Abu Dhabi unveils major energy initiative (Gulf news)
Abu Dhabi: Top global energy companies are joining hands with Abu Dhabi in the region's first alternative energy and resource conservation initiative, government officials announced yesterday.
The pioneering initiative called Al Masdar has the support of the Abu Dhabi government that has granted land for an institute, a special economic zone and innovation centre as well as $100 million to create a fund.
"Abu Dhabi is a global leader in the production of energy and the Masdar Initiative is a natural product of that position," said General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces.
"The calibre of the initiative's anchor partners is testament to the potential of the opportunity and the initiative has the potential to contribute to the transformation of Abu Dhabi from a consumer to an exporter of technology," he told senior government representatives.
Shaikh Mohammad said four square kilometres of land would be granted as the campus for the initiative.
He also offered $100 million for the creation of a clean technology fund to co-invest with private sector partners in domestic and foreign companies focused on emerging technologies.
The initiative's anchor partners include BP, Shell, Occidental Petroleum, Total, Mitsubishi, Mitsui, GE, Rolls-Royce, RWTH Aachen and Imperial College, London.
"The Masdar initiative focuses on the development and commercialisation of advanced and innovative technologies in renewable energy, energy efficiency, carbon management and monetisation, water usage and desalination," said Khaldoon Al Mubarak, Abu Dhabi Executive Council Member and Chief Executive of Mub-adala Development Co.
"Some of the world's largest energy companies and elite academic institutions have joined the initiative as anchor partners."
Masdar is a targeted, pragmatic and manageable initiative created to deliver concrete outcomes, said Sultan Al Jaber, representing the Abu Dhabi Future Energy, the government entity to implement the initiative.
"It is clear that the world's demand for energy will continue to increase and therefore the Masdar Initiative has the potential to have a macro economic impact."
The new entity will operate closely with Adnoc, Adwea and the Abu Dhabi Environmental Agency, the Abu Dhabi Education Council and departments.
The project is expected to start by 2009 and begin to show results by 2015.
The pioneering initiative called Al Masdar has the support of the Abu Dhabi government that has granted land for an institute, a special economic zone and innovation centre as well as $100 million to create a fund.
"Abu Dhabi is a global leader in the production of energy and the Masdar Initiative is a natural product of that position," said General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces.
"The calibre of the initiative's anchor partners is testament to the potential of the opportunity and the initiative has the potential to contribute to the transformation of Abu Dhabi from a consumer to an exporter of technology," he told senior government representatives.
Shaikh Mohammad said four square kilometres of land would be granted as the campus for the initiative.
He also offered $100 million for the creation of a clean technology fund to co-invest with private sector partners in domestic and foreign companies focused on emerging technologies.
The initiative's anchor partners include BP, Shell, Occidental Petroleum, Total, Mitsubishi, Mitsui, GE, Rolls-Royce, RWTH Aachen and Imperial College, London.
"The Masdar initiative focuses on the development and commercialisation of advanced and innovative technologies in renewable energy, energy efficiency, carbon management and monetisation, water usage and desalination," said Khaldoon Al Mubarak, Abu Dhabi Executive Council Member and Chief Executive of Mub-adala Development Co.
"Some of the world's largest energy companies and elite academic institutions have joined the initiative as anchor partners."
Masdar is a targeted, pragmatic and manageable initiative created to deliver concrete outcomes, said Sultan Al Jaber, representing the Abu Dhabi Future Energy, the government entity to implement the initiative.
"It is clear that the world's demand for energy will continue to increase and therefore the Masdar Initiative has the potential to have a macro economic impact."
The new entity will operate closely with Adnoc, Adwea and the Abu Dhabi Environmental Agency, the Abu Dhabi Education Council and departments.
The project is expected to start by 2009 and begin to show results by 2015.
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