Business | General
Masdar seeks $600m to fund city in Abu Dhabi
Masdar, the Abu Dhabi state renewable-energy company, said it's considering plans to raise as much as $600 million (Dh2.2 billion) to fund the construction of the first phase of Masdar City in Abu Dhabi.
- Bloomberg
- Published: 22:53 September 27, 2009
Abu Dhabi: Masdar, the Abu Dhabi state renewable-energy company, said it's considering plans to raise as much as $600 million (Dh2.2 billion) to fund the construction of the first phase of Masdar City in Abu Dhabi.
"Masdar is seeking financing in the range of $300 million to $600 million over a period of seven years from the first quarter of 2010," the company said in an e-mailed statement yesterday.
Masdar City, currently in its first phase of construction, is approximately 30km from downtown Abu Dhabi. As a cleantech cluster and hub for technology innovation, research and development the city is attracting industry leaders and researchers.
Masdar is partnering with the world's most prominent companies, investment firms and educational institutions to develop and deploy leading technologies, systems and sustainable solutions in Masdar City and in the wider Abu Dhabi and Gulf region.
Share this article
More from Business General
More from Business
Popular in Business
-
Property
Burj Khalifa effect
Proximity to the world's tallest tower proves advantageous for hotels
Business Editor's choice
-
Mandarin Oriental set for UAE footprint
New hotel is the group's first venture in the Middle East and will be built on Saadiyat Island
-
US needs dynamic policies
Efforts to revive domestic growth will lead return of financial sector distortions and imbalances
-
Unique system deflects lightning from Burj Khalifa
$30,000 installation at tower's tip emits charge to nullify threat
