Dubai Holding on Monday said it had signed an agreement with five firms to develop a Dh4 billion ($1.1 billion) energy-from-waste facility.
The consortium consists of Dubai Holding, Switzerland-headquartered Hitachi Zosen Inova, Japan’s ITOCHU Corporation, Belgium’s BESIX Group, and local construction firm Tech Group, according to Dubai Holding.
Khalid Al Malik, managing director of Dubai Holding, said this significant investment by the group of companies that form this consortium, highlights international confidence in the UAE market and Dubai’s continued appeal in attracting foreign direct investment, despite a more challenging global economic climate.
35-year concession period
The build-and-operate project has a 35-year concession period with the Dubai Municipality. The facility will treat 5,666 tonnes of municipal solid waste produced by Dubai per day, the statement said, adding that it would generate energy by processing 1.9 million tonnes of waste per year.
Dawoud Al Hajri, director-general of Dubai Municipality, said the Dubai Centre for Waste Processing is proceeding according to schedule, with the support of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Project finance loan agreements worth $900 million have been finalised with Japan Bank for International Cooperation and financial institutions including Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The construction of the project is being carried out by BESIX Middle East and Hitachi Zosen Innova. At the peak of the works, 2,500 workers will be deployed, and the site will use up to 16 tower cranes, including the largest tower cranes in the world for the installation of equipment inside the plant.
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