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)
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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.



Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa

Türkiye's central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue.

The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, when economists expect a higher minimum wage to lift the monthly price readings, Reuters reported.
In a slight change to its guidance, the bank said it will maintain a tight stance "until price stability is achieved via a sustained decline in inflation."
Last month, it said it would be maintained until "a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range."
In a Reuters poll, all 13 respondents forecast a cut to 45% from 47.5% in the one-week repo rate. They expect it to hit 30% by year end, according to the poll median.
In December, the central bank cut rates for the first time after 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Recep Tayyip Erdogan, who has since supported the steps.
To tackle inflation that has soared for years, the bank had raised its policy rate by 4,150 basis points in total since mid-2023 and kept it at 50% for eight months before beginning easing.
Annual inflation dipped to 44.38% last month in what the central bank believes is a sustained fall toward a 5% target over a few more years. It topped 75% in May last year.
"While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process," the bank's policy committee said after its rate decision.
A 30% administered rise in the minimum wage for 2025 was lower than workers had requested, though it is expected to boost monthly inflation readings this month and next, economists say.
The expected January inflation rise "is mainly driven by services items with time-dependent pricing and backward indexation," the bank said.
The central bank has eight monetary policy meetings set for this year, down from 12 last year.