[stock-market-ticker symbols="AAPL;MSFT;GOOG;HPQ;^SPX;^DJI;LSE:BAG" stockExchange="NYSENasdaq" width="100%" palette="financial-light"]

  • Loading stock data...

March 3, 2024

UAE’s Lootah Biofuels strikes agreement with Atmosphere Core

Lootah Biofuels, a circular economy company that produces biofuel from cooking oil in the UAE, has entered into a partnership with hospitality company Atmosphere Core for the latter’s properties in the Maldives.

The MoU was signed earlier this month and both entities will now work towards building a circular economy in the Maldives and introduce environmentally friendly biofuel, produced by Lootah Biofuels, at resorts managed by Atmosphere Core. The move is expected to significantly reduce the operational carbon footprint of the hospitality group in the Maldives.

Furthermore, they will jointly 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.

That move will not only create employment opportunities, but also aid in reducing the country’s dependence on traditional fossil fuels, which in turn aligns with the Maldives’ commitment to environmental sustainability and its goal of achieving carbon neutrality by 2050.

“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,” said Yousif bin Saeed Lootah, founder and CEO of Lootah Biofuels.

Ismail Hilmy, chairman of Atmosphere Core, added, “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.”

Atmosphere Core operates three brands – The Ozen Collection, Colours of Oblu and Atmosphere Hotels and Resorts. It operates eight resorts in the Maldives and has a pipeline of one resort in the Maldives, another in Sri Lanka, and eight across India. The eight confirmed properties in India will include brands such as The Ozen Collection and Atmosphere Hotels and Resorts. They are slated to open over the next three years in several locations including Goa, Bengaluru, Kolkata, Bhopal, Kannur and Bhubaneswar. It plans to have a footprint of 25 properties within India by 2025.