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Palm District Cooling awards Dh191m contract to Japanese firm - UAE

Emirates News Agency (WAM) - 21/08/2006

Palm District Cooling - the region's most versatile district cooling company - today announced the signing of a landmark contract worth Dhs 191 million with Shinryo Corporation, one of Japan's leading engineering companies.

Following the inking of the deal, PDC's investment on the iconic Palm Jumeirah development has increased to more than Dhs 1 billion.

The contract's mandate is construction of two chiller plants that will provide 49,000 tons of cooling for the second phase of the Palm Trunk Jumeirah development. The two plants will link with the approximately 15 km of main header piping system that runs around the Palm Trunk, connecting the development's hotels and apartment blocks.

Commenting on the landmark deal, Keith Levers, CEO of Palm District Cooling, said, "Our decision to award the contract to Shinryo followed a comprehensive review of a number of proposals and was based on our requirement to procure the most efficient and cost effective solution. We are constantly seeking to improve service quality and plant efficiency, to reduce the overall cost of cooling solutions." In his comments on the agreement, Kenji Yamamoto, General Manager, Shinryo Corporation, Dubai, said, 'We are very pleased to partner Palm District Cooling. This is our third project for Palm District Cooling that is being managed through our Dubai office. As Asia's leading district heating and cooling contractor, Shinryo Corporation offers a vision of urban infrastructure second to none. We are happy to be part of the iconic Palm Jumeirah development.' The plants will consist of large centrifugal chillers - widely recognized as the most energy-efficient means of providing cooling for large-scale developments. With 12 large compressor modules, 10 having a capacity 4500 TR (refrigeration tons) each, the facility will require approx 44 MW of electrical power at peak load conditions during the summer, approximately 50% of the electrical power required for conventional cooling systems The contract with Shinryo is the last of the contracts to be awarded for the district cooling for the whole of Palm Jumeirah.

A total of eight plants are being constructed, encompassing a total capacity of 230,000 TR on the whole Palm Jumeirah development.

District cooling systems distribute thermal energy in the form of chilled water from a central source to multiple buildings through a network of underground pipes instead of using one local system for each building, thus creating both economic and environmental benefits. In addition to reduced CFC emissions and better noise control, the system uses only 50 per cent of the energy required for conventional methods.


Al Manal plans to invest Dh5b in Dubai real estate

Khaleej Times - 21 August 2006

DUBAI Al Manal Development is planning to invest Dh5 billion in real estate developments in Dubai over the next three years, according to a top company official.

Juma bin Ahmed Al Ghurair, Chairman of Al Manal Development, told Khaleej Times yesterday that most of this investment would go to develop residential and commercial towers in Dubai Investment Park.

He said the project, which will include "a number of buildings", was currently at initial design stage, adding that an official announcement to that extent is likely to be made next year.

The company, which was established earlier this year to make its foray into a freehold market, will also be launching two more towers in the emirate, including a residential tower in down town Dubai (on Al Maktoum street) and an office tower in Port Saeed area (on Al Ittihad Road).

To be developed at a combined cost of Dh500 million, both towers will be offered on 99-year leasehold since buildings in these areas cannot be sold on a freehold basis. Both projects are expected for delivery in 2008.

Asked why the company has opted for down town Dubai rather than going for the New Dubai area, Al Ghurair said: "A lot of people want to stay in down town Dubai, because of the proximity to their businesses or just being used to the area."

"I would like to suggest that the government gives more importance to this area. If not, the area will be decaying with the time since everyone now wants to invest in the New Dubai area and nobody is really interested in pouring money in the area that I would not like to call Old Dubai," he said.

"We, on the contrary, believe that our project on Al Maktoum street is going to be more successful and attractive than most of the projects in the New Dubai area, because it will be located in the city centre and just a few meters away from the Central Metro station," he added.

The other project strategically located on the Dubai-Sharjah road, on the other hand, is invaluable because it will have an ample parking area, which is a big issue and great deficit in Dubai nowadays, he explained.

Both projects, which are currently in design stage and getting a preliminary approval from authorities, will be launched in November and in December respectively after the ground work starts, he said.

Al Ghurair said the Dh330 million Lakeside Residence project in Jumeirah Lakes launched in April has got tremendous response, with nearly 50 per cent of the development having been sold so far.

According to him and contrary to the view that rents in Dubai will come down in the near future, rents and real estate prices in Dubai will go up "more and more". Dubai is growing into a new dimension and qualifying itself as a new metropolis. In five years' time it will be mentioned among other major cities in the region, he predicted.



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