Masdar City to lead $1.08bn innovation drive in energy and AI: CEO

Abu Dhabi’s Masdar City is gearing up to deliver energy and artificial intelligence projects with 4 billion dirhams ($1.08 billion) in investments, according to its CEO.

In an interview with the Emirates News Agency on the sidelines of the World Future Energy Summit in Abu Dhabi, Ahmed Baghoum unveiled ambitious plans for the development.

The conference, hosted by Abu Dhabi Future Energy Co., also known as Masdar, is taking place from April 16 to 18, bringing together global experts to devise sustainable solutions for tomorrow.

Baghoum said there are projects under the design phase with an investment cost ranging between 3 to 4 billion dirhams that target critical sectors like energy, artificial intelligence, and space, as well as life sciences and agriculture, according to WAM.

The CEO also outlined the current landscape of development at Masdar City. The ongoing construction projects, valued at approximately 1 billion dirhams, include the iconic Masdar City Complex and The Link, set to be completed by mid-2025.

According to Masdar City, The Link is an innovative 30,000 sq. m. development featuring the region’s first net-zero energy shared working and living facility.

“The Link will model a new kind of sustainable community by connecting shared working and living space with other elements of a thriving neighborhood, including places to shop, play, and relax, and local transportation,” the CEO said in a press release earlier last year.

He pointed out that it serves as a vital element in Masdar City’s blueprint for sustainable urban development.

Highlighting the strategic focus of Masdar City, Baghoum emphasized to WAM the significance of vital sectors, including energy and AI for Abu Dhabi and the broader UAE.

The CEO also underscored the commitment to bolstering these industries by attracting top talent and fostering partnerships and discussed ongoing talks with foreign companies interested in relocating and setting up their research centers in Masdar City.

Additionally, Baghoum outlined the attractive incentives for companies considering relocation to Masdar City, saying: “Masdar City is a world-class business and technology hub, operating at the highest international standards. It offers companies a compelling package of advantages and incentives, including full foreign ownership, exemption from income tax, and unrestricted currency exchange.”