Why Business Should Drive Sustainability

Author: Alain Bejjani — CEO, Majid Al Futtaim — Holding

To the casual observer, Majid Al Futtaim is essentially a lifestyle enabler. We may operate across more than a dozen markets and employ tens of thousands of people but, some might say, we are the 21st-century version of a traditional souk — the only difference is in what we sell, we sell experiences.

Why, then, if we are a glorified souk, do we take something as nebulous and problematic as sustainability so seriously? If we are blessed to operate in an industry and a region that’s not as heavily regulated as, say, an extractive industry in Western Europe, why not just coast?

My answer is simply this: Winners lead and leaders win. Antonio Machado, one of Spain’s great poets, may have put it best when he wrote these lines: ‘Caminante, no hay camino, se hace camino al andar’ (Traveler, there is no road; you make the road up as you go).

We know much more about sustainability than we did 15 years ago, when it was still a nice to have, a spot of greenwash; more than 10 years ago, when it was a safeguard against reputational damage; five years ago, when environmental credentials were a consumer priority. We even know more about it than we did six months ago. For one thing, we know that we truly are all in this together, in every sphere. For a second, we know beyond doubt that those who anticipate the future and prepare for it prudently and with 360-degree clarity can float or swim while others struggle or sink.

In the same way that companies who maintained cash reserves and liquidity buffers pre-pandemic are in good stead today, it is those companies that look and think beyond their immediate business cycle who will survive long into the future.

Sustainability makes good business sense. I hope to share more about each of these areas in greater detail but for now, the key takeaway is this: When we take care of our people, the places we do business, the way we operate, and the products we provide, we are ultimately taking care of ourselves. The feelgood factor never paid the bills: true sustainability does.

True sustainability takes care of our people by reskilling, upskilling, ensuring fair and right employment conditions, prioritising their health, safety and wellbeing, and more. In an era where talent is king, taking care of people ensures better performance, higher productivity, creativity, innovation, and loyalty.

True sustainability takes care of our product by hewing to circular economy standards, resource consumption protocols and rewards us with efficiencies and increasingly numerous woke consumers. These are only two of many such examples.

When we lead — especially when we are not required to — we give ourselves a premium seat at the table with governments, NGOs, concerned citizens, and others who will shape our collective future. We are trusted advisors and experienced, proven partners.

As you read our 2019 Sustainability Report, you can see the myriad steps and processes put in place to ensure that we at Majid Al Futtaim are moving in the right direction in many complex areas. Not all of these moves will be straightforward; many will not be easy. But they will all be worth it.

We are winners because we lead, and leaders because we win.