Restoring old buildings in Dubai and turning them into green ones requires an investment of Dh 30 billion, but will bring in revenues of Dh 82bn, said Saeed Al Tayer, managing director of Dubai Electricity and Water Authority (Dewa) on the sidelines of the announcement of the World Green Economy Summit.
The event will be held from April 22-23 in Dubai.
The project is in line with the Energy Strategy 2030. Dewa will submit the “green financing” file in the coming months which discusses the financing options available for such project, whether through bank loans, bonds or securities. Granting facilities to the owners of the buildings represents the major problem in the rehabilitation process and is currently being discussed with the Ministry of Energy. There is an idea to develop a federal umbrella legislation that creates an attractive environment for financing authorities and restoration companies and encourages them to invest in the local market.
The World Green Economy Summit is based on the Dubai Declaration, one of the most important outcomes of the summit’s first edition held last year. The declaration included the emirate’s commitment to turn into the capital of green economy.
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