Thursday 15 November 2018

DP World, DCCE in deal to use crowdfunding for warehouses

DUBAI, October 23, 2017

Dubai-based global marine terminal operator DP World and Dubai Carbon Centre of Excellence (DCCE) have signed an agreement to use crowdfunding, and innovative Fintech tools, to power the retrofitting of warehouses in Mina Rashid, Dubai, UAE.

The agreement was signed today (October 23) by Nabil Battal, global HSE director of DP World and Ivano Iannelli, CEO, DCEE, at the 19th edition of Water, Energy, Technology and Environment Exhibition (Wetex).

The three-day event is taking place at the Dubai International Convention and Exhibition Centre, and will conclude on October 25.

Using crowdfunding, UAE residents will be able to invest in a total of 3000 kilowatts of solar energy.

In addition, investors will attain a return through the kilowatt hours generated from the project, at an estimated return rate of 40 per cent across a ten year period.

Through crowdfunding, the project aims to install high-efficiency and energy saving utilities in Mina Rashid.

Battal said: “DP World’s Solar Power Programme has far reaching environmental benefits and we are pleased that various stakeholders are contributing to its continued success including the DCCE.”

“We’ve provided four sheds on which to install solar panels and DCCE is taking the project to a crowdfunding platform, allowing a range of investors to finance an important development towards positive economic and societal change,” he said.

“At DP World, our approach is forward-thinking and long term – we are investing in technology, people and partnerships to lead the future of world trade,” he added.

Iannelli said: “The crowdfunding project is the first-of-its-kind initiative in the region, which represent an increasingly important source of financing for the renewable sector.”

“At our company we remain committed to achieving the goals of Dubai Clean Energy Strategy 2050. While the project will offer UAE residents a platform to invest in renewable energy, it will also go a long way in addressing gaps and bridging the energy divide,” he added.

The crowdfunding project is one of several initiatives undertaken by Dubai Carbon to encourage the development of innovative green finance, which is in turn part of a wider effort to diversify the economy away from reliance on oil revenues, it stated. – TradeArabia News Service

Tags: | DP World | warehouses | DCCE | crowdfunding |

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