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Sustainability Report 2020

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Sustainability Report 2020 SUSTAINABILITY REPORT 2020 EMAAR PROPERTIES PJSC CONTENTS Founder’s Message .......................................3 Highlights ....................................................4 Our Business ................................................5 Group Structure ...........................................6 Engaging with our Stakeholders ....................8 ESG Reporting .......................................... 17 Climate Strategy & Portfolio Resilience .......20 Diversity & Inclusion ..................................46 Reporting Approach .....................................9 Business Ethics ........................................... 18 Sustainable Operations .............................. 21 Customer and Resident Wellbeing & Satisfaction ............................................ 51 Materiality ................................................. 10 Energy & Emissions ....................................25 Community Engagement & Philanthropy .....54 Goals & Commitments ............................... 12 Sustainable District Cooling ....................... 37 Our 3 Pillars to address ESG Risks Water Management .................................... 39 and Opportunities ...................................... 14 Next Steps for Our Strategy ........................ 15 GRI index ..................................................57 FOUNDER’S MESSAGE Dear Stakeholders, • To create a more inclusive work culture and better delight our customers, we took the bold step to remove all job titles within Emaar, moving the We are pleased to present our Sustainability report for financial year 2020, focus from titles to talent. This paradigm shift has led to a supercharged which details how we incorporate environmental, social and governance sense of unity across our organisation, and fostered an environment for (ESG) principles and values into our operations and investments, and live out healthy communication and team work. our purpose of transforming lives. • To move towards building more sustainable assets, we used ground As UAE’s largest real estate organisation, we are in the position to take breaking technology to spearhead digital innovation in 2020 with meaningful action, with impacts that are real and measurable. Our role the delivery of 3MR: a first-of-its-kind 3D printed home in Arabian has always been to enhance the value of the assets we create and manage, Ranches III. This initiative is in line with a directive from His Highness creating sustainable long-term value for a wider set of our stakeholders, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime including shareholders, residents, communities and our team members at all Minister of the UAE, and Ruler of Dubai, to construct 25 per cent of levels of the organisation. In the broadest sense, our business is buildings in the Emirate using 3D printing technology by 2030. engaging the future. This means integrating ESG criteria into all our decisions and transforming our assets to improve their environmental and • To sustainably serve our customers better through technology, we social impacts, protect them against the effects of climate change, and launched The Dubai Mall’s virtual store within days of Covid-19 anticipate societal changes. induced mall closures. As we embrace digital innovation, we continue to re-imagine intelligent ways of sustainably connecting Our strategy to do this is built on three key pillars. The first aims to and communicating with all our customers and shareholders. de-carbonise our real estate assets, monitoring their emissions in line with global targets. The second considers the resiliency of our assets in relation We believe it is important to have clearly defined goals in order to drive to physical risks from climate change and transitional risks arising from outcomes. This year, we embarked on our journey for setting bold yet market trends and the energy transition. The third focuses on building the realistic goals for all of our material ESG topics. Aligning our ESG report in foundations of tomorrow’s society through supporting our employees and the accordance with the GRI Standards: Core option, along with aligning our “Our business communities in which we operate. targets and initiatives with the United Nations Sustainable Development is engaging the Goals (SDGs), has also helped enhance the standards of our reporting. We In 2020, we were able to achieve and participate in the following goals and look forward to sharing our progress on attaining these goals in future reports. future. This means initiatives, taking us a step closer towards our environmental and social addressing ESG sustainability objectives: Thank you for your continued support of Emaar. We are proud