Blue City
One of the largest scale developments in the Middle East, the Al-Madina A’Zarqa represents a total investment of between $15 – $20 billion.
About this Project
One of the largest scale developments in the Middle East, the Al Madina A’Zarqa represents a total investment of between $15 – $20 billion. The first round of financing was secured through the issuing of a bond note by Bear Steams on international markets raising $925 million US. The note was rated Baa3 by ratings agency Moody’s in March, 2007, following on from a BBB- rating by Fitch when the note was issued. Bear Stearns was subsequently awarded “Middle East Leisure Deal of the Year 2006” by Project Finance for the arranging of the Blue City note.
The organization behind the project is Al Sawadi Investment & Tourism Company (ASIT) which has the endorsement of the government of Oman to bring this massive urban development to life. Al Madina A’Zarqa will serve as a growth engine for the Omani economy and will radically expand the tourism facilities in Oman.
Grid Qatar Project Management & Business Development Company and Grid Engineering SPC Scope of Works:
- Utilities providing for the following CO-Generation services: (Initial technical documents were prepared by Dar Al-Handasah Consulting Engineers – Beirut, the next development stage were prepared in-house)
- Electrical Power Generation for 27 MW.
- Electrical power Distribution for 160 MW.
- 50,000 TR District Cooling Plant.
- 15,000 m3/day Potable Water Storage and Distribution.
- 22,500 m3/day Sea Water Reverse Osmosis Plant.
- 15,000 m3/day Sewage Treatment Plant.
- 100 Tones/day of Solid Waste management System including pre-engineered backfill for future Natural Gas Emission/Production.
- All the relevant SCADA system for the aforesaid Utilities including metering and billing system strategies and tariffs.
