Solar power to be main energy source by 2017

Updated 04 July 2013
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Solar power to be main energy source by 2017

Gulf countries are increasingly turning their focus toward clean renewable sources of energy for their power generation, with solar energy set to emerge as one of the region’s main sources of energy by 2017. Already solar power installation projects worth approximately $ 155 billion are in the pipeline with capabilities to generate more than 84 GW of power.
The Gulf countries will be addressing some of the main challenges related to the deployment of energy projects in desert terrain at a high-level industry summit in Dubai later this year.
The summit, called GulfSol 2013, will make its debut at Dubai International Exhibition Center from Sept. 3-5, and will feature government and private sector companies discussing ways of effective deployment of solar projects while also showcasing some of the latest international technologies.
Top agenda at the summit includes discussions on feasibility of solar power projects in remote areas, the wide range of unrealized opportunities in the region for international companies and enforceable regulatory and policy frameworks for implementation of solar projects.
The event is expected to be attended by more than 5,000 participants from the region and around the world and will be accompanied by interactive workshops by industry leaders.
The event assumes added significance given that Abu Dhabi has set a goal of generating 7 percent of its electricity from renewable sources by 2020 and the state-owned renewable energy company, Masdar, has announced that it will invest up to AED 6 billion in alternative energy schemes alongside the UK’s Green Investment Bank (GIB).
“It is apparent that while the solar industry in other areas is struggling, right across MENA, the opportunities are there for companies to get themselves involved with a wealth of opportunities that are presenting themselves. Right now, nothing is hotter for solar than the Middle East,” said Derek Burston, exhibition manager of GulfSol 2013.
“To meet the goals that the GCC have set themselves means expertise will be needed from the international solar power industry to deal with the difficulties involved in construction in desert terrain, including dust, high winds and transmission requirements,” he added.
Saudi Arabia, the world’s largest oil producer, is even more ambitious.
The Saudi government hopes to just about double its installed electricity capacity by building 54 GW of renewable energy (as well as 17.6 GW of nuclear power) by 2032, of which 41 GW will obtained from the sun.
Qatar is also turning to renewables, with a plan on the table to get 10 percent of the electricity and energy used in water desalination from solar energy by 2018.
Kuwait too has ambitions to derive 10 percent of its power requirements from renewable energy sources by 2020.


Workplace messaging startup Slack to list on Wall Street

Updated 26 April 2019
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Workplace messaging startup Slack to list on Wall Street

  • The direct listing will raise no cash for the California-based firm but will enable employees and early investors to sell their shares in the fast-growing tech firm
  • Slack, which has become a popular application for businesses looking to move away from email to real-time messaging, said it had some 10 million users at the end of January

WASHINGTON: The workplace messaging startup Slack filed documents Friday to list its shares on the New York Stock Exchange, the latest of a group of richly valued tech enterprises to look to Wall Street.
The “direct listing” will raise no cash for the California-based firm but will enable employees and early investors to sell their shares in the fast-growing tech firm.
Slack, which has become a popular application for businesses looking to move away from email to real-time messaging, said it had some 10 million users at the end of January.
That included 88,000 paying customers and 65 of the Fortune 100 firms.
“Our vision is to make people’s working lives simpler, more pleasant and more productive,” Slack said in its filing with the Securities & Exchange Commission.
“Slack is a new layer of the business technology stack that brings together people, applications, and data — a single place where people can effectively work together, access hundreds of thousands of critical applications and services, and find important information to do their best work.”
Slack, which has users in 150 countries, has raised more than $1 billion from investors with the latest round valuing the company at $7.1 billion, making it one of the most richly valued “unicorns” — startups with private funding worth at least $1 billion.
In its first release of financial data, Slack said it lost $141 million in the 12 months to January 31 on revenue of $400 million.
Created in 2013, Slack has been a leader in the new segment but faces competition from the likes of Microsoft, Facebook and others offering workplace collaboration tools.
Analysts say Slack has found a niche, especially among small- and medium-sized businesses.
Its clients include software giant Oracle, the French luxury goods maker LVMH, Liberty Mutual insurance and the NASA Jet Propulsion Laboratory.
It is available in eight languages and gets about one-third of its revenue from outside the United States.
Slack’s chief executive and founder Stewart Butterfield was part of the team that started the photo-sharing service Flickr.
The direct listing, which was also used by the streaming music giant Spotify, does not add fresh capital to the firm but enables free trading of shares while avoiding the underwriting costs of a public offering.
Slack will trade under the symbol “SK.”