of risks, and actively • To support our community through the challenges of Covid-19, we everything our employees, residents and communities have achieved working to create a donated AED 100 million to the community Solidarity Fund; officially during a difficult and ever-changing year. We believe we will move opened a vaccination hub at The Dubai Mall while continuing to support forward stronger than ever for the benefit of all our stakeholders. better world.” the wider community; and supported SMEs and local businesses by My best regards and wishes, MOHAMED ALABBAR offering rental relief to some of our tenants from 2020 Q2. Mohamed Alabbar FOUNDER Sustainability Report 2020 Emaar Properties PJSC 3 HIGHLIGHTS ENVIRONMENT SOCIETY GOVERNANCE Emaar partners with global Achieved five new technology leader Xiaomi AED 100 MN accreditations: for ‘Emaar Smart Home’. Donated to the community • ISO 50001 Solidarity Fund Energy Management System Delivered a first-of-its- kind 3D printed home in • ISO 14001 Arabian Ranches III Removed all job titles Environmental within Emaar to focus Management System on Talent, not Title 90% • ISO 55001 Achieved 90% satisfaction rate with Asset Management System new residents Launched the Dubai • ISO 41001 We are a globally Mall’s virtual store admired lifestyle Facilities Management System developer. • ISO 45001 Occupational Health & Safety System Sustainability Report 2020 Emaar Properties PJSC 4 OUR BUSINESS Emaar Properties PJSC (DFM: EMAAR:UH) is one of the world’s most valuable and admired lifestyle developers. We create value through property investment and OBJECTIVE development, shopping malls, retail centres, OBJECTIVE hospitality, and property management services, and have a market capitalisation of approximately ~AED 28 billion4. At Emaar Properties, our Corporate Purpose is to be the most admired realty group globally, that transforms the lives of its occupiers. Sustainability CREATOR OF GLOBAL RANKINGS1 IN PROVEN EXECUTION IN STRONG REVENUE is a key driver in our commitment to creating the WORLD-RENOWNED LISTED REAL ESTATE SPACE UAE & INTERNATIONAL VISIBILITY best communities for people to live, work, and play. ARCHITECTURES MARKETS Our portfolio of assets is focused in transit-oriented urban and high-density suburban locations that are an excellent fit for our sustainability efforts. BURJ KHALIFA RANKED #1 c. 113,900 globally AED 36.7 BN globally Tallest building in the Best regarded company c. 73,500 in UAE AED 24.7 BN in UAE world among real estate companies in the world2 Residential units sold Robust revenue since 2002 backlog THE DUBAI MALL 1ST in Market Cap3 c. 47,10 0 in UAE 26% Recurring Most visited mall in the MENA under MSCI EM Index Revenue world c. 72,100 globally 25TH in Net Profit3 Robust recurring THE DUBAI In Emerging Markets Residential units business st delivered since 2002 FOUNTAIN (1 excluding China) World’s tallest TH 3 1.7 BN sq. ft. choreographed musical 27 in Revenue fountain In Emerging Markets Land bank in key st (1 excluding China) countries 1) Source- Bloomberg, 2) By Forbes in 2019, 3) As on 31st December 2020, 4) As of 6th May 2021. Sustainability Report 2020 Emaar Properties PJSC 5 GROUP STRUCTURE 1. About this Report EMAAR PROPERTIES DOMESTIC REAL ESTATE INTERNATIONAL MALLS HOSPITALITY GROUP OPERATIONS LEISURE & ENTERTAINMENT OTHERS EMAAR EMAAR KSA EMAAR EMAAR DISTRICT EMAAR ASSET HAMPTONS 2. EGYPT (4) EMAAR HOTEL & AT THE ENTERTAINMENT DEVELOPMENT EME(6) (100%) MALL (3) HOSPITALITY COOLING (100%) MANAGEMENT MENA (88.74%) RESORTS (100%) TOP (100%) (100%) and Ethics Governance PJSC (3) (80%) EEC (30.6%) (84.6%) GROUP (100%) (100%) (100%) EMAAR BAWA- DUBAI EMAAR INDIA EMAAR ROVE HOTELS DI (5) (50% JV NAMSHI DUBAI OPERA AMLAK (3 & 5) HILLS ESTATE (1) (77%) & EMAAR LEBANON (50% JV WITH WITH DUBAI (100%) (100%) (100%) (50%) AMC JV (74%) (65%) MERAAS) PROPERTIES) MIRAGE EMAAR EMAAR DUBAI EMAAR LEISURE & EMAAR INDUSTRIES & (1 & 5) SOUTH MOROCCO 3. DEVELOPMENT TURKEY (100%) INVESTMENTS (5) DWC (50%) (100%) (100%) (40%) Environment EMAAR DWTC EMAAR ZABEEL EKO TAMALI (5) AMERICA EMRILL (5) LLC (5) (50%) SQUARE (1 & 5) (50%) (100%) (50%) (50%) EMAAR TURNER EMAAR MINA RASHID PAKISTAN EGKL INTERNATION- IGO SYRIA (1) (100%) & EDIL AL ME (5) (65%) (60%) (70%) (100%) 4. Society DEAD SLA EMAAR JOR- TOURISM (5) DAN (100%) (29.33%) Limited Companies NOTES: (1) Only built projects are held by Emaar Development and JV partners. Build to lease and operate (BTL/BTO) projects are directly held by Emaar Properties PJSC, its subsidiaries and JV partners. (2) Dubai Creek Harbour is a joint development agreement hence not included 5. in above structure. (3) Listed on DFM. (4) Listed on EGX. (5) Equity accounted GRI Content Index joint ventures or associates. (6) Listed on Tadawul Exchange. Sustainability Report 2020 Emaar
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