Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, said on 22nd March it had partnered with 5 firms to develop a 4 billion dirham (US$ 1.1 billion) energy-from-waste facility.

The consortium consists of Dubai Holding, Switzerland headquartered Hitachi Zosen Inova, Japan's ITOCHU Corporation, Belgium's BESIX Group and local construction firm Tech Group, Dubai Holding said in a statement.

The build and operate project has a 35 year concession period with the Dubai municipality, the statement stated.

"The facility will treat 5,666 tonnes of municipal solid waste produced by Dubai per day," it said, adding that it would generate energy by processing 1.9 million tonnes of waste per year.

Project finance loan agreements worth US$ 900 million have been finalised with Japan Bank for International Cooperation and financial institutions including Standard Chartered Bank and Sumitomo Mitsui Banking Corp.