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Dubai Inaugurates 300MW 1st Stage of 5th phase of Mohammed bin Rashid Solar Park

Mohammed bin Rashid inaugurates 300MW first stage of fifth phase of Mohammed bin Rashid Al Maktoum Solar Park - WAM
Mohammed bin Rashid inaugurates 300MW first stage of fifth phase of Mohammed bin Rashid Al Maktoum Solar Park - WAM
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Dubai Inaugurates 300MW 1st Stage of 5th phase of Mohammed bin Rashid Solar Park

Mohammed bin Rashid inaugurates 300MW first stage of fifth phase of Mohammed bin Rashid Al Maktoum Solar Park - WAM
Mohammed bin Rashid inaugurates 300MW first stage of fifth phase of Mohammed bin Rashid Al Maktoum Solar Park - WAM

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has inaugurated the 300 megawatt (MW) first stage of the 900MW fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park, state news agency WAM reported.

Implemented by Dubai Electricity and Water Authority (DEWA) using the Independent Power Producer (IPP) model, the solar park is the largest single-site solar park in the world with a planned total capacity of 5,000MW by 2030.

The Solar Park’s projects constitute one of the key pillars of the Dubai Clean Energy Strategy 2050, which aims to provide 75 percent of Dubai’s total power capacity from clean energy sources by 2050. The fifth phase investments amount to AED2.058 billion, according to DEWA.

In November 2019, DEWA announced the consortium led by ACWA Power and Gulf Investment Corporation as the Preferred Bidder to build and operate the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park using photovoltaic (PV) solar panels based on the IPP model. DEWA achieved a world record by receiving the lowest bid of $1.6953 cents per kilowatt hour (Levelised Cost of Energy) for this phase. A total of 60 Requests for Qualifications (RFQ) were received from international developers.

To implement the project, DEWA established Shuaa Energy 3 in partnership with the consortium led by ACWA Power and Gulf Investment Corporation.

DEWA owns 60 percent of the company, and the consortium owns the remaining 40 percent. The project uses the latest Solar photovoltaic bifacial technologies, which allows solar radiation to reach the front and back of the panels, with single-axis tracking to increase generation.

The fifth phase will provide clean energy to over 270,000 residences in Dubai, including 90,000 residences by the commissioned first stage, and will reduce 1.18 million tonnes of carbon emissions annually. To be commissioned in stages until 2023, the fifth phase uses the latest solar photovoltaic bifacial technologies with Single Axis Tracking to increase energy production.

Mohammad Abunayyan, Chairman of ACWA Power, said: "ACWA Power, a renowned Saudi company, is at the forefront of global efforts in progressing the energy transformation. Stemming from this notion, and based on our long-term strategic partnership with DEWA, the launch of the first stage of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park has been completed in record time of less than twelve months. The milestone reached today stands testament to our commitment to fulfil our mission despite the challenges imposed by the pandemic, and reinforces our support of DEWA’s ambitious vision of strengthening the green ecosystem in Dubai and adopting innovative sustainable solutions. These solutions have already been demonstrated through our portfolio of projects that span 13 countries in three continents. We mark this occasion with great pride and would like to reiterate our commitment in supporting the development of pioneering sustainable development plans in Dubai."

Ibrahim Al Qadhi, CEO of Gulf Investment Corporation (GIC), said: "GIC is pleased to participate in the development of the Mohammed bin Rashid Al Maktoum Solar Park (Phase V) together with the Dubai Electricity and Water Authority and ACWA Power, and to achieve the commissioning of the first phase of this landmark project ahead of the target date despite the challenges caused by the COVID-19 outbreak."

"GIC is a leading investor in energy projects with over $11billion in investments in the sector and intends to continue to play a major role in utilities projects in the Arabian Gulf region," Al Qadhi added.

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Business

Trump Says He’ll Place 25% Tariff on Autos from EU, Accusing Bloc of Not Complying with Trade Deal

Cargo containers line a ship at the Port of Oakland on Wednesday, Aug. 6, 2025, in Oakland, Calif. (AP)
Cargo containers line a ship at the Port of Oakland on Wednesday, Aug. 6, 2025, in Oakland, Calif. (AP)
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Trump Says He’ll Place 25% Tariff on Autos from EU, Accusing Bloc of Not Complying with Trade Deal

Cargo containers line a ship at the Port of Oakland on Wednesday, Aug. 6, 2025, in Oakland, Calif. (AP)
Cargo containers line a ship at the Port of Oakland on Wednesday, Aug. 6, 2025, in Oakland, Calif. (AP)

President Donald Trump said Friday that he will increase the tariffs charged on cars and trucks from the European Union next week to 25%, a move that could jolt the world economy at a fragile moment.

Trump said in the post that the EU “is not complying with our fully agreed to Trade Deal,” though he did not flesh out his objections in the post.

Trump and European Commission President Ursula von der Leyen had agreed to the trade deal last July. It set a 15% tariff on most goods.

Both the US and the EU had previously confirmed their commitment to preserving the trade framework, known as the Turnberry Agreement, which was named after Trump’s golf course in Scotland.

But the status of the 2025 deal was first cast into doubt after the Supreme Court this year ruled that the Republican president lacked the legal authority to declare an economic emergency and charge tariffs on EU goods.

The initial agreement had been a tariff ceiling of 15% on goods from the EU, but the Supreme Court ruling reduced that to 10% as the Trump administration launched a new set of import taxes based on other laws.

The Trump administration is in the middle of investigations on trade imbalances and national security risks to impose a new tariff regime, which could ultimately put the agreement with the EU in risk of violation.

