KHALEEJ TIMES, Tuesday, Mar 30, 2021 | Shaaban 16, 1442
Dubai to develop Dh4 billion energy from waste facility
Emirates:
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.
“By partnering with a strong consortium of strategic and financial investors, we
are delivering on our promise of continuously supporting the emirate’s growth
and diversification strategy. As a responsible business, Dubai Holding is
committed to the United Nations Sustainable Development Goals and ensuring
everything we do contributes to the Good of Tomorrow,” he said.
Dubai Holding, established in 2004, is a diversified global company with
operations in 13 countries and employing over 20,000 people. It manages an
extensive portfolio with over Dh130 billion worth of assets, which support the
diversification and growth of Dubai’s economy across 10 sectors including real
estate, hospitality, leisure and entertainment, media, ICT, design, education,
retail, manufacturing and logistics and science.
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.
“The strategic focus of this project is to achieve environmental protection,
reduce carbon emissions, divert waste from the landfills, and contribute towards
the realisation of Dubai's strategy to shift towards clean energy. Dubai
Municipality is setting up an attractive environment for investors to support
increased foreign direct investment,” he said.
Saad Maniar, senior partner at Crowe in the UAE, said it is a great initiative
towards sustainable future.
“Dubai as always taking right and timely action to achieve its Vision 2040. The
emirate is truly shaping well to be the best city to live in future. I feel the
future of our kids is in the safe hands of the UAE's leadership,” Maniar told
Khaleej Times on Monday.
Project financing
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.
Ahmad Hamad bin Fahad, acting CEO of Dubal Holding, said investment in green and
sustainable projects is always close to our heart and we are very pleased to
work with a broad spectrum of people working towards the realisation of one of
the world’s largest single-site waste to energy projects in Dubai.
“As always, Dubai leads by example and is a trend setter and I’m confident the
entire region will follow the footsteps of Dubai in implementing such a project
that is good for generations to come,” he said.
Safest and efficient
technology
Bruno-Frédéric Baudouin, CEO, Hitachi Zosen Inova, said energy-from-waste (EfW)
technology is considered to be the safest and most efficient technology for
sustainably processing municipal solid waste.
“The construction of this EfW plant is not only a novelty for Dubai, even for
HZI, this project marks the entering into a new market and we are looking
forward to further projects in the Middle East, leveraging the long-term history
of the Hitachi Zosen group in the region,” he said.
Pierre Sironval, chief operating officer, BESIX Group, said BESIX Middle East is
involved in the project in three ways — the investment, construction and
operations of the plant for 35 years.
“We have just started construction and look forward to delivering and then
managing, together with Hitachi Zosen Inova, these world-leading facilities.
With the EfW plant, the Emirate of Dubai has once again confirmed its leading
role in the field of sustainability and the environment," he said.
Shiraz Hasan, CEO of Tech Group, said this project is a testament to Dubai’s
commitment towards a clean and sustainable future.
“With the expertise and value brought in by all partners, we expect this project
to be a huge success,” he said.
|