Dewa managing director and chief executive Saeed Al Tayer with executives at the Mohammed bin Rashid Al Maktoum Solar Park. Photo: Dewa
Dewa managing director and chief executive Saeed Al Tayer with executives at the Mohammed bin Rashid Al Maktoum Solar Park. Photo: Dewa
Dewa managing director and chief executive Saeed Al Tayer with executives at the Mohammed bin Rashid Al Maktoum Solar Park. Photo: Dewa
Dewa managing director and chief executive Saeed Al Tayer with executives at the Mohammed bin Rashid Al Maktoum Solar Park. Photo: Dewa

Work at Mohammed bin Rashid Al Maktoum Solar Park ‘progressing well'


Fareed Rahman
  • English
  • Arabic

Dubai Electricity and Water Authority chief executive Saeed Al Tayer inspected progress at the fourth and fifth phases of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, which is expected to have a total capacity of 5,000 megawatts by 2030.

The utility is working on the fifth phase of the project in partnership with a consortium led by Saudi Arabia’s Acwa Power and Gulf Investment Corporation, using the independent power producer (IPP) model.

In 2019, Dewa achieved a world record by receiving the lowest bid of $1.6953 cents per kilowatt hour for the fifth phase.

Work on the fifth phase, which has a total investment of about Dh2.06 billion ($561 million), “is progressing as planned”, Dewa said.

The second project is 93.3 per cent complete while the third is 23.06 per cent complete.

The first project, which began to operate last year, “has been recording higher-than-expected performance”, with production capacity rising to 330MW, from 300MW.

The site uses “the latest solar photovoltaic bifacial technologies, which allows solar radiation to reach the front and back of the panels, with single-axis tracking to increase generation”, Dewa said.

The utility plans to use fully automated robots to clean the solar panels, increasing their efficiency.

The fifth phase of the project will provide clean energy to more than 270,000 residences in Dubai and will result in a reduction of 1.18 million tonnes of carbon emissions annually. It will be commissioned in stages until 2023.

  • An aerial view of Mohammed bin Rashid Solar Park in Dubai in January 2022. Solar is essential to the UAE's new energy mix. All photos by Pawan Singh / The National
    An aerial view of Mohammed bin Rashid Solar Park in Dubai in January 2022. Solar is essential to the UAE's new energy mix. All photos by Pawan Singh / The National
  • The fifth phase of a clean energy project at the Mohammed bin Rashid Solar Park will further help reduce carbon emissions.
    The fifth phase of a clean energy project at the Mohammed bin Rashid Solar Park will further help reduce carbon emissions.
  • An aerial view of the Solar Park in the Dubai desert.
    An aerial view of the Solar Park in the Dubai desert.
  • Marco Garcia, chief commercial officer of Nextracker, a US company which has provided photovoltaic technology used in the project.
    Marco Garcia, chief commercial officer of Nextracker, a US company which has provided photovoltaic technology used in the project.
  • The Innovation Centre at the MBR Solar Park in Dubai, where machine learning is being utilised to track direct sunlight to maximise efficient energy capture, storage and transmission.
    The Innovation Centre at the MBR Solar Park in Dubai, where machine learning is being utilised to track direct sunlight to maximise efficient energy capture, storage and transmission.
  • The solar powered panels follow the path of the sun to help the emirate reach its clean energy transition goals.
    The solar powered panels follow the path of the sun to help the emirate reach its clean energy transition goals.
  • Omar Al Hassan, chief executive of Shuaa Energy 3, the company operating the scheme, says the vast project will ultimately create clean energy to power more than 250,000 houses in Dubai.
    Omar Al Hassan, chief executive of Shuaa Energy 3, the company operating the scheme, says the vast project will ultimately create clean energy to power more than 250,000 houses in Dubai.
  • Robotic cleaning systems are installed on the solar panels.
    Robotic cleaning systems are installed on the solar panels.
  • More than 2.5 million photovoltaic modules have been fitted during phase 5 of the project.
    More than 2.5 million photovoltaic modules have been fitted during phase 5 of the project.

Work is also progressing at the fourth phase of the solar park, with investments of up to Dh15.78bn.

The overall construction of the project, with a total capacity of 950MW, is 90 per cent complete, Dewa said.

A consortium led by Dewa and Acwa Power formed a project company, Noor Energy 1, to design, build and operate the fourth phase.

Dewa owns 51 per cent of the company while Acwa Power holds 25 per cent and the Chinese Silk Road Fund owns a 24 per cent stake.

The fourth phase will provide clean energy for about 320,000 residences and lead to a reduction of 1.6 million tonnes of carbon emissions every year.

Dubai aims to meet all of its power needs using clean energy sources by 2050.

Renewables' share in the emirate's energy mix has hit 11.5 per cent and is expected to reach 14 per cent by the end of 2022.

Dewa’s installed capacity currently stands at 14,117MW of electricity, the utility said.

The UAE plans to invest Dh600bn in clean energy projects as part of its Net Zero 2050 strategy. It is also building world’s largest solar plant in Abu Dhabi's Al Dhafra region, with a total capacity of two gigawatts.

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

The five pillars of Islam
SQUADS

Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed

Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran

EA Sports FC 24
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Borussia Dortmund v Paderborn (11.30pm)

Saturday 

Bayer Leverkusen v SC Freiburg (6.30pm)

Werder Bremen v Schalke (6.30pm)

Union Berlin v Borussia Monchengladbach (6.30pm)

Eintracht Frankfurt v Wolfsburg (6.30pm)

Fortuna Dusseldof v  Bayern Munich (6.30pm)

RB Leipzig v Cologne (9.30pm)

Sunday

Augsburg v Hertha Berlin (6.30pm)

Hoffenheim v Mainz (9pm)

 

 

 

 

 

UAE currency: the story behind the money in your pockets
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

UAE Premiership

Results

Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai

Updated: May 30, 2023, 7:50 AM