Lootah Biofuels has signed a Memorandum of Understanding (MoU) with Atmosphere Hotels & Resorts in order to produce and supply biodiesel as well as provide waste cooking oil recycling services in the Maldives.
The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors, at Madinat Jumeirah in Dubai.
Hosted under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the Dubai Business Forum brings together key stakeholders from the government and private sectors across the globe to explore strategic economic partnerships, develop international networks, and open new horizons for business, trade, and investments.
The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel. The agreement also supports the collection and recycling of used cooking oil from luxury resorts, hotels, restaurants, and households to produce biodiesel in the Maldives.
With the UAE poised to host the COP28 climate summit, the agreement supports the country’s ambition to become a leading global hub for sustainability and the circular economy, as well as Dubai Chambers’ drive to promote the overseas expansion of local companies. The MoU will also play a key role in supporting the Maldives’ target to achieve net-zero emissions by 2030.
The agreement was signed as part of The Deals Hub, a dedicated impact-driven platform for global business leaders and investors to forge and announce major business initiatives, partnerships, investments, and commercial alliances during the Dubai Business Forum.
According to the statement, “An innovative initiative that reflects Dubai Chambers’ commitment to driving growth in international trade and investment, The Deals Hub further consolidates Dubai’s position as a leading global city for doing business.”