Etihad ESCO signs first private sector service agreement with Seven Tides
Energy services agency to float an ESCO tender for 22 Seven Tides properties across residential, hotel and commercial units
Etihad Energy Services (Etihad ESCO) has signed its first private sector service agreement with UAE-based Seven Tides under which it will develop and tender energy activities for 22 properties owned and managed by the developer.
A joint statement by the two entities said that as part of this agreement, Etihad ESCO will partner with the Dubai developer to manage ESCO activities for properties including offices, hotels and residential units in Dubai.
“Our partnership with Seven Tides is an important achievement. We believe this will inspire other private sector players to implement energy efficient measures, which will help them with sustainable and long-term cost savings,” said Ali Al Jassim, CEO of Etihad ESCO.
“We will also be submitting a tender for the services that will include solar PV installation at Seven Tides’ properties. In order to support private players with energy efficiency, Etihad ESCO will also provide Seven Tides with flexible financing solutions. This is a milestone service agreement and more of such involvement with the private sector is essential if we are to meet Dubai’s target of achieving 30% energy savings by 2030.”
The agreement is the first private sector contract that Etihad ESCO has signed after a number of successful retrofit projects for public sector organisations including, DEWA, JAFZA Mohammed Bin Rashid Housing Establishment (MRHE) and Dubai International Financial Centre (DIFC), said the statement.
“We are excited to cooperate with Dubai government’s efforts to develop energy efficiency. Etihad ESCO will play a pivotal role in creating efficient, high quality and environmentally-friendly opportunities in the region and we are happy to be a part of it,” said Abdulla Bin Sulayem, CEO of Seven Tides, which is a Dubai-based, privately-owned luxury property developer and holding company with projects spanning residential, commercial and resort properties, such as Anantara The Palm Dubai Resort and Ibn Battuta Gate Hotel.
Etihad ESCO aims to encourage and support partnerships with the private sector, and create new business and investment opportunities to contribute to transforming Dubai into a smart and sustainable city, said the statement.
