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Sat 30 Jan 2016 05:27 PM

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Dubai opens consultancy tender for $27bn green fund

Move comes as Dubai wants to obtain 7% of its energy from lower-emissions sources by 2020

Dubai opens consultancy tender for $27bn green fund

Dubai's Electricity and Water Authority (DEWA) said on Saturday it was calling on consulting firms to tender for advisory and regulatory development services for the emirate's planned 100 billion dirham ($27 billion) clean energy fund.

The "Dubai Green Fund", announced in November, will provide low-cost loans for investors in Dubai's clean energy sector as part of wider green energy investment programme in the desert city state of 2.4 million people.

Located in the Gulf, one of the hottest regions of the world, Dubai uses large amounts of energy to cool buildings and public spaces and to provide water through energy-intensive desalination plants.

Offers for the tender will be accepted until the end of February, the official news agency WAM reported, citing DEWA. It gave no further details.

Dubai wants to obtain 7 percent of its energy from lower-emissions sources by 2020, raising that to 25 percent in 2030 and 75 percent in 2050. Energy sources will include natural gas, solar, clean coal and nuclear.

The United Arab Emirates plans to start up its first nuclear plant next year.

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