The foundation stone for Masdar City will be laid during an international ceremony next month, said the director of Property Development at Abu Dhabi Future Energy Company.
Khalid Waleed Awad said the world’s eyes would turn to Abu Dhabi for the occasion on Saturday, February 9.
In an exclusive statement, Awad revealed the city would be constructed on an area of six square kilometres between Khalifa City A and the Abu Dhabi International Airport. Eight years will be required to complete the project. The Masdar University of Science and Technology, the first of the city’s buildings to be built, will begin to receive students next year.
Eventually, the city will be home to more than 1,500 global firms and institutions, and it will provide accommodation for more than 50,000 people.
Awad confirmed that Masdar conducted a study and found out energy that will consumed by the city’s carbon-free buildings will be 80 per cent less than the energy dedicated to current buildings. However, he declined to disclose the cost of the entire project and amount of investments the city will yield for Abu Dhabi.
“The city will bring billions annually for Abu Dhabi, and numerous benefits will be announced on the eve of laying the foundation stone,” Awad added.
Masdar had signed MoUs with more than ten countries around the world to bring in companies as investors and tenants. The most prominent among these are Switzerland, Germany, the United States, France, Britain, Italy, Japan, Norway and Canada.
“Many companies in these countries will enter the UAE and region for the first time. They wish to have strong presence in Abu Dhabi and will bring new and developed technology. We expect more companies to sign up in the future,” Awad said.
Meanwhile, five projects to be developed under the Masdar banner have been given approval by a federal body set up to ensure environment protection standards in infrastructural developments.
The Executive Committee of Clean Development Mechanism, which is chaired by Environment Agency Abu Dhabi, announced its initial approval for the developments on Tuesday.
The approval is seen a further boost to Masdar programmes following a cash injection of $15 billion (Dh55bn) announced by General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, at the inauguration of the first World Future Energy Summit on Monday.
Masdar City to begin next month