Etihad ESCO signs MoU with wasl Asset Management Group

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 wasl Group’s buildings and facilities. As 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.

“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 by 2030. Etihad ESCO works to promote the optimal use of energy, improve the energy efficiency market and retrofit over 30,000 existing buildings in Dubai,” said HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy and MD and CEO of Dubai Electricity and Water Authority (DEWA).

The Etihad ESCO wasl agreement forms part of the efforts to implement directive number One of 2015, issued by HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, to audit electricity and water consumption in government buildings in Dubai. The MoU was signed by Stephane Le Gentil, CEO of Etihad ESCO and Abdulla Obaidalla, Chief Operating Officer of wasl Asset Management Group, with HE Saeed Mohammed Al Tayer and HE Hesham Abdullah Al Qassim, CEO of wasl Asset Management Group also present.

The MoU signing was also attended by Waleed Salman, Executive Vice President of Strategy and Business Development at DEWA; Dr. Yousef Al Akraf, Executive Vice President of Business Support and Human Resources at DEWA and Abdulla Ishaq, Head of the Leasing and Customer Service at wasl.

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

“We have 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 AED 30 billion, with returns of AED 82 billion and a net present profit of AED 52 billion,” he continued.

“We are delighted to sign this agreement with Etihad ESCO. 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. 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,” said HE Hesham Abdullah Al Qassim, CEO of wasl Asset Management Group.