Dubai to develop Dh4.4 billion energy from waste facility

Dubai to develop Dh4.4 billion energy from waste facility

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, it said in a statement.

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.

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.

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