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FINANCIAL NEWS
Abu Dhabi delays Masdar City opening
11 Oct 2010
(MENAFN) A statement issued by the director of Masdar City, a subsidiary of Abu Dhabi-owned Mubadala Development Corporation and the worlds’ only zero-carbon residential-cum-industrial cluster, Alan Frost said that attributed to the global financial crisis there has been a huge push back in the $22 billion of Masdar project, Khaleej Times reported.
The Masdar project was due completion in 2016 but due to the financial meltdown, the project has been postponed until 2025.
The Abu Dhabi Future Energy Company, Masdar, started the clean energy project by setting aside $15 billion to invest in sustainable technology, a substantial amount of which has already been invested in investment funds and projects and over a dozen acquisitions made around the world.
The project is aiming to attract technologists, visionaries, consultants and investors for the solar and wind power sectors.
According to Frost, the company is planning to be powered 100 percent by renewable energy and that Masdar City will no longer depend exclusively on on-site clean energy sources.
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