrality by 2050.
Yousif bin Saeed Lootah, expressed the significance of this collaboration, stating, "Our partnership with Atmosphere Core is an important step towards a more sustainable and circular tourism industry. The pristine ocean around the Maldives is not just a picturesque backdrop; it plays a key role in driving the country's economy, which depends on fisheries and tourism. It is a privilege for us to work with Atmosphere Core and the government of the Maldives to build a circular energy ecosystem. This MoU will also advance our existing partnership with FENAKA Corporation by providing substantial biomass for producing biofuel locally."
Mr. Ismail Hilmy echoed the sentiment, emphasizing the weight of this partnership, "At Atmosphere Core, we've always cared deeply about preserving the environment while offering our guests a world-class holiday experience. This partnership allows us to further elevate our commitment to environmental responsibility, ensuring that guests can enjoy the natural beauty of the Maldives without harming it. We are determined to set an example for the entire industry, illustrating that environmental protection and economic growth can go hand in hand.”
Earlier this year, Lootah Biofuels established a groundbreaking agreement with FENAKA Corporation Limited, the state-owned utility company providing essential services to island communities in the Maldives. This agreement aims to establish the first biofuel production plant from waste cooking oil outside the UAE, further solidifying Lootah Biofuels' commitment to sustainable practices on a global scale.