By Andy Sambidge
Drake & Scull Water and Power inks agreement to explore alternative energy solutions
A unit of the UAE-based Drake & Scull International on Wednesday said it had signed a deal with an Australian company to explore geothermal project opportunities.
Drake & Scull Water and Power (DSWP) said it has inked a memorandum of understanding with Earth Heat Resources Limited.
The agreement comes after the company's announcement of its intention to tap into the markets of Djibouti and Vietnam in Africa and Asia.
Tawfiq Abu Soud, executive director of DSWP, said: "There is substantial demand and growth in the new energy space in the region, our association with Earth Heat will allow us to explore and identify viable geothermal project opportunities in the MENA region, especially with governments endorsement of such developments through tax incentives, grants and carbon credits."
He added: "We recognise the potentials in investing in alternative energy solutions and especially in geothermal fields, which have a proven record of being cost effective, reliable, sustainable, and environmentally friendly."
DSWP, the specialist contractor in the infrastructure field, secured multi-million dirham contracts in 2010, including a AED182m contract for two district cooling plants in the Musheireb project in Qatar developed by Doha Land and a AED290m contract for a district cooling plant in Riyadh, Saudi Arabia.