The EU had said it expected the bilateral deal would save European automakers about 500 million to 600 million euros ($585 million to $700 million) a month.

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said in February after the Supreme Court ruling. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed.”

Business

Chevron's Upstream Strength Lifts First-quarter Earnings Past Estimate

3D-printed oil pump jacks and the Chevron logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration
3D-printed oil pump jacks and the Chevron logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration
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Chevron's Upstream Strength Lifts First-quarter Earnings Past Estimate

3D-printed oil pump jacks and the Chevron logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration
3D-printed oil pump jacks and the Chevron logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration

Chevron exceeded Wall Street estimates for its first-quarter earnings on Friday, as elevated oil prices linked to the US-Israeli war on Iran helped boost results from its upstream business.

The company reported adjusted earnings of $1.41 per share, well above the consensus estimate of 95 cents, according to data compiled by LSEG. Despite the strong beat, overall profit marked its lowest level in five years, partly due to unfavorable timing effects tied to financial derivatives.

Chevron's upstream segment, its largest business unit, generated $3.9 billion in earnings, up 4% year-on-year as higher oil prices led to increased revenue.

"Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first-quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution," CEO Mike Wirth said in a statement.

The conflict with Iran, which began on February 28, significantly disrupted global energy markets. Shipping through the Strait of Hormuz was nearly halted, tightening supply and pushing oil prices up as much as 50% during the reported quarter.

Net income for the January-March period totaled $2.2 billion, down from $3.5 billion a year earlier. However, Chevron's exposure to the Middle East turmoil remains limited, accounting for less than 5% of its total production.

DOWNSTREAM RESULTS IN THE RED

In contrast, downstream operations swung to a loss of $817 million, from a profit of $325 million last year. This decline was largely due to accounting mismatches from derivative-related timing effects, which are expected to start reversing in the next quarter.

Larger rival Exxon also disclosed a similar hit from timing effects.

Chevron anticipates that paper positions worth about $1 billion will close and result in profit in the second quarter, Chief Financial Officer Eimear Bonner said in an interview.

Excluding timing effects that are typical in a volatile environment, she said Chevron's underlying business was strong.

"We can see cash flow growing, we can see earnings growing, and all our plans are on track."

The company said it could see additional timing effects if oil prices continue to rise and further "unwinds" when prices fall.

LIMITED MIDDLE EAST EXPOSURE

Chevron has lower production exposure to the Middle East compared with its peers. Production in the US remained robust, exceeding 2 million barrels per day for the third consecutive quarter, the company said.

First-quarter volumes declined slightly to 3.86 million barrels of oil equivalent per day compared with the previous three months due to downtime at the Tengiz field in Kazakhstan after a fire.

Free cash flow also swung to a negative $1.5 billion due to lower operating cash flow. On an adjusted basis excluding impacts to working capital, the metric was still down from the year-ago quarter.

Bonner reaffirmed the company's target of achieving at least 10% annual growth in adjusted free cash flow through 2030. During the quarter, Chevron paid $3.5 billion in dividends and repurchased $2.5 billion worth of shares. The buyback figure was lower than the previous quarter, though Bonner said the company continues to target full-year buybacks between $10 billion and $20 billion.

Chevron's results were strong, though some investors may be disappointed by the lack of buyback increases, said Biraj Borkhataria, an analyst with RBC Capital Markets, in a research note. He added that stronger cash generation this year could help lift repurchases in the second quarter.

The company said that capital expenditure in the first three months of 2026 was higher than last year, partly due to investments tied to its Hess acquisition, although this was offset by reduced spending in the Permian Basin.

Chevron shares were up less than 1% in pre-market trading.

Business

Gold Heads for Weekly Loss as High Oil Prices Feed inflation worries

A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)
A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)
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Gold Heads for Weekly Loss as High Oil Prices Feed inflation worries

A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)
A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)

Gold prices fell more than 1% on Friday and were headed for a weekly loss of a similar magnitude, as elevated oil prices continued to fan inflation concerns that would discourage central banks from cutting interest rates.

Spot gold was down 1.1% at $4,573.33 per ounce at 1149 GMT, and on track for a weekly loss of 2.8%. US gold futures for June delivery fell 1% to $4,585.20.

"Gold remains negatively correlated to oil in the short term, as it impacts interest rate expectations," said UBS analyst Giovanni Staunovo.

Iran said on Thursday it would respond with "long and painful strikes" on US positions if Washington renewed attacks, reiterating its claim to the Strait of Hormuz, Reuters reported.

Brent crude prices have touched double the levels seen at the start of the year, raising concerns about a global economic slowdown and higher inflation as fuel prices surge.

US inflation accelerated in March as the war raised gasoline prices, reinforcing expectations that the Federal Reserve could keep interest rates on hold well into next year.

The European Central Bank and the Bank of England left interest rates unchanged on Thursday, following similar decisions this week by the Fed and the Bank of Japan.

Gold, traditionally seen as a hedge against geopolitical uncertainty and inflation, can come under pressure in a high interest rate environment as it loses its appeal to yield-bearing assets like US Treasuries.

However, Staunovo said UBS retained a constructive outlook over the next six to 12 months.

"Uncertainty surrounding upcoming (US) midterm elections, expectations of a weaker US dollar over time, and declining real interest rates (as the Fed cuts) will likely support investment demand alongside continued central bank demand," he said.

He added that these factors could drive prices towards $5,900/oz by late 2026.

Spot silver prices fell 0.3% to $73.53 per ounce, platinum was down 0.5% at $1,975.65, and palladium lost 0.1% to $1,522.18.