Majid Al Futtaim And engazaat Collaborate For 20+ Megawatts Of Solar Power Across Egypt And Lebanon

During the United Nations Climate Change Conference COP28 in Dubai, Majid Al Futtaim, a leading pioneer in shopping malls, communities, retail, and leisure across the Middle East, Africa, and Asia, announced a groundbreaking solar power agreement with engazaat, the renowned solar water company focused on innovative clean technology in the Middle East and Africa.

The protocol, signed by Khalifa Bin Braik, CEO of Majid Al Futtaim – Asset Management Business, and Muhammad El Demerdash, Co-Founder and CEO of engazaat, solidifies a commitment to providing over 20 megawatts of solar power capacity across four Majid Al Futtaim properties in Egypt and Lebanon.

engazaat’s solar plants will generate 737 million kilowatt-hours of clean electricity over the project’s lifetime, powering Majid Al Futtaim Properties’ retail assets, including Mall of Egypt, City Centre Maadi, City Centre Alexandria in Egypt, and City Centre Beirut in Lebanon. These solar systems, strategically placed on rooftops and carports, are expected to offset more than 3 million metric tons of carbon dioxide emissions over 25 years.

Khalifa Bin Braik, CEO of Majid Al Futtaim – Asset Management Business, expressed pride in the partnership with engazaat, highlighting its significance in implementing sustainability practices across the region. He emphasized the commitment to the Dare Today, Change Tomorrow sustainability strategy.

Muhammad El Demerdash, Co-Founder & CEO of engazaat, expressed pleasure in partnering with Majid Al Futtaim, sharing a vision for a sustainable future and climate change mitigation. The partnership, based on a “design, finance, build, own, and operate” model, positions engazaat as the Independent Power Producer (IPP) for the project, developing solar assets without upfront capital investments or operational burdens.

The collaboration between engazaat and Majid Al Futtaim underscores their unwavering commitment to climate actionism, catalyzing the transition to green energy. The partnership is projected to create over 2000 jobs, attract more than $20 million in Foreign Direct Investment, and lay the groundwork for potential FDI expansions exceeding $100 million in green investments in Egypt.