Emirates Development Bank Approves Trade Finance Facility for JLW to Execute a Data Center in Masdar
· EDB offers JLW with financing solution for the
execution of a key Data Center project in Abu Dhabi
· Ahmed Al Naqbi: EDB empowers the national industrial sector through direct and indirect financing of projects with a clear developmental impact on the economy
Abu Dhabi, UAE: June 30, 2022 – The Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced the approval of a trade finance facility to JLW Middle East, to design, build and handover a 60 MW data center (with a day 1 capacity of 31.8MW) located in Masdar City, Abu Dhabi.
The facility was signed by Ahmed Mohamed Al Naqbi, CEO of EDB, and Michael Boufarhat, Chairman and CEO of JLW Middle East at JLW’s offices in Dubai.
Commenting on the announcement, Ahmed Mohamed Al Naqbi said: “A key element of EDB’s strategy to empower the national industrial sector through direct and indirect financing, is our focus on projects with a clear developmental impact on the economy and that facilitate the adoption of advanced technology. The completion of a data center in Masdar will enhance the UAE’s digital infrastructure and gradual transition to a fully-fledged digital economy which accelerates data sovereignty, possibilities of data analytics and other development in data-centric technologies in the UAE.”
He added: “In today’s technology-driven economy, data centers are vital not only to successful and continuous business operations but to the development of advanced technology ecosystems. The financing requirement from JLW, one of the region’s leading specialized electro–mechanical engineering, procurement and construction contractors in this field, satisfied a number of our lending eligibility criteria and scored high on our proprietary developmental scorecard, we are delighted we can support the completion of this start-of-the-art facility.”
For his part, Michael Boufarhat said: “This is an important deal for JLW, as it means we are able to proceed on this project with the utmost confidence. As one of the few large specialist MEP contractors in the Middle East and North Africa region, we understand that accessing the right financing for this kind of undertaking can be a challenging and complex process, but EDB’s flexible and highly competitive solution will ensure we will meet our client’s exacting standards. We are delighted to be putting our expertise to ensure the completion of all elements of this project to the highest standards in the industry and to deliver another landmark project for the UAE.”
As part of its contract, JLW will be responsible for the turn-key design, engineering, procurement, installation, testing, commission and handover of the data center.