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- His Excellency Mohammed Saif Al Suwaidi: This cutting-edge venture seeks to underpin the UAE’s national economy and create jobs
Abu Dhabi-UAE: – Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has approved a US$33 million (AED121 million) concessionary loan for the development of a waste-to-energy facility in the emirate of Sharjah.
The facility is the flagship project of Emirates Waste to Energy Company, a joint venture between Masdar, a regional leader in renewable energy, and Bee’ah, the UAE’s leading environmental management company. In January 2018, ADFD confirmed its commitment to financing the project, the second of its kind in the MENA region.
Expected to treat more than 300,000 tonnes of municipal solid waste (MSW) each year, or 37.5 tonnes per hour, the plant will have the capacity to generate around 30 megawatts of energy. Due for completion by early 2021, the facility aims to help attain Sharjah’s zero-waste-to-landfill target and the UAE’s objective of diverting 75 per cent of its municipal solid waste from the landfill by 2021.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Khaled Al Huraimel, Group Chief Executive Officer of Bee’ah, signed the loan agreement at the ADFD headquarters in Abu Dhabi. Senior representatives of ADFD and the two visiting parties also attended the signing ceremony.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “We are proud to support one of the first waste-to-energy project in the UAE alongside our strategic partners – Masdar and Bee’ah. This project is an important step in translating the UAE’s objectives in sustainability into reality.”
He added: “ADFD is committed to financing projects that align with national priorities. We are confident that the Sharjah waste-to-energy facility will bolster the UAE’s journey towards a renewable energy future. Moreover, ADFD is also keen on reinforcing the key pillars of the UAE national economy by supporting local companies. Not only will this project stimulate the creation of a new economic sector in the country, but it will also encourage new job opportunities in Sharjah.”
For his part, Al Ramahi commended ADFD for its important role in translating national and global sustainable development goals into reality. He also noted that the project is estimated to displace almost 450,000 tonnes of carbon dioxide emissions per year and save an equivalent of 45 million cubic metres of natural gas per year.
Al Ramahi said: “The completion of this funding agreement is a key step in the development of the facility, a pioneering project which, once on stream, will make a major contribution towards achieving the UAE’s goal of producing 50 per cent of its electricity needs from clean energy sources by 2050.”
“Our collaboration with ADFD and Bee’ah is further evidence of the commercial viability of advanced clean technologies here in the UAE and the wider region,” Al Ramahi added. “We would like to thank all our partners involved in realizing this groundbreaking waste-to-energy project and are proud to invest our decade-long renewable energy experience in support of Sharjah’s commitment to sound environmental management.”
Speaking on the occasion, Al Huraimel said: "As one of the first waste-to-energy facilities in the region, this iconic project firmly puts the UAE on a path to securing the green energy future of the nation. We are pleased to have the support of nationally renowned entities like the ADFD in making this project a reality. In addition to bringing clean energy to thousands of homes, this facility constitutes the final step in the zero-waste-to-landfill strategy, creating a new paradigm for the integrated management of waste.”
ADFD assists beneficiary countries in achieving sustainable socio-economic growth through financing their development priorities. Since its inception in 1971, the Fund has provided financial contributions and investments with a total value of AED83 billion to fund thousands of development projects in 88 countries across the globe.
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About Abu Dhabi Fund for Development (ADFD)
Abu Dhabi Fund for Development is a national organisation owned by the Abu Dhabi government. Established in 1971, its purpose is to help emerging countries by providing concessionary loans to finance sustainable development projects alongside other long-term investments and direct contributions. In addition, the Fund manages government grants offered by the Abu Dhabi government and monitors the course of the relevant projects. To date, it has invested around AED83 billion in development projects across 88 countries.
For more information, please contact:
Hanan Alhamed
Chief Media Coordinator.
Abu Dhabi Fund for Development
Tel: 02 6939 559
Fax: 02 6677 070
Email: halhamed@adfd.ae
About Bee’ah
Bee’ah, headquartered in the emirate of Sharjah, is the Middle East’s leading integrated environmental and waste management company. Creating a sustainable future through creative and resourceful solutions, Bee’ah has pushed the boundaries of environmental innovation and crossed remarkable milestones, to become a force for change across the region. Through revolutionary environmental management practices, systematic waste management, sustainability strategies for key resources and utilization of renewable energy sources, as well as community engagement initiatives, Bee’ah seeks to set a benchmark for sustainability, for cities and communities everywhere.
Contacts:
E-mail: press@beeah.ae
Tel enquiries: +971 6 572 9000
For more information, please visit: http://www.beeah.ae
About Masdar
Masdar is Abu Dhabi’s renewable energy company which works to advance the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today’s fossil fuel economy and the energy economy of the future. Wholly owned by the Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to the United Arab Emirates’ long-term vision for the future of energy and water.
Contacts:
E-mail: press@masdar.ae
Tel enquiries in Arabic: +971 2 653 3333
Tel enquiries in English: +971 2 653 6014
For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/Masdar
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