A consortium led by Abu Dhabi National Energy Company (Taqa) and Masdar, in partnership with France’s EDF and JinkoPower, will develop the world’s largest solar power plant with a total capacity of 2 gigawatts in Abu Dhabi.
The project was awarded after a “rigorous procurement process [that] resulted in one of the most cost-competitive tariffs for solar PV energy”, the Emirates Water and Electricity Company said on Sunday.
The utility said the tariff was set at Dh4.97 fils per kilowatt hour ($1.35 cents/kWh) on a levelised cost of electricity basis”.
“The Al Dhafra Solar PV plant is a benchmark project for our nation and the global energy sector,” said Jasim Thabet, group chief executive and managing director at Taqa.
“The project’s low tariff and utilisation of best-in-class technology further demonstrate the feasibility of utility-scale renewable energy projects that are accelerating our nation’s progress on meeting the ambitious energy objectives outlined in the UAE Energy Strategy 2050.”
The project’s financial closure is set for the third quarter of this year, with power generation expected to begin in the first half of 2022 and full generation by the second half of 2022.
Once fully operational, the plant will increase Abu Dhabi’s solar power capacity to approximately 3.2 gigawatts.
The UAE is diversifying its energy mix and turning to solar and nuclear energy as it looks to free up hydrocarbons for export markets and generate up to 44 per cent of its energy from clean sources by 2050.
“By building one of the biggest solar plants in the world, adding up to their already significant renewable production capacity, the UAE is leading the renewable transition in the region,” said Sofia Bensaid, S&P Global Ratings infrastructure analyst.
Taqa and Masdar will own 60 per cent of Al Dhafra project, while the remaining 40 per cent will be held by EDF and China’s JinkoPower.
The project is expected to provide electricity to about 160,000 households across the UAE. It will be bigger than Taqa’s 1.2 gigawatt ‘Noor Abu Dhabi’ solar plant, the world’s largest operational single-site solar PV plant, according to EWEC.
“We are excited to be working with [the project’s partners] to realise the world’s largest single-site solar power plant in Abu Dhabi, building on our existing portfolio of world-class projects in the UAE, including Shams in Madinat Zayed in Abu Dhabi and the third phase of the Mohammed Bin Rashid Al Maktoum Solar Park in Dubai,” Mohamed Al Ramahi, chief executive of Masdar, said.
Apart from the UAE, other countries such as Saudi Arabia, Jordan, Egypt and Morocco are also coming up with new renewable energy projects.
Saudi Arabia, the world’s largest oil exporter, plans to add 60 gigawatts of clean energy capacity to the national grid by 2030. Of this, 40GW will come from solar photovoltaic plants, 16 gigawatts from wind turbines and 2.7 gigawatts from concentrated solar power, according to the kingdom’s Ministry of Energy.
The country is developing the $500m (Dh1.83 billion) Dumat Al Jandal wind project in Al Jouf, which is expected to be completed in 2022.
A consortium that comprises Masdar and EDF is building the project.
Jordan, on the other hand, plans to increase its renewable energy capacity to 2.7 gigawatts by 2021.
The 117-megawatt Tafila wind project accounts for 12 per cent of renewable energy generation in Jordan and is owned by JWPC, in which Abu Dhabi’s Masdar holds a 50 per cent stake.
Dubai intends 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. The Dubai Electricity and Water Authority is building the world’s largest solar energy park to help reduce the emirate’s reliance on natural gas and diversify its power sources.
The Mohammed bin Rashid Solar Park is expected to generate 5 gigawatts of electricity by 2030, helping boost investment by Dh50bn.
In April, Dewa 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 900MW phase will be commissioned in stages starting from the third quarter of 2021, according to the utility.
Morocco, meanwhile, intends to generate 42 per cent of its power from renewable sources by 2020 and 52 per cent by 2030.
Last year, an international consortium including Masdar won a tender to construct an 800MW solar power plant in the country.
The ten largest solar power plants in the world
- Tengger Desert Solar Park, China – 1,547MW
- Sweihan Photovoltaic Independent Power Project, UAE – 1,177MW
- Yanchi Ningxia Solar Park, China – 1,000MW
- Datong Solar Power Top Runner Base, China – 1,070MW
- Kurnool Ultra Mega Solar Park, India – 1,000MW
- Longyangxia Dam Solar Park, China – 850MW
- Enel Villanueva PV Plant, Mexico – 828MW
- Kamuthi Solar Power Station, India – 648MW
- Solar Star Projects, US – 579MW
- Topaz Solar Farm / Desert Sunlight Solar Farm, US – 550MW
Source: Power Technology.com
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
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
Company%20profile
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Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
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
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
More from Neighbourhood Watch:
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
RIDE%20ON
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