Abu Dhabi Abu Dhabi yesterday broke ground on Masdar City, the world's first zero-carbon, zero-waste, car-free city.
The event was marked by the virtual laying of a cornerstone by General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
In conjunction with the ground-breaking, Masdar CEO Dr Sultan Al Jaber announced a development total budget of $22 billion for the project. Masdar will maximise the benefits of sustainable technologies, such as photovoltaic cells and concentrated solar power.
By implementing these technologies, Masdar City will save the equivalent of more than $2 billion in oil over the next 25 years, based on today's energy prices. The city will also create more than 70,000 jobs and will add more than two per cent to Abu Dhabi's annual GDP.
"We are creating a city where residents and commuters will live the highest quality of life with the lowest environmental footprint," said Dr Al Jaber.
