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Masdar Initiative Breaks Ground

Abu Dhabi has broken ground on Masdar City, the world’s first zero-carbon, zero-waste, car-free city. The global milestone event was marked by the laying of a virtual cornerstone by His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

In conjunction with the groundbreaking, Masdar CEO Dr. Sultan Al Jaber announced a total development budget for the city of $22 billion. Of that investment total, Masdar will contribute $4 billion to develop the city’s infrastructure. The remaining $18 billion will come through direct investments and the creation of various financial instruments to raise needed capital. In addition to full-time residents, Masdar City will seek to attract and encourage collaboration between experts in sustainable transportation, waste management, green construction, renewable energy and green financial institutions.

“We are creating a city where residents and commuters will live the highest quality of life with the lowest environmental footprint,” said Dr. Al Jaber. “Masdar City will become the world’s hub for future energy. By taking sustainable development and living to a new level, it will lead the world in understanding how all future cities should be built.”