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A consortium led by global infrastructure giant Besix, with leading independent long-term investor, public infrastructure developer and manager Plenary as its partner, has announced the successful financial close of the Zayed City Schools PPP.
The UAE’s first public-private partnership in the field of school infrastructure, the Zayed City Schools PPP is a pioneering project that paves the way for private sector participation in the development of the country’s social infrastructure.
The project was awarded to the Besix-Plenary Consortium by the Abu Dhabi Investment Office (ADIO) in collaboration with the Abu Dhabi Department of Education and Knowledge (ADEK).
It covers a green space for each of the three new schools in Zayed City, a 4,900-hectare construction project 7 km inland on the island of Abu Dhabi, on the site of Mohammed bin Zayed Between Yad City and Abu Dhabi International Airport.
Under the agreement, the consortium will be responsible for the financing, design, procurement, construction, commissioning, and operation and maintenance of the three campuses for a period of 20 years.
Construction on the site will begin later this year, with completion expected in August 2024, according to Besix.
The school building will be designed and constructed in accordance with Estidama Pearl 2’s high sustainability goals. These will be low-energy buildings with a focus on usage and consumption efficiency, and the partners will prioritise the use of locally produced building materials, it said.
Located in Zayed City, Abu Dhabi, the institution will have a capacity of 5,360 students when the academic year starts in September 2024.
Peter Lembrechts, General Manager Middle East at Besix, said: “We are very proud to be working with the Abu Dhabi government to develop and implement this Pathfinder PPP project. We are providing the campus with expertise to support the project from start to finish in terms of financing, engineering , construction and long-term maintenance.”
“At Plenary Group, we have found a world-class partner to develop and deliver this project. We look forward to the next steps and thank ADIO and ADEK, as well as the leading international financial institutions and advisors who supported us, for their commitment to securing the project Confidence and commitment to succeed,” he said.
Paul Crowe, Chief Investment Officer of Plenary Group, said: “This is an important milestone in an exciting phase of growth for Plenary’s business and we are delighted to be working with Besix – which we have previously worked with in Australia – ADIO and ADEK to achieve this goal Great project.”
“The strengths of our PPP project development experience in Asia Pacific and North America provide us with the opportunity to export our skills to other regions that employ a private partnership model. We commend the Abu Dhabi government for its impressive infrastructure development and investment The plan and its recognition that private sector capital can support its ambition to provide infrastructure vital to social and economic growth,” Crowe said.
“We look forward to delivering this exciting project and future opportunities in the region,” he added.
The debt provider group includes financial institutions HSBC, Intesa Sanpaolo and Norrin CICC. They provide senior debt financing with long maturities.-TradeArabia News Service
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