The Ras al-Khaimah government signed an agreement on 3 October with UAE-based utilities contractor Utico Middle East and China’s Shanghai Electric to build a state-of-the-art coal-fired power plant. The 270mw capacity plant is expected to cost Dh1.5bn ($408.4mn) and to be completed in 2015.

The contract was signed on the sidelines of the Global IWPP Summit in Ras al-Khaimah. Utico Managing Director Richard Menezes told reporters that the project would be funded through debt and equity, and that the partners are talking to a consortium of banks for finance. (CONTINUED - 267 WORDS)