Dubai utility inaugurates solar park

Updated 07 May 2018
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Dubai utility inaugurates solar park

Dubai has inaugurated the 200 megawatt (MW) first stage of the 800MW third phase of the Mohammed bin Rashid Al-Maktoum Solar Park. Dubai Electricity & Water Authority (DEWA) is implementing the third phase using the Independent Power Producer (IPP) model.

It is is being delivered in partnership with a consortium led by Abu Dhabi Future Energy Company (Masdar) and Électricité de France (EDF) Group. The second and third stages of this phase, which have a capacity of 300MW each, will be completed in 2019 and 2020 respectively.  The plant is the first in the region to use a single-axis solar tracking system, which increases energy efficiency by as much as 30 percent.

The project provides more than 60,000 residences with clean energy, reducing more than 270,000 tons of carbon emissions annually. AN


Saudi minister Al-Falih says Aramco IPO likely in 2019

Updated 25 May 2018
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Saudi minister Al-Falih says Aramco IPO likely in 2019

  • Energy Minister Khalid Al-Falih: “We are ready, the company (Saudi Aramco) essentially has ticked all the boxes. We’re simply waiting for a market readiness for the IPO.”
  • Khalid Al-Falih: “Most likely it will be in 2019 but we will not know until the announcement has been made. All I could say is stay tuned.”

RIYADH: Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid Al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.

“The timing I think will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia,” Khalid Al-Falih, who’s also the company’s chairman, said at the St. Petersburg International Economic Forum in Russia on Friday.

“We are ready, the company essentially has ticked all the boxes,” he said. “We’re simply waiting for a market readiness for the IPO.”

For almost two years, Saudi officials said the IPO was “on track, on time” for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019.

“Most likely it will be in 2019 but we will not know until the announcement has been made,” Al-Falih said. “All I could say is stay tuned.”

The Aramco IPO would be a once-in-a-generation event for financial markets. Saudi officials said they hope to raise a record $100 billion by selling a 5 percent stake, valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese retailer Alibaba Group Holding Ltd. in 2014.