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Dubai Adds 900 MW of Clean Energy to 270,000 Residences

Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurates the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al-Maktoum Solar Park (WAM)
Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurates the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al-Maktoum Solar Park (WAM)
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Dubai Adds 900 MW of Clean Energy to 270,000 Residences

Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurates the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al-Maktoum Solar Park (WAM)
Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurates the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al-Maktoum Solar Park (WAM)

Dubai on Sunday inaugurated the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al-Maktoum Solar Park, one of the world's largest renewable projects based on an independent power producer model.

Featuring a total investment of AED50 billion, based on the Independent Power Producer (IPP) model, the Solar Park is expected to reduce 6.5 million tons of carbon emissions annually when fully completed.

The fifth phase of the project will provide clean energy to around 270,000 residences in Dubai, reducing 1.18 million tons of carbon emissions annually.

“The UAE is at the forefront of global efforts to create a more sustainable future for all of humanity by taking concrete action to transition to renewable energies and combat climate change,” said Sheikh Ahmed bin Mohammed bin Rashid Al-Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council.

He added that in 2023, “we continue to place sustainability at the heart of our development plans and make new strides in shaping a truly environmentally friendly economy.”

The AED2 billion project features a partnership between DEWA (60%) and a consortium led by ACWA Power and Gulf Investment Corporation (40%) through Shuaa Energy 3.

DEWA achieved a world record by receiving the lowest bid of $1.6953 cents per kilowatt hour (kWh) for the fifth phase.

Saeed Mohammed Al-Tayer, Managing Director and CEO of the Dubai Electricity and Water Authority (DEWA) said, “We continue to do our best to promote sustainability and transform into a sustainable green economy by increasing the share of clean and renewable energy. We have made rapid progress in achieving the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy to provide 100% of Dubai’s total power capacity from clean energy sources by 2050.”

Meanwhile, Mohammad Abunayyan, Founder and Chairman of the Board of Directors of ACWA Power, said, “Our objective for Shuaa Energy 3 has been to achieve the highest technical and operational standards every step of the way, setting the record for the lowest solar tariff globally in 2020 and deploying advanced technologies such as bifacial solar panels and automatic cleaning robots.”

ACWA Power has worked on previous phases of the Mohammed bin Rashid Al-Maktoum Solar Park.

The 200MW photovoltaic second phase of the solar park developed by ACWA Power was launched in March 2017.

Meanwhile, a consortium led by DEWA and ACWA Power formed a project company, Noor Energy 1, to design, build and operate the 950MW fourth phase.

“The fifth phase of the Mohammed bin Rashid Al-Maktoum Solar Park, based on the IPP model, is considered to be a pioneering project as it uses state of the art clean power generation solutions that contribute to the Dubai Clean Energy Strategy 2050,” said Ibrahim Al-Qadhi, Chief Executive Officer of Gulf Investment Corporation.

The fifth phase is one of the first projects in the Middle East to use Artificial Intelligence (AI) as part of an advanced robotic cleaning system for the operation and maintenance of photovoltaic panels.

The total area of the fifth phase is approximately 10 square kilometers, which is half of the total area of the 800MW third phase.

 

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.