One of the region’s leading real estate developers, Lootah Real Estate Development (Lootah) has optimized a smart building technology to considerably diminish energy consumption and the costs of maintenance and utilities for building tenants and owners.
The real estate developer has partnered with International Real Estate Partners (IREP), a leading global facilities and asset management company, in a project called IREPort Energy Bureau. This association was created to enhance building operations and sustainability of all Lootah properties by recognizing head-on obstacles related to energy consumption, faulty maintenance equipment and systems, amongst others.
The technology being utilized in the project automatically signals IREP in cases that require quick troubleshooting for plant breakdown, unnecessary consumption, increased electricity loads, and energy management related anxieties.
Saleh Abdullah Lootah, Lootah CEO, emphasized that the sustainable solutions submitted by the IREPort Energy Bureau project, which is currently in its first phase, ensure that irregularities are traced beforehand or detailed as they happen.
“The instant alerts provided by the IREPort Energy Bureau project will make sure that any issues and concerns as regards maintenance and utilities are prevented or resolved in a timely manner. In this way, we create a system that is not only beneficial to our tenants and owners but contributes, in the long run, to Lootah’s energy conservation efforts”
“In the next 12 months, tenants will see instant results of our initiative to lower the amount of their electric bills, relative to most other buildings. This move aims to also significantly allow existing and potential property owners to generate higher returns,” Mr. Lootah added.
In the first phase of the project, IREP will review each Lootah property to assess its energy performance. IREP will also retrofit a number of underperforming devices, specifically in the cooling system and lighting system, with the latest technology and smart systems.
Lootah targets their association with IREP to continue with their future projects, as part of their engagement spanning over five decades to produce high-quality infrastructure.