Image: The schools located in Zayed City will have a capacity of 5,360 students. Credit: lil_foot_ from Pixabay.
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Infrastructure major Besix-led consortium has announced the financial close of the Zayed City Schools Public Private Partnership (PPP) in Saudi Arabia, reported TradeArabia.
The other consortium partner is Plenary, a long-term investor, developer, manager of public infrastructure.
The debt provider group for this project consists of HSBC, Intesa Sanpaolo and The Norinchukin Bank.
This is the country’s first PPP in school infrastructure segment.
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By GlobalDataClaimed to be a ‘pioneering’ project, Zayed City Schools PPP paves way for participation of private sector in the development of the social infrastructure of the country.
The Besix-Plenary consortium was awarded the project.
This project was awarded by the Abu Dhabi Investment Office (ADIO) in collaboration with Abu Dhabi Department of Education and Knowledge (ADEK).
It features a greenfield plot for each of the three new schools across Zayed City.
It is a 4,900ha project being constructed 7km inland from Abu Dhabi Island, between Mohamed Bin Zayed City and the Abu Dhabi International Airport.
According to the contract, the consortium will be responsible for the financing, design, procurement, construction, commissioning and operations and maintenance of the three school campuses for a two decades.
Construction on the site will commence later this year and is slated for completion in August 2024.
The school buildings will be constructed with sustainability goals, complying with the Estidama Pearl 2.
The buildings with a focus on energy usage and consumptions efficiency, and feature use of locally produced building materials.
Once it opens for academic year in September 2024, the schools located in Zayed City, will have a capacity of 5,360 students.
Besix Middle East General Manager Peter Lembrechts was quoted by the media outlet as saying: “We are extremely proud to partner with the Abu Dhabi Government to develop and implement this pathfinder PPP project. We are providing campuses with specialist expertise to support the project from start to finish, in terms of financing, engineering, construction, and long-term maintenance.
“In Plenary Group we have found a world-class partner to develop and deliver this project. We look forward to the next steps and would like to thank ADIO and ADEK, as well as the leading international financial institutions and advisors that are supporting us, for their confidence and commitment to ensure the success of the project.”
Plenary Group chief investment officer Paul Crowe said: “This is an important milestone in the exciting growth phase of the Plenary business, and we are pleased to be collaborating with Besix – who we have previously partnered with in Australia – ADIO and ADEK to deliver this fantastic project.
“The strength of our PPP project development experience in Asia Pacific and North America has presented opportunities for us to export our skillset to other regions adopting a private partnership model. We commend the Abu Dhabi Government on its impressive programme of infrastructure development and investment and its acknowledgment that private sector capital can support its ambitions to deliver infrastructure vital for social and economic growth. We look forward to delivering this exciting project and future opportunities in the region.”
