Lootah biofuels and atmosphere core lead circular tourism in Maldives

Wednesday, November 8, 2023

Lootah Biofuels has joined up with Atmosphere Core to pioneer a circular economy in the Maldives’ tourism sector, promoting sustainability and environmental preservation.

The strategic Memorandum of Understanding (MoU) signed on November 2nd, 2023, at the Dubai Business Forum, represents a crucial step in reducing waste, recycling resources, and creating a healthier planet for future generations.

Mr. Ismail Hilmy, Chairman of Atmosphere Core Pvt Ltd, and Yousif bin Saeed Lootah, the CEO and founder of Lootah Biofuels, have joined forces to develop a circular economy. This collaboration expands Lootah Biofuels’ international footprint and contributes to vital Maldives environmental initiatives such as the Maldives Clean Energy Initiative, the Maldives Marine Protected Areas Initiative, and the Maldives Sustainable Tourism Initiative.

Under the terms of the agreement, the two companies will collaborate to provide environmentally friendly biofuel to Atmosphere Core-managed resorts in the Maldives. Lootah Biofuels’ effort intends to drastically reduce operational carbon footprints, resulting in a more sustainable tourism business.

The collaboration is also investigating the viability of collecting and recycling waste cooking oil from resorts, hotels, and households in the Maldives via Lootah Biofuels’ prototype biofuel facility in the country. This not only produces jobs but also corresponds with the Maldives’ objective to achieve carbon neutrality by 2050, lowering reliance on traditional fossil fuels.

Yousif bin Saeed Lootah emphasized the significance of the connection, saying, “Our partnership with the Atmosphere Core is a critical step toward a more environmentally friendly and circular tourism industry.” This MoU will strengthen our existing collaboration with FENAKA Corporation by delivering large biomass for local biofuel
production.”

Mr. Ismail Hilmy stressed the importance of environmental responsibility, underlining their intention to create an example for the industry by demonstrating the compatibility of environmental conservation and economic growth.

Lootah Biofuels confirmed its commitment to the Maldives earlier this year by striking an agreement with FENAKA Corporation Limited to develop its first biofuel production plant from waste cooking oil outside the UAE.

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