01 May 2005

$3bn financing deal for Taweelah B
Abu Dhabi: Abu Dhabi Water and Electricity Authority (Adwea) has signed a Dh11 billion ($3 billion) 20-year financing deal with a group of local, regional and international banks for Taweelah B – a water and power project.

The project will have a daily output of 2,000 MW and 160 million gallons of desalinated water, is expected to start operations in 2008.
The facilities will be run by a joint venture to be owned 60 per cent by Adwea and 40 per cent by the Marubeni-led group. Financial institutions involved in the financing include: Japan Bank for International Cooperation, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi, First Gulf Bank, National Bank of Qatar, Bayerische LandesBank, BNP Paribas, Calyon, HSBC, Mizuho, Sumitomo Mitsui Banking Corp, Standard Chartered Bank and Royal Bank of Scotland.

Marina Diamond Four launched
Dubai: Following the success of its first three properties, Diamond Investment’s has officially launched Marina Diamond Four, the latest addition to the outstanding Marina Diamond towers that are rising up along the Dubai Marina. 
The 20-storey building – expected to complete in 2007 – offers spectacular views over this exclusive waterfront development, top-of-the-range service facilities, including swimming pools, sauna, steam room and 24 hour security service, as well as doorstep proximity to a pedestrian and dining boulevard – the Marina Walk.
The residential apartments, ranging from one to three bedrooms, will be available on a fully-furnished basis, equipped with high-quality kitchen appliances. In addition, the building provides tenants with a double-storey covered car park, of which one space is allocated to each flat.

EMS, Jernain form joint venture
Dubai: Energy Management Services (EMS), a leading energy management and energy conservation company in the Middle East, has entered into a joint venture with Abu Dhabi-based Jernain Maintenance, a subsidiary of the Al Ain International Group.
In the start-up phase, JernainEMS will be responsible for ensuring optimum energy management through value engineering for several projects at the design stage. Spread across Qatar, Abu Dhabi and Dubai, the projects are expected to generate capital savings of over Dh14.5 million ($4 million) in terms of investment in products such as HVAC (heating, ventilation and air-conditioning), illumination and water fittings and optimising property design and construction elements to enhance the performance of equipment installed.
JernainEMS has also won the energy management contracts for the 30-storey residential-cum-commercial Silver Tower on the Abu Dhabi corniche and 20-storey residential-cum-shopping centre Jernain Tower in Khaledya Street.

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• Update

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