Abu Dhabi: The chief executive of Masdar, Abu Dhabi Future Energy Company (Adfec), said yesterday that phase one of the proposed Masdar City, a six square kilometre development, fully powered by renewable energy, would be ready before 2010.
"The city is located next to the Abu Dhabi airport and we are targeting completion of phase one of the project by the end of the fourth quarter of 2009," Sultan Al Jaber, told Gulf News in Abu Dhabi.
He declined to say how much it would cost to build the city and how much has already been invested in the project. "We have an unlimited budget for renewable energy projects," said Al Jaber.
Special free zone
Talking about other projects, Al Jaber said the Masdar Special Free Zone (SFZ) will promote synergy between academic resources, research facilities, industry, the financial community, entrepreneurs and family businesses.
The zone will provide up to 1,500 companies with an attractive package of incentives, including a one-stop-shop programme of government services, transparent laws, 100 per cent foreign ownership, tax-free environment and intellectual property protection.
The zone will also offer proximity to manufacturers, suppliers and markets.
Masdar intends to leverage elsewhere the knowledge gained in developing the SFZ with a minimum carbon footprint, by building other sustainable communities. Adfec is a private joint stock company established and wholly-owned by Mubadala Development Company.
Adfec drives the Masdar Initiative, a multi-billion dollar, multi-faceted response to the need for a global focus on the development of advanced energies and sustainability-related technologies. The Masdar initiative was launched by General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces in 2006.
Masdar is designed to ensure that Abu Dhabi grows its share of the global energy market by fostering the development and commercialisation of advanced and innovative technologies in renewable, alternative and sustainable energies for a cleaner, safer environment and future.
Partnerships
Masdar has partnered with the world's most prominent companies, educational institutions and investment firms to advance a global energy strategy and promote utilisation of sustainable resources.
Masdar is comprised of six strategically designed and focused units: Masdar Institute of Science and Technology, Masdar Research Network, Innovation and Investment, Special Projects, Carbon Management and Masdar Zone Development.
