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Dubai, Sindicatum to raise US$600 million for clean energy projects
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Wed December 5, 2007 12:00 am

INTERNATIONAL. A unit of Dubai World, the Dubai based investment group, and Sindicatum Carbon Capital Holdings, partly owned by Citigroup, plan to raise US$600 million for projects that produce carbon-emission credits.

Istithmar World Ventures  will invest US$150 million in the Istithmar & Sindicatum Climate Change Partnership LP, the two companies said in a statement released today in Bali, Indonesia, where the United Nations is holding a global warming conference.

The fund-raising will be completed by the first quarter of 2008.

The fund will help London-based Sindicatum develop its US$4 billion of clean energy projects in Asia, the company said.

Istithmar & Sindicatum will invest in nations such as India, Indonesia and China and gain credits under the United Nations' Kyoto Protocol. A project that eliminates greenhouse-gas emission can qualify for certificates that can be sold to polluters in emission-trading systems.

This partnership "should help us create significant value for our host government project partners and our shareholders,'' Assaad Razzouk, Sindicatum's chief executive officer, said in the statement.

More than 10,000 delegates from 187 countries are in Bali debating a successor to the Kyoto treaty, which expires in 2012.

In the European Union, emissions tripled in value to US$24 billion in 2006 from a year earlier, when the market started, World Bank figures show.

Citigroup Venture Capital International, a fund managed by a unit of Cargill Inc. and American International Group Inc., the world's largest insurer, own stakes in Sindicatum.

 

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UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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