Etihad ESCO and DIFC sign agreement on reducing energy consumption
Dubai - Etihad Energy Services Company (Etihad ESCO), Dubai's official Super ESCO that isdriving the development of an energy-performance contracting market,has signed an agreement with the Dubai International Financial Centre (DIFC), the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, to reduce the energy consumption and carbon footprint of the properties owned by DIFC.
This agreement supports the Green Economy for Sustainable Development initiative launched in 2012 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and is aligned with the Dubai Integrated Energy Strategy 2030 to reduceenergy demand by 30% in 2030.The agreement is part of Etihad ESCO's mandate to create a market that meets the growing need for energy-efficient solutions in Dubai as new projects and developments are in the pipeline.
"As a market driver, Etihad ESCO is committed to delivering energy-efficient solutions via existingEnergy Services Companiesto further establish Dubai as a global hub for energy efficiency. Our strategic collaboration with DIFC will serve to further solidify partnerships between the public and private sectors through Energy Performance Contracting in Dubai and enable us to provide new business opportunities for joint ventures, encourage international partnerships, and engaging budding entrepreneurs in the field. We also aim to support and encourage partnerships within the private sector to strengthen Dubai's status as a global smart and sustainable city," said HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy and MD & CEO of Dubai Electricity and Water Authority (DEWA).
"We are pleased to be working with Etihad ESCO to promote the Vice President and Prime Minister of the UAE and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al-Maktoum's Green Economy for Sustainable Development initiative launched in the Emirate. It is essential that any developments within the DIFC district incorporate sustainable, long-term energy solutions in line with global standards and in support of Dubai's vision to become an internationally-recognised energy-efficient city," said HE Essa Kazim, Governor of DIFC.
"Many owners are recognising the need for sustainable, energy-efficient buildings, while at the same time considering the financial implications of retrofitting existing facilities. Cost is a key factor driving the decision, and we are able to address this concern in the Dubai market by providing financing options that enable building owners to upgrade existing infrastructure without the need for capital investment," said Stephane le Gentil, CEO of Etihad ESCO, commenting on the demand for energy efficiency solutions in Dubaiafter the signing.
Under the terms of the agreement, Etihad ESCO is concluding the feasibility study via a thorough evaluation of the existing DIFC owned and built facilities, and has identifiedpromising sustainable energy savings in the iconic Dubai landmark. The Super ESCO will subsequently initiate a competitive selection process to identify the ESCOs tasked with implementing energy-saving measures and upgrading the 15 existing DIFC buildings. Etihad ESCO will also provide financing, project management services and performance servicesthroughout the duration of the agreement to ensure the final upgrades conform to international energy-saving standards.
-Ends-
About Etihad Energy Services Company (Etihad ESCO)
Etihad ESCO is a DEWA venture that was recently established in 2013 to make Dubai built environment a leading example of energy efficiency for the region and the world. As a Super ESCO (Energy Service Company), it enables the energy performance contracting market in Dubai by developing energy efficiency projects targeting more than 30,000 buildings.
Etihad ESCO aims to jumpstart the creation of viable performance contracting market for energy service companies by executing building retrofits, increasing penetration of district cooling, building capacity of local ESCOs for private sector and facilitating access to project finance.
For more information, please visitwww.etihadesco.ae
About Dubai International Financial Centre (DIFC)
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas.
Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises almost 1,039 active registered firms, including 22 of the world's top 30 banks, six of the top ten insurers, seven of the top 10 law firms, 11 of the world's top 20 money managers and seven of the top ten consultant companies in the world. Around 15 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.
DIFC is built upon a modern legal, regulatory and physical infrastructure, which makes it the destination of choice for Financial Services firms establishing a presence in the region.
For further information, please visit www.difc.ae, or follow the DIFC on Twitter @DIFC.
For more information, please contact:
Razan Abdul Aal - Etihad ESCO
Tel:04 - 3220383
Email:razan.abdulaal@etihadesco.com
Shaima Al Zarouni - DIFC
Tel: 04 - 3622432
Email: shaima.alzarouni@difc.ae
© Press Release 2014
