This week, the emirate of Dubai reached a milestone in the construction of the Dh50 billion Mohammed bin Rashid Al Maktoum Solar Park, with the completion of the first 128 pillars of the scheme's main generator tower. The National explores why solar is at the heart of clean energy initiatives in the GCC.
What is solar power?
Solar power is power generated by capturing energy from the sun and turning it into electricity for homes, businesses and cities. As countries work to reduce carbon emissions under global and national pledges, solar has become increasingly popular. It was the world’s fastest-growing source of power in 2016, accounting for almost two-thirds of net new energy capacity globally, according to a report from the International Energy Agency last year. The rise was due to a boom in photovoltaic panel installations – the panels used to capture the sun’s energy and convert it into electricity - particularly in China, due to lower costs and government backing.
Solar panels themselves are becoming more efficient, meaning solar ‘farms’ are cheaper to run.
Why are GCC states interested in solar energy?
Like other countries around the world, the GCC is working to reduce greenhouse gas emissions. Solar is an especially attractive alternative to using fossil fuels because of the abundance of sunshine in the region, and recent developments in solar technology that are making the cost of solar equipment drop.
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Read more:
Construction progresses on fourth phase of Dubai solar park
Dubai set for world’s cheapest night-time solar power
How making solar cells in the UAE could boost the renewable energy sector
Concentrated solar power projects to accelerate in the Mena region: BMI report
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What plans does the UAE have for solar power?
The UAE’s Clean Energy Strategy aims to provide 44 per cent of the country’s energy needs by 2050, with 7 per cent of power targeted to come from solar over the period between now and 2020. Projects such as the Mohammed bin Rashid Al Maktoum Solar Park are integral to the plans. The Dh50 billion scheme, whose fourth phase is under construction, is set to become the largest solar energy facility in the Arabian Gulf. There is also the 10MW solar farm on the outskirts of Masdar City in Abu Dhabi.
How it solar energy financed?
There are a range of models being deployed around the world at present – from crowdfunding for small-scale domestic solar energy, right through to solar bonds, commercial joint ventures and state financing for large-scale schemes.
In the UAE, the Mohammed bin Rashid Al Maktoum Solar Park will operate through an Independent Power Producer (IPP), or non-utility generator model, in the form of joint ventures between commercial partners. An IPP is not a public utility, but it owns facilities to generate electric power for sale to utility companies who in turn sell to residents.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
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Company%20profile
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Pathaan
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
