Azerbaijan, UAE partner on $5B waterfront development at Lake Boyukshor
Azerbaijan’s Ministry of Economy and the UAE’s Modon Holding have signed a cooperation agreement to develop a $5 billion “City Within a City” project around Lake Boyukshor.
The deal was formalized during the First Azerbaijan International Investment Forum in Baku, with Deputy Prime Minister Samir Sharifov and UAE Investment Minister Mohamed Hassan AlSuwaidi in attendance, News.Az reports, citing local media.
The agreement, signed by Azerbaijan’s Minister of Economy Mikayil Jabbarov and Modon Holding Chairman Jassem Mohammed Bu Ataba Al Zaabi, provides for investments of up to $5 billion and envisions the creation of a modern waterfront zone around Lake Boyukshor, including healthcare, commerce, education, and hospitality facilities.
Photo: AZERTAC
Subsequently, with the participation of Deputy Prime Minister Samir Sharifov and Minister of Economy Mikayil Jabbarov, a signing ceremony was held for a series of documents concerning a seawater desalination project in Azerbaijan.
The Public-Private Partnership Agreement on the design, construction, financing, and operation of the Caspian Sea water desalination plant was signed by Zaur Mikayilov, Chairman of the Azerbaijan State Water Resources Agency, and Marco Arcelli, CEO of Saudi Arabia’s ACWA Power.
The Water Purchase Agreement for the sale of treated water was signed by Tahir Khalilov, Chairman of the Board of the United Water Supply Service of Large Cities under the Azerbaijan State Water Resources Agency, and ACWA Power CEO Marco Arcelli.
Photo: AZERTAC
The Land Lease Agreement was signed by Azerbaijan’s Minister of Economy Mikayil Jabbarov, Chairman of the Board of the Economic Zones Development Agency under the Ministry of Economy Seymur Adigozelov, and ACWA Power CEO Marco Arcelli
The State Guarantee Agreement was signed by Azerbaijan’s Minister of Finance Sahil Babayev and ACWA Power CEO Marco Arcelli
The seawater desalination project is the first public-private pilot project to be implemented in Azerbaijan under the Ministry of Economy. Within the framework of the project, a desalination plant will be constructed in the Sumgayit Industrial Park to produce drinking water from seawater
The project, valued at $407 million, will have a daily capacity of 300,000 cubic meters. Under the agreement, ACWA Power will design, construct, and operate the plant for a period of 25 years.
The project aims to meet the growing demand for drinking water on the Absheron Peninsula and to diversify sources of freshwater. Its objectives include reducing the burden on the state’s drinking water supply system, fostering international expertise and technology transfer in this field, and attracting foreign investment into the national economy.
Photo: AZERTAC
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