Dubai Installs World’s Tallest Solar Power Tower

World’s Tallest Solar Power Tower (Asharq Al-Awsat Ar)
World’s Tallest Solar Power Tower (Asharq Al-Awsat Ar)
TT

Dubai Installs World’s Tallest Solar Power Tower

World’s Tallest Solar Power Tower (Asharq Al-Awsat Ar)
World’s Tallest Solar Power Tower (Asharq Al-Awsat Ar)

Dubai saw the lifting and installation of the Molten Salt Receiver, MSR, on top of the world’s tallest solar power tower at 262.44 meters, at the largest Concentrated Solar Power project in the world.

This is part of the 4th phase of the Mohammed bin Rashid Al Maktoum Solar Park. The 950MW 4th phase is based on the Independent Power Producer, IPP, model with investments totalling AED 15.78 billion.

The announcement came earlier this week in the presence of Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, accompanied by Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority, DEWA.

Tayer said the tower stands at 262.44 meters tall, assuring plans to increase it and to continue to build clean and renewable energy projects, stressing commitment to achieve the Dubai Clean Energy Strategy 2050’s objectives to provide 75 percent of Dubai’s total power output from clean energy by 2050.

He also hailed the smoothness and continuity of construction work over the past period to complete this strategic project, despite the coronavirus pandemic, noting that it has taken one and a half years to complete 60 percent of the CSP tower.

We have completed the lifting of the Molten Salt Receiver in record time, maintaining the highest standards of safety despite the impact of the COVID-19 pandemic and many other challenges. This is yet another demonstration of ACWA Power’s commitment in the solar industry and the endeavours made in the region to achieve a clean energy future," said Mohammad Abunayyan, Chairman of ACWA Power.

The MSR is the center and the most important part of the CSP plant. It receives solar radiation and turns it into thermal energy. Up to 50 percent of the overall project’s first phase has been completed. This includes the solar power tower, the parabolic basin complex, and the photovoltaic solar panels.

The fourth phase of the solar park combines CSP and photovoltaic technology and is rated for 950MW. It will use 700MW of CSP, 600MW from a parabolic basin complex, 100MW from the solar power tower and 250MW from photovoltaic solar panels. On its completion, the project will have the largest thermal storage capacity in the world of 15 hours, allowing for energy availability around the clock.

This phase will provide clean energy for 320,000 residences and will reduce 1.6 million tonnes of carbon emissions a year.



Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices eased on Thursday from a near three-month peak hit in the previous session, as the dollar regained strength, while investors awaited further direction from US President Donald Trump's administration regarding trade policies.
Spot gold eased 0.1% to $2,751.99 per ounce by 0552 GMT. Prices rose to $2,763.43 on Wednesday, their highest since Oct. 31 when they hit a record high of $2,790.15.
US gold futures shed 0.4% to $2,760.20.
"It's just a technical pullback because the dollar has been taking back on $108 level, triggering some profit-booking, but the undertone for gold is expected to be positive," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Trump has mooted levies of around 25% on Mexico and Canada and 10% tariff on China from Feb. 1. He also promised duties on European imports, without elaborating further.
"How Trump's policies impact gold is whether the combination of tax cuts, deregulation, tariffs, and deportation will amount to a strong inflationary push," said Ilya Spivak, head of global macro at Tastylive.
"If so, Fed rate cuts will be limited and gold is likely to struggle."
According to Reuters technical analyst Wang Tao, gold might have to face resistance at $2,759, which could trigger a correction.
The Federal Reserve is meeting next week against a backdrop of continued economic growth and declining inflation, but faces uncertainties from Trump's proposed policies that analysts see as inflationary.
The US central bank is expected to hold its benchmark interest rate steady at its next policy meeting on Jan. 28-29. Higher interest rates dampen the appeal of non-yielding gold.
European Central Bank policymakers lined up behind further rate cuts, while the Bank of Japan is widely expected to raise rates on Friday.
Spot silver dropped 0.5% to $30.63 per ounce, while platinum shed 0.2% to $944 and palladium dipped 0.7% to $970.55.