TOKYO, Aug 2: Japan’s Marubeni Corp said on Thursday it has won a contract to build and operate the largest water and power project in the United Arab Emirates in a consortium with Britain’s International Power Plc.

The Tokyo-based trading house said the construction of the plant in the eastern emirate of Fujairah and the 20-year purchasing agreement would be worth $2.8 billion.

“It is the largest newly constructed independent water and power project in the UAE,” a Marubeni statement said.

The oil-rich United Arab Emirates has been on a construction boom as it promotes the cities of Dubai and Abu Dhabi as business and leisure hubs.

The plant is expected to open in 2010. The Abu Dhabi Water and Electricity Company, which has a 60 per cent stake in the project, will buy the water and electricity, Marubeni said.

French firm Alstom will participate in the construction of the plant’s 2,000-megawatt power capability, while France’s Societe Internationale de Dessalement will build the seawater desalination component, it said.—AFP