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.



Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing
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Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Saudi Arabia's Derayah Financial became the first firm to announce plans this year to float on Riyadh's main market, after it said on Thursday it was offering investors a 20% stake via an initial public offering (IPO).
The company is planning to sell 49.94 million existing shares in the IPO, it said in an intention to float document, adding the price for the offering will be determined at the end of a book-building period, without providing further details, Reuters said.
"I am excited to welcome new shareholders to join us on this journey as we continue to drive innovation, create value, and contribute to the Kingdom's ambitious economic transformation," co-founder and chairman Taha AlKuwaiz said in the document.
Founded in 2009, Derayah provides brokerage and trading services, as well as asset and wealth management solutions, with 15.1 billion riyals ($4.03 billion) in assets under management as of the end of June.
The possible listing is part of a flurry of IPOs in the Gulf driven in part by local governments' economic diversification strategy and listings by private groups and family businesses.
Saudi Arabia's red-hot IPO market saw a number of financial services firms including Rasan Information Technology and Yaqeen Capital make their market debut last year.
Others like the investment banking arm of one of the Kingdom's biggest lenders, Riyad Bank, could follow suit this year.
Derayah posted a net profit of 228 million riyals ($60.80 million) in the first half of 2024, up 70% from the same period a year earlier, it said on Thursday.
It appointed HSBC Saudi Arabia as sole financial adviser, bookrunner, global coordinator, lead manager and underwriter for the IPO.