FAB Properties, a unit of the UAE's biggest lender First Abu Dhabi Bank, is teaming up with Abu Dhabi Energy Services to reduce water and electricity consumption across its portfolio of properties.
Ades, which is part of Taqa, the Abu Dhabi National Energy Company, will retrofit FAB Properties buildings to help the company achieve energy efficiency and reduce its carbon footprint, the two companies said on Sunday.
“Our partnership with FAB Properties will allow Ades to explore the implementation of the latest energy saving technologies across its buildings and facilities,” Khalid Al Qubaisi, chief executive of Ades, said.
“Our solutions will result in significant savings in electricity and water consumption and reduce CO2 emissions, to further advance the national sustainability agenda.”
The agreement comes as companies across the UAE look to support the country's push to become carbon neutral by 2050. The UAE, the Arab world’s second largest economy, is spending more than $160 billion to develop new clean energy projects over the next three decades.
“As one of the UAE’s leading real estate service providers, FAB Properties is committed to supporting all government initiatives aimed at minimising our carbon footprint and delivering sustainable value to our society,” Jasim Al Ali, chief executive of FAB Properties, said.
FAB Properties, which is based in Abu Dhabi, manages a portfolio of more than 20,000 units across different market segments. The company was set up in 2011.
Established in 2020, Ades focuses on reducing water and electricity consumption in the emirate and promotes sustainable practices.
Other companies in Abu Dhabi are also taking steps to reduce their carbon footprints. Aldar, the UAE's largest listed property company, signed an agreement with Emirates Water and Electricity Company this month to power all of its owned and managed assets with clean energy sources for up to five years.
