ACWA Power secures investment from Silk Road Fund

From left, Cao Min, Mohammad Abu Nayyan, Sheikh Mohammed bin Rashid Al-Maktoum, and Saeed Mohammed Al-Tayer.
Updated 24 July 2018
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ACWA Power secures investment from Silk Road Fund

ACWA Power, a leading developer, owner, and operator of power generation and water desalination plants, has announced that China’s Silk Road Fund will acquire a 24.01 percent equity interest in the 700MW DEWA Concentrated Solar Power (CSP) project in the UAE.
In the presence of Chinese President Xi Jinping, Vice President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al-Maktoum, and the crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al-Nahyan, Saeed Mohammed Al-Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), and Yanzhi Wang, president of the Silk Road Fund, exchanged the executed investment agreements concerning the DEWA Concentrated Solar Power Project (DEWA CSP Project), which will be jointly invested and developed by DEWA, the Silk Road Fund, and ACWA Power.
The DEWA CSP project, which was awarded to an ACWA Power led consortium in 2017, is the 4th phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world.
The project uses a state-of-the-art combination of a central tower and parabolic trough technologies to collect energy from the sun, store it in molten salt and produce steam as required to generate electricity during the day and throughout the night.
The project is projected to deliver electricity at a levelized tariff of $7.30 cents per kilowatt-hour 24 hours a day; a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock.


Record-breaking attractions at LuLu Food Carnival

Updated 25 March 2019
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Record-breaking attractions at LuLu Food Carnival

LuLu Hypermarket is hosting a two-week food festival offering a wide variety of products and culinary treats inspired by flavors from around the world.
Food Carnival 2019 was launched on Sunday at the LuLu Hypermarket Murabba branch in Riyadh and runs until April 6.
On offer are a number of special deals on food products and exciting in-store activities such as cooking competitions, live cooking demos, free sampling, quiz contests and gigantic displays of food.
LuLu has partnered with Almarai and Guinness World Records to offer customers a chance to be the next Guinness World Records title holder. Customers can make an attempt to break up to nine world records, such as the fastest time to drink a 250-ml quantity of milk through a straw or the fastest time to stack cheeses. The Guinness World Records events will be held on March 29 at LuLu Hypermarket, Atyaf Mall, Riyadh; on March 30 at LuLu Mall Dammam; and on April 5 at LuLu Hypermarket, Marwah, Jeddah.
LuLu Director for Saudi Arabia Shehim Mohammed said: “LuLu has once again transformed into a culinary destination. This year, we have brought together a well-chosen product selection that will satisfy the lifestyle requirements of our customer base. This festival also celebrates the innovative spirit of our culinary talents with the support of top chefs in the country. People will have a chance to interact with celebrity chefs during the festival’s live cooking demonstrations. Super offers, such as product of the day, daily surprise, hourly offers, and so much more awaits our shoppers for the entire 14-day promotion.”