The BBC reports that the work has begun on a $22 billion project, which will result in a 50,000 person, 1,500 business city. The World Wildlife Federation has funded a large portion of the project.
Water will be provided through a solar-powered desalination plant, Masdar says. The city will need a quarter of the power required for a similar sized community, while its water needs will be 60% lower.
Environment New Service reports that in January President Bush previewed the layout and was impressed by the carbon-neutral city that will be called Masdar City. The projected opening is currently at 2009.
Masdar is a major Energy company in Abu Dhabi and has lead innovative technology in renewable energy. Here is their site, which lays out the plans for this awesome endeavor.