The BESIX-Plenary Group consortium has reached financial close on the Khalifa City School project in Abu Dhabi, being developed under what is known as “an augmentation procurement framework” within the existing Zayed City Schools public-private partnership (PPP) project.
Led by Abu Dhabi Investment Office (ADIO), the design and use of this framework to procure school infrastructure is the first of its kind in the region.
The augmentation comprises the design, build, finance, and 18-year operation and maintenance of a new campus, which will accommodate 3,380 students in Khalifa City.
Equity financing is provided by Plenary (50%) and BESIX (50%), while debt is being provided by leading domestic and international banks Abu Dhabi Commercial Bank, HSBC, Intesa Sanpaolo and Norinchukin.
Plenary Group chief investment officer, Paul Crowe, said: “The augmentation deal underlines the flexibility of the PPP model and the ability to enhance value for money for the procurer. This project, and the underlying Zayed City Schools project, is a great demonstration of the strength and flexibility of the PPP model. The Khalifa City School is a brilliant result for ADEK and its future students and staff, and we are proud to have provided such a meaningful outcome for ADIO.”
Peter Lembrechts, general manager of BESIX Middle East, said: “BESIX’s strength lies in our unique combination of capabilities: equity investment, EPC expertise, and long-term operations and maintenance leadership. This integrated approach allows us to deliver successful projects at every stage, creating lasting value for all stakeholders.”
Elias Sfeir, head of concessions & assets, BESIX Middle East, added: “Leveraging our combined financial strength, technical expertise, and a unified vision to deliver ADEK’s and ADIO’s goals for sustainability and innovation, this strong partnership will once more redefine possibilities and set new benchmarks in infrastructure development.”
The school is scheduled to be completed in time for the 2026 academic year. ADIO led the augmentation process in collaboration with the ADEK and the BESIX-Plenary Group consortium.
The Zayed City Schools project delivered three new state-of-the-art school campuses with a total capacity of 5,360 students earlier this year.
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