Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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Dubai expands solar park, brings total investment to $4.3 billion

Dubai expands solar park, brings total investment to $4.3 billion

The Mohammed bin Rashid Al Maktoum Solar Park, which is one of the largest concentrated solar power projects in the world is about to get even bigger in its fourth phase of development

The Dubai Electricity and Water Authority has agreed to add a further 250MW capacity to the Mohammed bin Rashid Al Maktoum Solar Park, marking a 35% increase in energy capacity and bringing the total to 950MW.

This development will being the total investment in the project up to $4.3bn. The park forms an important part of the UAE’s goal to generate 25% of its energy from clean resources by 2020 and 75% by 2030. As a whole, it is hoped that the park will total 5GW installed capacity by 2030 overall.

The fourth phase in the project is being led by Acwa Power, a Saudi Arabian company which develops, invests in, co-owns and operates several power generation projects across the MENA region. It has a total of 49 assets across 11 countries and employs over 3,500 people.

The Dubai Government has stated that the electricity produced by this phase will cost just $0.024 per hour, making it one of the lowest prices in the world.

The agreement was signed by Saeed Mohammed Al Tayer, MD and chief executive of DEWA and Mohammad Abdullah Abunayyan, chairman of Acwa Power in the presence of Ishaq Al Hammadi, managing director at Acwa Power-UAE and Abdul Hamid Al Muhaidib, executive managing director of Noor Energy 1. Other senior DEWA officials were also present.

“The capacity expansion of the Al Maktoum Solar Park’s further consolidates the UAE’s leadership in the field of sustainable development and provides another impetus to our clean energy strategy,” said the Crown Prince of Dubai and chairman of The Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

 “The UAE’s leaders accord this sector high priority in their vision for the nation’s future. Furthermore, being at the forefront of technological advancement in this sector is critical to Dubai’s aspiration of becoming one of the leading cities of the world. We see this project being a unique model for large clean energy projects elsewhere in the world. This ambitious initiative also adds a new facet to our cooperation with two of our strongest partners, Saudi Arabia and China. The project brings together a distinctive combination of advanced knowledge and expertise to create the largest single-site solar park in the world,” Sheikh Hamdan further explained.

The project will employ the use of three technologies to produce clean energy: 600MW from a parabolic basin complex, 100MW from a solar tower and 250MW from photovoltaic panels.

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