Qatar Boost For China’s Eco City
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Gulf Times: The Qatar Investment Authority (QIA), along with Singapore’s Keppel Corporation, is investing in the 30sq km Tianjin Eco-City in China.
Keppel Corporation yesterday signed a Memorandum of Understanding (MoU) with the QIA, inviting the latter to participate as an equity investor in the Singapore consortium for the Sino-Singapore Tianjin Eco-City.
QIA board member Hussein Ali al-Abdullah and Keppel Corporation chairman Lim Chee Onn signed the MoU, under which the QIA’s equity participation would be subject to “definitive” agreements.
The signing took place at the Qatar-Singapore Business Forum, jointly organised by Singapore Business Federation (SBF) and Qatari Businessmen Association (QBA).
Asked about the size of the investment, al-Abdullah said both QIA and Keppel were undertaking feasibility studies for the project, which straddles the districts of Hangu and Tanggu and is within a designated resort and recreation zone in Tianjin’s Binhai New Area.
Of late, QIA has been making headlines in the global media with its bid for EADS, the parent company of Airbus Industries, the UK-retailer Sainsbury and the recent reports that it may pick up stake in Swiss bank Credit Suisse.
Prime Minister HE Sheikh Hamad bin Jassim bin Jabor al-Thani, who is also the QIA chief, had said at the recently-concluded World Economic Forum in Davos that talks were going on with some of the global banks (to pick up stakes).
Onn said the QIA was the first partner in Singapore consortium for the Eco-City project.
“It will serve as a model of sustainable development that is practical, replicable and scalable with many opportunities for international collaboration, drawing together world-class organisations to build green communities for the future,” he said.
The entire project will be developed in phases with the initial one comprising 3sq km.
The forum saw Keppel Seghers, a wholly-owned subsidiary of Keppel Corporation, which was awarded the QR3.6bn Doha North Sewage Treatment Works (DNSTW) project, unveiling a proposal to transform the surrounding areas of the project into an eco-park.
The DNSTW is expected to be operational in 2010 with peak design capacity to treat waste water of up to 439,000 cubic metres per day.
Visiting Singapore Senior Minister Goh Chok Tong said the project offered Keppel a unique opportunity to contribute towards the realisation of Qatar’s vision of sustainable development.
Keppel Seghers CEO Chua Chee Wui said the proposed eco-park would be the first of its kind on breakthrough ideas on sustainable development.
“Treated water from the Doha North facility will irrigate the eco-park to provide a green space for the local community to learn, work and play,” he said.
The forum also witnessed two more MoUs being signed between QBA and SBF for co-operation and between QBA and Spring Singapore for enterprises development.
The agreements were signed by Sheikh Faisal with Teng Thang Dar of SBF and Dr Phillip Yeo of Spring Singapore.
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