ABU DHABI, 31 July 2007 — Masdar, the landmark initiative by the Abu Dhabi Government to promote advanced energy and sustainability, yesterday signed an agreement with Dubai Aluminum Company Limited (DUBAL) to develop and register a project under the Clean Development Mechanism (CDM) of the Kyoto Protocol which will reduce greenhouse gas emissions associated with aluminum smelting. The CDM project, the first of its kind in the Middle East, targets the monetization of greenhouse gas emission reductions resulting from DUBAL’s new measures to improve the process control at the company’s existing aluminum smelter at Jebel Ali.
Biocon, Neopharma Set Up Joint Venture
DUBAI, 31 July 2007 — Indian biotechnology giant, Biocon Ltd. and Abu Dhabi-based pharmaceutical manufacturer Neopharma, announced yesterday the setting up of NeoBiocon, a new joint venture to be based at the Dubai Biotechnology and Research Park (DuBiotech), member of TECOM Investments. NeoBiocon, slated to provide affordable life saving drugs to the people of the UAE, is a pioneering initiative that heralds the region’s first foray into developing and marketing life saving biopharmaceutical niche products in key therapeutic areas such as oncology, diabetes, auto-immune disorders, cardiology, anti-obesity drugs and new generation immunosuppressant agents.
Business Bay Set to Become a Reality
DUBAI, 31 July 2007 — Business Bay, the 64 million square-feet master development by Dubai Properties, is starting to become a reality as construction on more than 72 towers takes place along the Dubai Creek extension. Around 80 percent of Business Bay is being developed by third party investors that include Omniyat Properties, Hydra Properties, Damac Properties, Credo Investments, Deyaar Properties, Fortune Group, Korea’s Sungwon and Bando, and others. Additionally, Dubai Properties will develop a total of 18 towers in Business Bay. These include the Executive Towers, Porsche Design Towers, Vision Tower, Aspect Tower, Signature Towers and more in the pipeline.