Emirates Water and Electricity Company (Ewec) has received four bids for the development of the 1,500-megawatt Al Ajban solar project.
The proposals were from Saudi Arabia’s Acwa Power, EDF Renewables, Marubeni Corporation, and a consortium consisting of Jinko Power and JERA, Ewec said on Monday.
The Al Ajban Solar PV Project, which is set to become operational in 2026, will be able to power about 160,000 homes across the UAE and is expected to reduce Abu Dhabi’s carbon dioxide emissions by up to 2.4 million metric tonnes per year.
It will also raise Ewec’s total solar power capacity to about 4 gigawatts.
“Ewec’s renewable energy projects are further strengthening the UAE's position as a global leader and role model in planning and implementing strategic tangible actions to realise long-term socio-economic and sustainability objectives,” said Othman Al Ali, chief executive of Ewec.
Ewec said it received 43 “expressions of interest” from potential bidding companies, with 19 qualifying for the proposal stage.
The announcement of the award and the signing of the power purchase agreement is expected to take place by the fourth quarter of this year, the company said.
Ewec is targeting a 606 per cent rise in its solar power generation capacity by 2030 as the UAE pursues its goal of achieving net zero by 2050.
It plans to increase its solar power capacity to 7.3 gigawatts by the end of the decade, Ewec said in its Statement of Future Capacity Requirements report in March.
The report also forecast the requirement for an additional three gigawatts of solar power capacity by 2029 on top of the 1.5 gigawatts procured from the Al Ajban plant.
The UAE is investing heavily in clean energy projects and has announced several initiatives to reach its 2050 target.
The country is developing new clean energy projects such as the Barakah nuclear plant, a solar plant in the Al Dhafra region of Abu Dhabi with a total capacity of two gigawatts, and the five-gigawatt Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
Last week, the UAE Cabinet approved the updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy.
Under the updated objectives of the UAE Energy Strategy 2050, the Arab world’s second-largest economy will invest Dh200 billion ($54 billion) by 2030 to ensure energy demand is met while sustaining economic growth.
In May, a Dh2.3 billion desalination plant, called the Mirfa 2 Reverse Osmosis project, reached financial closing.
Ewec had awarded the contract to develop the plant to Abu Dhabi National Energy Company, better known as Taqa, and France’s Engie.
Company%20profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More coverage from the Future Forum
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
