UAE Inaugurates 200 MW Phase of Mohammed bin Rashid Al Maktoum Solar Park

Mohammed bin Rashid Al Maktoum Solar Park. (AFP)
Mohammed bin Rashid Al Maktoum Solar Park. (AFP)
TT

UAE Inaugurates 200 MW Phase of Mohammed bin Rashid Al Maktoum Solar Park

Mohammed bin Rashid Al Maktoum Solar Park. (AFP)
Mohammed bin Rashid Al Maktoum Solar Park. (AFP)

Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum inaugurated on Tuesday the first project of the third phase of the Mohammed bin Rashid Al Maktoum Solar Park.

The first project encompasses 200 megawatts (MW) out 800MW.

The solar park is one of the major projects that the Dubai Electricity and Water Authority, DEWA, is implementing based on the Independent Power Producer, IPP, system in partnership with a consortium led by Abu Dhabi Future Energy Company, Masdar and EDF Group, through its subsidiary EDF Energies Nouvelles.

The second and third stages of the third phase, which have a capacity of 300MW each, will be completed in 2019 and 2020 respectively.

"Today marks the commissioning of the first stage of the third phase of the Mohammed bin Rashid Al Maktoum Solar Park. This phase is a key milestone and shows our strong belief in the role of clean energy in shaping a sustainable future,” Managing Director and CEO of DEWA Saeed Mohammed Al Tayer said.

“This supports the UAE’s efforts to strengthen its leading global position in clean energy through such major projects.”

He added that it also contributes to realizing the vision of the wise leadership for a post-oil era.

Sheikh Mohammed bin Rashed Al Maktoum launched in 2012 a pioneering strategy that has markedly changed the progress of sustainability in the UAE and the region, extending its impact to the entire world.

This was the UAE Green Growth Strategy under the theme “A Green Economy for Sustainable Development.”

“The pinnacle of this journey was the launch of the Mohammed bin Rashid Al Maktoum Solar Park in 2012,” he noted, adding that Dubai adapted the IPP model to achieve industry-defining world records.

These have reduced solar electricity tariffs for large solar projects and the world's biggest investments to generate positive economic returns.

In June 2016, the country witnessed the signing of the partnership agreement between DEWA and a consortium led by Abu Dhabi Future Energy Company (Masdar) to implement the 800MW third phase of the solar park. The park is being built in stages, using photovoltaic solar panels, at the lowest levelized cost of energy in the world at 2.99 US cents per kilowatt hour.

“Today shows the initial fruits of the combined efforts of DEWA, Masdar and EDF, because there is more to come," Tayer continued.

The remaining stages of the third phase of the solar park are currently under construction to generate a further 600MW, for a total of 800MW by 2020.

The total capacity of the photovoltaic and Concentrated Solar Power IPP–based projects is 1,500MW. After the inauguration of this leading milestone, solar power will now generate four percent of Dubai’s total installed capacity.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
TT

Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
TT

Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
TT

Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.