Focus on the United Arab Emirates – Clean energy contributes 14% of Dubai’s total power generation capacity
RIYADH: Dubai‘s clean energy generation capacity using solar PV and concentrated solar power has reached 2,027 megawatts, said Saeed Mohammed Al-Tayer, managing director and CEO of Dubai Electricity and Water Authority.
Reflecting Dubai’s commitment to promoting sustainability and the transition to a sustainable green economy, he announced that this was around 14% of Dubai’s total power generation capacity of 14,517 MW.
Al-Tayer made the announcement during his visit to the Mohammed bin Rashid Al-Maktoum Solar Park, which DEWA is implementing. It is the largest single-site solar park in the world using the independent power producer model.
The solar park will have a production capacity of 5,000 MW by 2030, using photovoltaic solar panels and CSP technologies.
Al-Tayer inspected the progress of work in the fourth phase of the park, where 417 MW have been connected to the DEWA grid. This includes 217 MW of PV solar panels and 200 MW of CSP using parabolic basins. The 4th phase of the solar park is 92% complete.
The fourth phase of the solar park is implemented by Noor Energy 1. DEWA owns 51% of the company, ACWA Power owns 25% and the Silk Road Fund owns 24%.
“We are working in accordance with the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to promote sustainability and the transition to a sustainable green economy,” Al-Tayer said. said.
He added: “We are achieving this by diversifying energy sources and increasing the share of renewable and clean energy in Dubai’s energy mix. This achieves the Dubai Clean Energy Strategy 2050 and the Dubai Net-Zero Carbon Emissions Strategy 2050 to supply 100% of Dubai’s total electricity generation capacity from clean energy sources by 2050.”
Al-Tayer went on to say that, since its launch, the Mohammed bin Rashid Al Maktoum Solar Park has attracted considerable interest from global developers, which reflects the confidence of investors around the world in DEWA’s major projects in collaboration with the private sector using the IPP model.
Upon completion, the project will have the world’s largest thermal storage capacity of 15 hours, enabling 24-hour energy availability.
Real estate in Dubai is expected to grow by 46% in 2023
After Dubai property prices rose 20-40% over the past 12 months, with Trade Center First properties posting up to 210%, the emirate’s booming real estate sector is set to see a boost. Even bigger bull run in 2023. According to data from proptech company Realiste, Dubai real estate sector is expected to see a market growth of 46% this year.
The Dubai-based company has developed an AI-powered tool that enables real estate investing in major capitals including New York, Abu Dhabi, Dubai, Riyadh and London. Realiste conducted research based on data collected over 12 months between December 2021 and December 2022.
The analysis includes trends in the Dubai property market: which areas of the city are showing the greatest increase, the average cost of properties across the city, and the most or least expensive locations.
“Most of the areas that had the strongest growth in 2022 have reached their price limit and will experience moderate growth through 2023. In contrast, undervalued areas that have not yet reached their price limits will experience huge growth,” the AI-powered study from Realiste. said.
According to data from Realiste, average prices in Dubai range from 425,000 dirhams ($115,720) in Wadi Al Safa 2 Part 1 to 12,042,618 dirhams in Al Safouh First Part 2. The most expensive area in Dubai, according to the Realiste’s IA was Trade Center First, followed by Al Wasl Part 2.
In the first part of 2022, trendy neighborhoods like Palm Jumeirah next to the waterfront saw the highest real estate demand. Prices in these districts have risen largely due to an imbalance between low supply and high demand.
(With WAM entries)