Construction of Abu Dhabi’s largest solar power plant began on Wednesday after a financing package, totalling Dh3.2 billion, was secured.
The 1.17 gigawatt plant, which will produce enough electricity to power about 200,000 homes, will be built by Japan’s Marubeni and JinkoSolar of China. The Asian consortium submitted the lowest bid to provide electricity at a non-weighted cost of 2.94 cents per kWh, making it one of the cheapest solar projects in the world.
Sheikh Hazza bin Zayed, the vice chairman of the Abu Dhabi Executive Council, attended the launch of the solar photovoltaic (PV) power plant in Sweihan, about 100 kilometres south-east of the capital.
Sheikh Hazza said that this plant established Abu Dhabi as the capital for economic, environmental and technological practices. “This project must be associated with the creation of advanced research centres to drive the economic and technological journey, placing the UAE on the world map of knowledge-based economies,” he tweeted.
The emirate’s state-owned utility, the Abu Dhabi Water and Electricity Authority (Adwea), originally targeted that financial close, execution of the land lease and engineering contract to be reached by March 30, according to the project’s request for proposal (RFP). However, the 25-year power purchase agreement was not signed until the beginning of March.
Adwea’s director general, Saif Saleh Al Sayari, said it raised US$620 million in debt with the remaining $222m raised in equity. “The financing which is completed is a $650m project finance from local and international commercial banks,” said Mr Al Sayari, according to Reuters. He said the 25-year loan is structured in a way that will allow refinancing after five years.
While Adwea will handle the equity, the Bank of Tokyo Mitsubishi is the leading arranger of the loan, committing at least $100m in funding. Other Japanese lenders joined including Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Norinchukin Bank followed by France’s BNP Paribas Credit Agricole, Natixis and the First Abu Dhabi Bank.
Abu Dhabi has a 100MW concentrated solar power plant operated by clean energy company Masdar and France’s Total, but this is Adwea’s first venture into renewable energy power production. However, the utility has vast experience in independent power producer projects as it initiated the model in the UAE dating back to 1998.
The RFP said that earliest that the plant will be connected to the grid will be in the fourth quarter of next year and the latest date will be in March 2019.
This project falls in line with the UAE Energy Plan 2050, which aims to increase clean energy use by 50 per cent and improve energy efficiency by 40 per cent, resulting in savings worth Dh700bn.
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The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
The specs
Engine: 2.3-litre 4cyl turbo
Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Don't get fined
The UAE FTA requires following to be kept:
- Records of all supplies and imports of goods and services
- All tax invoices and tax credit notes
- Alternative documents related to receiving goods or services
- All tax invoices and tax credit notes
- Alternative documents issued
- Records of goods and services that have been disposed of or used for matters not related to business
Kandahar
Director: Ric Roman Waugh
Stars: Gerard Butler, Navid Negahban, Ali Fazal
Rating: 2.5/5
Zayed Sustainability Prize
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
RESULTS
9pm: Maiden (PA) Dh70,000 (Dirt) 2,000m
Winner: Mubhir Al Ain, Antonio Fresu (jockey), Ahmed Al Mehairbi (trainer)
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m
Winner: Exciting Days, Oscar Chavez, Doug Watson
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m
Winner: Suny Du Loup, Marcelino Rodrigues, Hamad Al Marar
10.30pm: Maiden (PA) Dh70,000 (D) 1,800m
Winner: Jafar Des Arnets, Oscar Chavez, Ahmed Al Mehairbi
11pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Taj Al Izz, Richard Mullen, Ibrahim Al Hadhrami
11.30pm: Maiden (PA) Dh70,000 (D) 1,400m
Winner: Majdy, Antonio Fresu, Jean de Roualle
12am: Maiden (PA) Dh70,000 (D) 1,400m
Winner: Hamloola, Sam Hitchcott, Salem Al Ketbi
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
'HIJRAH: IN THE FOOTSTEPS OF THE PROPHET'
Edited by: Idries Trevathan
Pages: 240
Publisher: Hirmer Publishers
Available: Now
EA Sports FC 24
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 3.5/5
Stage result
1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
How to avoid getting scammed
- Never click on links provided via app or SMS, even if they seem to come from authorised senders at first glance
- Always double-check the authenticity of websites
- Enable Two-Factor Authentication (2FA) for all your working and personal services
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- Double-check the web addresses to reduce exposure to fake sites created with domain names containing spelling errors
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
The five pillars of Islam
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
The specs
Engine: Dual permanently excited synchronous motors
Power: 516hp or 400Kw
Torque: 858Nm
Transmission: Single speed auto
Range: 485km
Price: From Dh699,000
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
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All The Light We Cannot See
Creator: Steven Knight
Stars: Mark Ruffalo, Hugh Laurie, Aria Mia Loberti
Rating: 1/5
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.