Etihad ESCO Signs First Private Sector Service Agreement with Seven Tides International
Etihad ESCO to float an ESCO tender for 22 Seven Tides Properties
Etihad Energy Services (Etihad ESCO) has signed its first private sector service agreement with UAE based luxury property developer Seven Tides, it was announced today. As part of this agreement, Etihad ESCO will now develop and tender ESCO activities for 22 properties, that are owned and managed by Seven Tides.
Seven Tides is a Dubai-based privately owned luxury property developer and holding company. The company has developed and owns a variety of projects spanning residential, commercial and resort properties. Some of the prominent assets under Seven Tides include premium hotels such as DUKES Dubai, Anantara The Palm Dubai Resort, and Ibn Battuta Gate Hotel.
Under the Service Agreement, Etihad ESCO will provide Services to at least 22 properties, including offices, hotels and residential units in the emirate. The service agreement will provide Seven Tides with the market’s best energy conservation and solar solutions across Seven Tides’ portfolio of current real estate and hospitality projects.
“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. 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 achieve Dubai’s 30% energy savings target.” said Ali Al Jassim, CEO Etihad ESCO, at the signing ceremony.
The service 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) to name a few. According to Etihad ESCO, the partnership with Seven Tides will highlight the effective role of the private sector in attaining the goals under Dubai’s Integrated Energy Strategy. The strategy has set a target for Dubai of 30% energy savings by 2030.
Commenting on the partnership Abdulla Bin Sulayem, CEO Seven Tides said, “We are excited to cooperate with Dubai government’s efforts to develop energy efficiency. Companies today realise the significance of adopting efficient solutions, which rationalise energy consumption and take into consideration the financial impact resulting from retrofitting existing facilities. 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.”
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.