MMC Corporation Bhd’s subsidiary MMC Utilities Ltd had obtained exclusive rights to build a power plant in the Emirate of Ajman, UAE, with a potential capacity of up to 1,000 megawatts.
In a statement yesterday, MMC said the agreement, which was signed in Dubai yesterday with the Ajman government, conferred it exclusive rights to conduct feasibility studies on the plant, which is aimed at meeting the rising power demand of new residential and commercial projects.
Once approved, MMC Utilities would establish a concession company that would manage, operate and maintain the plant for 20 years. The Ajman government will commit to purchase the electricity produced throughout the concession period.
“This project marks MMC International’s maiden success in the UAE and is a reflection of MMC’s commitment to expanding our core businesses in the international arena. This project follows our successes in power and water projects in Saudi Arabia, Oman, Jordan and Algeria,” said MMC International chief executive officer Feizal Ali said.
“I’m optimistic that our cross-border investments, such as this power plant project in the UAE, will go a long way towards ensuring sustainable earnings for MMC for many years to come,” added Feizal.
MMC Utilities is a wholly-owned subsidiary of MMC International.
MMC is the joint master developer of the US$30 billion (RM98.1 billion) Jazan Economic City in Saudi Arabia, with the Saudi Binladin Group. MMC International has also invested in a new container terminal at Jeddah Islamic Port.
Source : The Edge
