Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), reaffirmed DEWA's commitment to His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision of making Dubai a leading global green economy hub.
DEWA's adoption of the Independent Power and Water Producer (IPWP) model, integrating best international practices, has significantly attracted investments worth AED 43.6 billion over a decade. This model fosters partnerships between the government and private sectors, resulting in Dubai achieving the world's lowest Levelised Cost Of Energy (LCOE) for solar projects, establishing a global benchmark.
Al Tayer emphasized the robust regulatory and legislative frameworks in Dubai that facilitate private sector involvement in energy projects. These frameworks have attracted international investors to participate in DEWA’s projects, including the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park globally. The park aims for over 5,000MW capacity by 2030, with AED 50 billion in investments. Currently, DEWA is implementing the 1,800MW 6th phase of the solar park, valued at AED 5.5 billion, with contributions from global consortiums like ACWA Power and Masdar.
In line with the Dubai Economic Agenda D33 and the Dubai Clean Energy Strategy 2050, DEWA's initiatives are crucial for doubling Dubai’s economy and achieving 100% clean energy by 2050. Dubai continues to be a top destination for foreign direct investment (FDI), attracting AED 39.2 billion in 2023 and creating approximately 45,000 jobs.
Additionally, DEWA's IPP projects include the Hassyan Power Complex, a 2,400MW natural gas power station, and a 180 million imperial gallons per day seawater reverse osmosis desalination project at Hassyan, the world's largest of its kind, with an AED 3.4 billion investment.
News Source: Emirates News Agency
