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2019-03-27 11:30:00

UAE SOLAR INVESTMENT $2 BLN

UAE SOLAR INVESTMENT $2 BLN

AB - The Dubai Electricity and Water Authority (DEWA) and a consortium led by Saudi Arabia's ACWA Power and the Chinese-government owned Silk Road Fund have completed financing of the 950 MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, it was announced on Sunday.

The solar park is eventually expected to produce 5,000 megawatts by 2030, with investments totalling AED 50 billion ($13.61 billion).

"This phase is the largest single site investment project in the world," said Saeed Mohammed Al Tayer, managing director and CEO of DEWA. "[It] will provide clean energy for 320,000 residences and reduce 1.6 million tonnes of carbon emissions annually."

The lending group for the project also includes a number of Chinese banks as well as Commercial Bank of Dubai, Emirates NBD, First Abu Dhabi Bank, Mashreq Bank and Union National Bank.

"Financing the fourth phase of the solar park is the largest equity bridge loans in the region, in cooperation with a number of leading local and international banks," he said. "This reflects the confidence of financial institutions in the major projected adopted by the government of Dubai, especially in light of the regulatory framework that stimulates innovation and attracts investments."

The companies did not disclose the value of the deal on Sunday.

Previously, Reuters had reported that the financing would be worth $2 billion.

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Earlier:

 

W.Asia
2019, March, 25, 11:05:00

UAE GOVERNMENT'S SURPLUS DH67.5 BLN

The UAE government’s surplus posted Dh67.5 billion in 2018, according to the latest figures released by the Ministry of Finance.

 
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2019, March, 25, 11:00:00

UAE, CHINA TRADE UP 17%

Prospects for two-way trade between the UAE and China remain bright despite a cloud of gloomy global economic sentiment cast by Washington’s trade war with Beijing, according to HSBC UAE CEO Abdul Fattah Sharaf.

 
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2019, March, 20, 11:20:00

HOPE MAKES FUTURE

DUBAI: On the launch of the third round of Arab Hope Makers initiative, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, said, “Every person has a capacity to give and a talent to invest in serving societies. Water drops make a river and reigniting civilisations starts with giving. Creating hope will spark a new life in our region.”

 
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2019, March, 18, 12:45:00

UAE RENEWABLE ENERGY

Abu Dhabi is one of the most important examples of a city that is creatively seeking to strengthen its renewable energy sector.

 
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2019, March, 15, 09:35:00

UAE, SPAIN NUCLEAR FUEL

The Emirates Nuclear Energy Corporation has signed a memorandum of understanding with Enusa Industrias Avanzadas, defining a framework for collaboration and the exchange of information and expertise in the field of nuclear fuel services.

 
 UAE SPACE SRTATEGY 2030
2019, March, 13, 11:40:00

UAE SPACE SRTATEGY 2030

Abu Dhabi: The UAE Cabinet, chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, adopted the National Space Strategy 2030 during its meeting at the Presidential Palace in Abu Dhabi on Monday. The Cabinet meeting was attended by Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

 
 W.Asia
2019, March, 13, 11:35:00

UAE VISA FOR INNOVATORS

The UAE cabinet on Monday approved the regulatory framework for issuance of five and 10-year UAE residence visas to certain categories of applicants.

 

 

 

Tags: UAE, DUBAI, RENEWABLE, SOLAR, INVESTMENT, CHINA, SAUDI ARABIA