Masdar City will enjoy a free zone status for renewable energy industry, said Dr Sultan Al Jaber, CEO Abu Dhabi Energy Company (Masdar). At a Press briefing after the groundbreaking ceremony late on Saturday, he said $22 billion project would provide a launching pad for 1,500 firms involved in innovation, research and development.
"The details of the incentives to be offered to the investors in the city would be announced in due course of time," he said.
The city, to be built in over eight years, will contain light industry, producing new products in advanced energy and sustainability. The firms focused on energy, and sustainability will interact, innovate and excel in the Masdar free-zone in the sub-sectors of renewable energy.
"Sub-sectors including advanced energy, sustainable transportation, green efficiencies, etc will have innovation hubs creating new technologies and solutions, as well as a commercialisation unit for the rapid deployment of these solutions," Al Jaber said.
The city will establish Abu Dhabi as the global hub for carrying out these activities, providing a platform for collaboration in creating new energy solutions. The free zone will also host world class research laboratories conducting research and development in the renewable sector.
About the funding to the development budget, the CEO Masdar said only one-third of it would come from $15 billion investment fund, announced by Abu Dhabi last month.
"A number of specialized financing vehicles would be launched to raise the money for the project. It will also come from international banks and financial institutions, who have expressed their great interest to join the landmark initiative," he said. Source
No comments:
Post a Comment