Etihad Esco and wasl Asset Management Group have signed a memorandum of understanding (MoU) to conduct a feasibility study that will assess the current energy efficiency of the Dubai group’s buildings and facilities.

A venture of Dubai Electricity and Water Authority (Dewa), Etihad Esco was set up in 2013 to make Dubai's built environment a leading example of energy efficiency for the region and the world.

“We have established Etihad Esco to support the Dubai Plan 2021 and the Dubai Integrated Energy Strategy 2030 to reduce energy demand by 30 per cent over the next 15 years. It works to promote the optimal use of energy, improve the energy efficiency market and retrofit over 30,000 existing buildings in Dubai,” stated Saeed Mohammed Al Tayer, the vice chairman of the Dubai Supreme Council of Energy and managing director and chief executive of Dewa.

The Etihad Esco-wasl agreement forms part of the government's efforts to audit electricity and water consumption in government buildings in Dubai, he added.

One of Dubai’s foremost property construction and management companies, wasl currently has a property portfolio of 450 buildings that span the hotel, residential and commercial sectors.

"This agreement is intended to implement the energy-efficiency contracting model that underpins our commitment to support the development and sustainability of green projects," remarked Al Tayer.

It will enable government organisations to reduce consumption as per international best practices, which adopt similar mechanisms that encourage organisations to take a leading role in retrofitting buildings, said Al Tayer at the signing ceremony.

The MoU was inked by Stephane Le Gentil, the CEO of Etihad Esco and Abdulla Obaidalla, the chief operating officer of wasl Asset Management Group in the presence of Waleed Salman, the executive vice president of strategy and business development at Dewa; Dr Yousef Al Akraf, the executive vice president of business support and human resources at Dewa and Abdulla Ishaq, the head of the leasing and customer service at wasl also attended.

Al Tayer said Etihad Esco has also launched an operational plan with eight major programmes to reduce energy demand by 30 per cent.

"These include regulations for green building construction, retrofitting existing buildings, district cooling, laws and standards to raise efficiency, and energy-efficient street lighting. The present costs for this strategic project will be approximately Dh30 billion ($8.16 billion), with returns of Dh82 billion ($22.3 billion) and a net profit of Dh52 billion ($14 billion),” he continued.

On the deal, Hesham Abdullah Al Qassim, the CEO of wasl asset management group said: "It underlines our commitment to the Dubai Plan 2021 to ensure the highest sustainability standards in our city and conserve our resources for future generations."

"Our partnership will generate high returns on investment in the long run. It will benefit residents, the local environment and enhance the life span of the group’s facilities and buildings," stated Al Qassim.

"Our keenness in partnering with Etihad Esco through the terms of this agreement reflects our approach of applying the highest international standards across all our operations," he added.-TradeArabia News Service