Saudi Arabia has signed agreements worth more than 31 billion riyals ($8.3 billion) for seven renewable energy projects with an Acwa Power-led consortium to boost the kingdom’s green energy capacity.
Power purchase agreements for new solar and wind energy projects with 15 gigawatts capacity signed by the state-owned company Principal Buyer in the presence of the Saudi Energy Minister Prince Abdulaziz bin Salman are part of the country’s National Renewable Energy Programme, the Saudi Press Agency reported on Sunday.
“The signing of these agreements represents the largest capacity globally signed for renewable energy projects in a single phase,” SPA said.
“It confirms the kingdom's continued leadership in developing renewable energy infrastructure and achieving globally competitive costs of electricity production per kilowatt-hour, due to efficient financing and development models, as well as growing investor confidence in the Saudi investment environment.”
Acwa Power is the main developer for the developments in partnership with the Public Investment Fund-owned Water and Electricity Holding Company (Badeel), and Aramco Power, a subsidiary of state-controlled oil and gas giant Saudi Aramco.
Principal Buyer is responsible for preparing feasibility studies and tendering electricity generation projects, SPA added.
So far, it has launched renewable electricity generation projects with a total capacity of 43 gigawatts. Of these, Principal Buyer has already signed power purchase agreements for projects with a capacity of 38 gigawatts. The remaining 10.21 gigawatts have already been connected to the national grid.
Saudi Arabia expects the capacity connected to the grid to reach 12.7 gigawatts by the end of this year and rise to more than 20 gigawatts by the end of 2026.
The solar deals signed on Sunday include a three-gigawatt Bisha project in Aseer, a three-gigawatt development in Madinah, the Khulis Project in Makkah with a capacity of two gigawatts, and Afif 1 and Afif 2 in Riyadh, each with a two-gigawatt capacity.
The wind energy projects include two in Riyadh: the Starah development with a capacity of two gigawatts and the one-gigawatt Shaqra project, SPA reported.
Backed by the PIF, Acwa Power is one of the largest renewable energy developers in the Middle East. It currently has operations in 14 countries across the Middle East, Africa, and Central and South-East Asia.
It is an investor in and operator of 101 power generation and water desalination projects in operation, construction and advanced development with an overall portfolio size of about $107.5 billion as of February this year.
The company has grown quickly over the years, capitalising on the rising demand of green energy in the Middle East and the 14 countries it operates in.
Renewable energy generation in the Middle East is forecast to grow by about 14 per cent per year from now until 2027, with its share of the overall energy mix rising from 5 per cent to 7 per cent, according to the International Energy Agency.
Beyond the region, Acwa Power is eyeing markets including China to further strengthen its global footprint. The company plans to grow its business in China despite concerns of a trade war with the US, chief executive Marco Arcelli said in March.
The company has already entered China’s renewable energy market with agreements for projects that will generate one gigawatt of electricity. By 2030, it aims to invest up to $30 billion in China – the world’s largest renewable energy market – in line with its plans to triple its overall assets under management to about $250 billion.
“We take a long-term view, and we see China as a very strong economy,” Mr Arcelli told The National.
“China has a programme of installing 250-300 gigawatts of renewables per year, and the commitment there is very strong. The scale is such that even if, in theory, it slows down by 10 per cent, it is still a gigantic market.”
How it works
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Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Padmaavat
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Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The specs
Engine: 1.5-litre turbo
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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
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
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Price: Dh332,800
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