Masdar City to rely on outside funds
United Arab Emirates: Monday, February 11 - 2008 at 10:51
The proposed $22bn Masdar City in Abu Dhabi, the world's first zero-carbon, zero-waste, car-free city, will rely mainly on outside funding and use less than one-third of the Abu Dhabi Government's $15bn dedicated fund to the initiative, reported Gulf News. Masdar will maximize the benefits of sustainable technologies, such as photovoltaic cells and concentrated solar power. By implementing these technologies, Masdar City will save the equivalent of more than $2bn in oil over the next 25 years, based on today's energy prices. The city will also create more than 70,000 jobs and will add more than two per cent to Abu Dhabi's annual GDP.
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Amena Bakr, Senior ReporterMonday, February 11 - 2008 at 10:51 UAE local time (GMT+4)
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