Dubai Electricity and Water Authority signed a 25-year power purchase agreement with Saudi Arabia's Acwa Power for the fifth phase of the Mohammed bin Rashid Al Maktoum solar park.
The 900 megawatt phase will be commissioned in stages starting from the third quarter of 2021, according to the utility.
Acwa Power submitted the lowest bid of 1.69 US cents for the fifth phase of the Sheikh Mohammed bin Rashid Solar Park in November. Dewa chose the Saudi power developer's bid from among 60 requests for qualification from international companies.
Dubai aims to generate 25 per cent of its energy requirements from renewable sources by 2030 and 75 per cent by 2050 as part of its clean energy drive. Dewa is building the world’s largest solar energy park in the Dubai desert in an effort to reduce reliance on natural gas and diversify its power sources.
The Mohammed bin Rashid Solar Park is expected to generate 5,000MW of electricity by 2030 and is estimated to drive up to Dh50 billion in investments.
The fifth phase of the project is being implemented through the Shuaa Energy 3 company in which Dewa holds a 60 per cent stake, with the remainder held by a consortium including Acwa Power and Gulf Investment Corporation.
"The recent developments in the oil industry have proved the importance of the UAE’s track to bid farewell to the last barrel of oil and diversify the energy mix," Dewa chief executive and managing director, Saeed Mohammed Al Tayer, said.
The solar park's operational capacity has reached 1,013MW from solar photovoltaic panels. A further 1,850MW of PV and concentrated solar power capacity is under construction, said Mr Al Tayer.
"This supports our efforts to achieve the Dubai Clean Energy Strategy 2050, to provide 75 per cent of Dubai’s total power output from clean energy by 2050," he added.
The UAE has ramped up efforts to increase its renewable energy capacity at a time of record low oil prices. On Tuesday, a planned 2GW solar scheme in Abu Dhabi - the oil hub for the UAE - received the world's lowest tariff on the basis of levellised costs of electricity.
Emirates Water and Electricity Company, a subsidiary of Abu Dhabi Power Corporation, said it received a cost-competitive tariff for solar PV energy of 4.97 fils per kilowatt hour (1.35 US cents/kWh)
The Dhafrah project, which will be built through an independent power producer model, will cover an area of 20 square kilometres and could provide electricity to 110,000 households across the UAE, according to Ewec.
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The Case For Trump
By Victor Davis Hanson
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
