Lootah Biofuels, a leading circular economy company producing biofuel from cooking oil in the UAE, has entered into a strategic partnership with Atmosphere Core, one of the largest hospitality companies in the Maldives with 8 resorts within 3 lifestyle brands, to join forces in protecting the environment and promoting sustainable tourism.
The Memorandum of Understanding (MoU) was signed by Yousif bin Saeed Lootah, founder and CEO of Lootah Biofuels, and Mr. Ismail Hilmy, Chairman of Atmosphere Core Pvt Ltd of the Maldives, at Dubai Business Forum organized by Dubai Chamber of Commerce on November 2nd, 2023.
This joint effort is underpinned by a shared commitment to reducing waste, recycling resources and promoting the principles of a circular economy, with the ultimate goal of leaving a healthier planet for future generations. The MoU also expands Lootah Biofuels’ international footprint and will contribute to the Maldives Clean Energy Initiative, the Maldives Marine Protected Areas Initiative and the Maldives Sustainable Tourism Initiative.
Under the MoU, both parties will work towards fostering a circular economy in the Maldives and introduce environmentally friendly biofuel, produced by Lootah Biofuels, at resorts managed by Atmosphere Core, significantly reducing the operational carbon footprint while contributing to building a sustainable tourism industry in the Maldives.
Another fundamental element is to explore the feasibility of collecting and recycling used cooking oil from resorts, hotels and households in the Maldives through Lootah Biofuels’ pilot biofuel plant in the Maldives. The partnerships will not only create employment opportunities but also aid in reducing the country’s dependence on traditional fossil fuels, which aligns with the Maldives’ commitment to environmental sustainability and the ambitious goal of carbon neutrality by 2050.
At the signing ceremony, Yousif bin Saeed Lootah said, “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, emphasised the importance of this partnership, stating, ” 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 signed an agreement with FENAKA Corporation Limited, the state-owned utility company providing electricity, water, and sewerage to island communities in the Maldives, to establish its first biofuel production plant from waste cooking oil outside the UAE.
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