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Dubai's DEWA Selects Abu Dhabi's Masdar to Construct Solar Park

Saeed Al Tayer, Chief Executive Officer of Dubai Electricity and Water Authority (DEWA), speaks during the groundbreaking ceremony of the 4th phase of Mohammed bin Rashid Al Maktoum Solar Park, south of Dubai, United Arab Emirates March 19, 2018. Picture taken March 19, 2018. REUTERS/Satish Kumar/ File Photo
Saeed Al Tayer, Chief Executive Officer of Dubai Electricity and Water Authority (DEWA), speaks during the groundbreaking ceremony of the 4th phase of Mohammed bin Rashid Al Maktoum Solar Park, south of Dubai, United Arab Emirates March 19, 2018. Picture taken March 19, 2018. REUTERS/Satish Kumar/ File Photo
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Dubai's DEWA Selects Abu Dhabi's Masdar to Construct Solar Park

Saeed Al Tayer, Chief Executive Officer of Dubai Electricity and Water Authority (DEWA), speaks during the groundbreaking ceremony of the 4th phase of Mohammed bin Rashid Al Maktoum Solar Park, south of Dubai, United Arab Emirates March 19, 2018. Picture taken March 19, 2018. REUTERS/Satish Kumar/ File Photo
Saeed Al Tayer, Chief Executive Officer of Dubai Electricity and Water Authority (DEWA), speaks during the groundbreaking ceremony of the 4th phase of Mohammed bin Rashid Al Maktoum Solar Park, south of Dubai, United Arab Emirates March 19, 2018. Picture taken March 19, 2018. REUTERS/Satish Kumar/ File Photo

Dubai Electricity And Water Authority (DEWA) selected state-owned renewable energy firm Masdar to construct and manage the 1,800 MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park with an estimated cost of up to 5.51 billion Emirati Dirhams, the Dubai media office said on Sunday.

Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority PJSC (DEWA) made the announcement on Sunday.

DEWA has achieved, through this phase VI, the lowest Levelized Cost Of Energy (LCOE) of USD 1.6215 cents per kilowatt hour (kWh) for any of DEWA’s Solar IPP Projects so far.

DEWA has received 23 expressions of interest from international applicants to develop this project. Subsequently, the Request for Qualification (RFQ) was released to market on 15th November 2022, WAM reported.

“DEWA is committed to completing the phases of the Mohammed bin Rashid Al Maktoum Solar Park according to the highest international standards using the latest solar power technologies to enhance the shift towards a green sustainable economy by increasing the share of clean and renewable energy. When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually," said Al Tayer.

"The 1,800MW 6th phase of the solar park using PV solar panels based on the IPP model will become operational in stages starting from Q4 of 2024. The project documents, Power Purchase Agreement (PPA), and financial close agreements will be signed in due course. The total capacity of the solar energy projects commissioned at the solar park has reached 2,427MW.The share of clean energy in Dubai’s energy mix is about 16.3% of its total installed capacity. This percentage will reach 24% in 2026 with the completion of the Sixth Phase and the remaining phases under construction of the solar park,” he added.

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Trump Warns EU of Tariffs over Canada's Potential Associate Membership

President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
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Trump Warns EU of Tariffs over Canada's Potential Associate Membership

President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)

US President Donald Trump has threatened to take action against the EU if it moved forward with European Commission President Ursula von der Leyen's proposal to make Canada the bloc's first associate member.

"If they do that, if I think it's at all ⁠a hostile act, ⁠I will put very serious tariffs or stop trading with Europe on many things," Trump told reporters en route to ⁠an event in North Carolina, calling the proposal "laughable."

"And so, if they do that, if Europe does that with a bad intention, if it's a good intention, that's fine. If it's a bad intention, we'll put very heavy tariffs ⁠on ⁠Europe."

Von der Leyen announced the proposal on Wednesday during her annual State of the Union speech, attended by Canadian Prime Minister Mick Carney, as she sought to deepen ties among allies in what she called "an openly hostile world.”

Business

Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
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Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday with more than 40 agreements, initiatives and announcements unveiled through partnerships, programs and projects with a combined estimated value exceeding SAR5 billion.

The initiatives aim to advance biotechnology localization and strengthen its healthcare and economic impact, the Saudi Press Agency said.

The summit drew delegations and experts from more than 57 countries and more than 200 speakers. The total number of visitors and registrants exceeded 15,000.

Its program included more than 80 sessions, along with seven high-level executive sessions, covering artificial intelligence, genomics, vaccines, biomanufacturing, advanced therapies, investment, and talent development.

The Life Sciences Innovation Forum attracted five specialized investment funds that expressed readiness to invest more than $120 million in promising opportunities and companies.

Meanwhile, the Next Generation Biotechnologist Forum focused on empowering early-career researchers and scientists.

The accompanying exhibition spanned more than 6,000 square meters and featured more than 120 sponsors and exhibitors, including international pavilions from Spain, China, Japan, Germany, the United States of America, and the Republic of Korea.

Business

Goldman Sachs Sees October Fed Hike after Hawkish Signal

FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo
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Goldman Sachs Sees October Fed Hike after Hawkish Signal

FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo

Goldman Sachs now expects the Federal Reserve to raise interest rates by another quarter point in October, making it one of the first major Wall Street banks to forecast consecutive rate hikes following the US central bank's hawkish signal on Wednesday.

The call represents a reversal of Goldman's earlier view that the US Fed had completed its tightening cycle after September's quarter-point increase.

Goldman said the Fed's updated rate projections, which showed a strong ⁠majority of policymakers ⁠expecting at least one more increase this year, pointed to a "two-hike baseline" for 2026.

The brokerage said October was the most likely timing for the next move because policymakers framed further tightening as supporting "a timelier return" to the Fed's 2% inflation target.

The ⁠Fed earlier on Wednesday raised interest rates by 25 basis points to a 3.75%-4.00% range.

Goldman said the meeting was more hawkish than expected, citing policymakers' rate projections, an upward revision to the neutral interest rate and Chair Kevin Warsh's repeated description of the move as having only "removed a dose of accommodation."

Traders see roughly 50% odds of another quarter-point Fed rate hike in October, according to CME Group's ⁠FedWatch tool, ⁠up sharply after policymakers signaled further tightening could be needed.

Goldman's revised forecast leaves Bank of America Global Research as the only other major brokerage expecting a more aggressive tightening path, with BofA projecting rate hikes in October and December, Reuters reported.

Markets will also be watching policy decisions from the Bank of England, due later in the day, and the Bank of Japan on Friday for further clues on the global interest-rate outlook.