Abu Dhabi has inaugurated the two-gigawatt Al Dhafra solar power plant, one of the world's largest solar projects, as it moves ahead with plans to expand its renewable energy capacity and achieve its net-zero targets.
The project has been developed by Abu Dhabi National Energy Company, better known as Taqa, in partnership with clean energy company Masdar, France’s EDF Renewables and China's JinkoPower, the Abu Dhabi Media Office said on Thursday.
The Emirates Water and Electricity Company will procure the electricity supplied by the plant.
It will power 200,000 homes and is expected to reduce Abu Dhabi's carbon dioxide emissions by more than 2.4 million tonnes a year, equivalent to removing about 470,000 cars from the road.
It utilises about four million solar panels with bi-facial technology that captures sunlight on both sides for maximum yield.
The project, said to be the world's largest single-site solar power plant, will raise Abu Dhabi’s solar power production capacity to 3.2 gigawatts.
“As the UAE prepares to host Cop28, this pioneering project reflects the country’s ongoing commitment to raising its share of clean energy, reducing its carbon emissions and supporting the global efforts on climate action,” said Sheikh Hazza bin Zayed, Deputy Ruler of Abu Dhabi.
“We are witnessing, day after day, project after project, that the UAE is at the global forefront of developing and adopting innovative clean energy solutions,” he said.
The UAE is “proceeding with its strategic plans to enhance its energy security by implementing a diverse range of flexible energy generation that is contributing to the reduction of carbon emissions, while also advancing the economy”, Sheikh Hazza said.
Taqa owns 40 per cent of the project, Masdar owns 20 per cent while the remaining partners, EDF Renewables and Jinko Power, own a 20 per cent stake each in the project.
The project, located 35km from Abu Dhabi and spread across more than 20 square kilometres in the desert, generated 4,500 jobs at the peak of its construction. It was built in a single phase.
Al Dhafra project demonstrated “remarkable” progress in solar power efficiency, innovation and cost competitiveness, setting a new “record-low” tariff, Dr Sultan Al Jaber, Cop28 President-designate, Minister of Industry and Advanced Technology and chairman of Masdar said.
“With just days to go before the start of Cop28, I will be asking the world to unite and deliver the energy transition by tripling renewables capacity and doubling energy efficiency by 2030. Al Dhafra is an example of the scale of the ambition needed around the world.”
The project, which was first announced in 2020, initially had a highly competitive solar power tariff at Dh4.97 fils per kilowatt-hour (kWh), which improved to Dh4.85 fils/kWh upon financial close.
The UAE, the first country in the Mena region to announce a target of net zero by 2050, has been investing heavily in building renewable energy plants.
The host of the Cop28 climate conference beginning this month, the Emirates approved an updated version of the UAE Energy Strategy 2050 in July.
As part of the plan, the country plans to invest up to Dh200 billion ($54 billion) by 2030 to ensure energy demand is met while sustaining economic growth.
The UAE also aims to produce 1.4 million metric tonnes of hydrogen annually by 2031 and 15 million metric tonnes every year by 2050.
Meanwhile, the emirate of Abu Dhabi also announced its Climate Change Strategy for 2023-2027 in July. It aims to reduce emissions by 30 million tonnes by 2027, from 135 million tonnes in 2016.
“The project contributes to creating opportunities for sustainable economic and social growth, while simultaneously achieving a balance between sustainable development and mitigating the impacts of climate change,” said Awaidha Al Marar, chairman of the Department of Energy in Abu Dhabi.
“It will also promote the creation of a knowledge-based economy, harness clean technology, and create a diversified mix of energy sources.”
Last month, the UAE launched its first wind programme, with Masdar announcing a 103.5 megawatt landmark wind project across four locations in Abu Dhabi.
The project is expected to power more than 23,000 homes a year, displacing 120,000 tonnes of CO2.
Masdar, established in 2006, is working towards a renewable energy portfolio capacity of at least 100 gigawatts by 2030 and an annual green hydrogen production capacity of up to one million tonnes by the same year. It is currently active in more than 40 countries.
The Emirates is also building the five-gigawatt Mohammed bin Rashid Solar Park in Dubai, which will cut 6.5 million tonnes of carbon emissions annually when it is fully completed in 2030.
The UAE currently ranks second globally in terms of per capita solar energy consumption, according to data from The Energy Institute Statistical Review of World Energy.
Meanwhile, this week Taqa said it aimed to achieve 150 gigawatts of gross power generation by 2030, significantly higher than its previous target of 50 gigawatts.
The company, which is one of the largest listed integrated utilities in Europe, the Middle East and Africa, plans to have renewable power sources account for about 65 per cent of its power generation portfolio by the end of this decade.
Renewable energy is expected to make up about half of the global electricity mix by 2030 under current policies, but stronger measures would be required to meet the goals of the Paris Agreement, the International Energy Agency said in a report last month.
By the end of the decade, there will be 10 times as many electric cars on the road worldwide, with the share of renewable energy in power generation rising to 50 per cent from 20 per cent now, the Paris-based agency said in its World Energy Outlook.
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
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Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
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Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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
Dark Souls: Remastered
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Keane on …
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