Clean energy boost for Dubai with inauguration of 300MW solar park 

The solar park is the largest single-site one in the world with a planned total capacity of 5,000MW by 2030, implemented by Dubai Electricity and Water Authority (DEWA). (Screenshot/DXB Media Office)
The solar park is the largest single-site one in the world with a planned total capacity of 5,000MW by 2030, implemented by Dubai Electricity and Water Authority (DEWA). (Screenshot/DXB Media Office)
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Updated 18 August 2021

Clean energy boost for Dubai with inauguration of 300MW solar park 

The solar park is the largest single-site one in the world with a planned total capacity of 5,000MW by 2030, implemented by Dubai Electricity and Water Authority (DEWA). (DXB Media Office)
  • Sheikh Mohammed bin Rashid Al Maktoum also launched a project to study the feasibility of generating electricity by utilising wind energy in Hatta

RIYADH: Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum has inaugurated the 300 megawatt (MW) first stage of the 900MW fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park, with investments amounting to 2.058 billion dirhams, the Executive Office said in a statement on Tuesday.

The fifth phase will provide clean energy to over 270,000 residences in Dubai, including 90,000 residences by the commissioned first stage, and will reduce 1.18 million tonnes of carbon emissions annually, according to the statement. To be commissioned in stages until 2023, the fifth phase uses the latest solar photovoltaic bifacial technologies with Single Axis Tracking to increase energy production, it said.

The solar park is the largest single-site one in the world with a planned total capacity of 5,000MW by 2030, implemented by Dubai Electricity and Water Authority (DEWA) using the Independent Power Producer (IPP) model. It constitutes one of the key pillars of the Dubai Clean Energy Strategy 2050, aiming to provide 75 percent of Dubai’s total power capacity from clean energy sources by 2050, according to DEWA.

Sheikh Mohammed bin Rashid Al Maktoum also launched a project to study the feasibility of generating electricity by utilising wind energy in Hatta. 

DEWA has identified the location for a wind farm with a total capacity of about 28MW and actual wind speed for a full year is currently being measured at the location using a 150-metre metal tower. 

The purpose is to collect accurate data and study the total capacity of the power plant as well as other technical details in terms of number of turbines, capacity of each, annual operating hours, among other things.

DEWA had announced in November 2019 the consortium led by ACWA Power and Gulf Investment Corporation as the Preferred Bidder to build and operate the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park using photovoltaic (PV) solar panels based on the IPP model. 

DEWA established Shuaa Energy 3  to implement the project and owns 60 percent of the company, in partnership with the consortium led by ACWA Power and Gulf Investment Corporation. which owns the remaining 40 percent. 


Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn
Image: Shutterstock
Updated 22 sec ago

Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn

RIYADH: The Central Bank of Egypt will on Monday Dec. 6 issue a tender for one-year US dollar-denominated Treasury bills worth $1 billion.

The proceeds of this tender will be used to pay the value of a previous bid, which the CBE offered on Dec. 8, 2020, through which $1 billion was withdrawn, Daily News Egypt reported.

The CBE said that it had received 33 offers from local and international investors worth $1.8 billion to cover a similar bid that the bank put forward on Nov. 15, 2021, worth $1.6 billion.

The Central Bank accepted 28 of those offers, worth $1.6 billion.


Singapore suspends crypto exchange Bitget

Singapore suspends crypto exchange Bitget
Updated 4 min 20 sec ago

Singapore suspends crypto exchange Bitget

Singapore suspends crypto exchange Bitget

RIYADH: The regulator in Singapore has suspended Bitget, a crypto exchange that got into a fray after promoting the digital currency Army Coin, which is named after the followers of South Korean boy band BTS, Bloomberg reported.

Bitget, the sponsor of Italian soccer team Juventus, describes the army coin as a way to provide lifelong financial support to BTS members, but BTS’ agency Hybe said the coin has nothing to do with BTS and threatened legal action.
Bitget has removed the Singapore Monetary Authority logo from its website and blocked Singapore users from accessing the app and website, according to Bloomberg.
It also said on its website that it was established in 2018 in Singapore and has more than 1.5 million users worldwide.


Saudi Arabia, Oman to sign 13 trade and investment agreements

Saudi Arabia, Oman to sign 13 trade and investment agreements
Updated 15 min 34 sec ago

Saudi Arabia, Oman to sign 13 trade and investment agreements

Saudi Arabia, Oman to sign 13 trade and investment agreements

RIYADH: Saudi Arabia and Oman plan to sign thirteen trade and investment agreements, Oman’s minister of commerce, industry and investment promotion said to Asharq. 

The announcement came during the Saudi’s Crown Prince Mohammad bin Salman visit to the Sultanate. 

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Italy’s Enel to launch renewable power project in Australia

Italy’s Enel to launch renewable power project in Australia
Updated 32 min 11 sec ago

Italy’s Enel to launch renewable power project in Australia

Italy’s Enel to launch renewable power project in Australia

RIYADH: Enel SpA is the latest European energy giant to announce plans to expand its renewable electricity sales in Australia. 

The Rome-based company will launch a “greentailer” offering 100 percent renewable power to help customers meet sustainability objectives, Bloomberg reported citing a statement by Enel.

The offering initially targets commercial and industrial users but plans to expand to residential users.

This will happen after Enel is issued a retail license this week by the Australian Energy Regulator, the statement said.

The move comes less than a month after the Royal Dutch Shell bought one of Australia’s largest household providers of renewable power.

Enel plans to switch from coal by 2027 and gas by 2040, toward clean energy. It already has 55 GW of renewable energy in its 90-GW global portfolio, Bloomberg said.


Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years
Image: Shutterstock
Updated 06 December 2021

Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years

RIYADH: Companies in the Egyptian business sector have managed to decrease their debts by a notable 77 percent in three years.

Hisham Tawfik, minister of Public Business Sector said the debts dropped from 44 billion Egyptian pounds ($2.8 billion) to 10 billion Egyptian pounds, with the remainder mostly consisting of taxes.

Tawfik said that a settlement had been reached on the debt with only taxes outstanding.

He added that the original value of the debt in 2018 also included costs such as electricity and petroleum.