ACWA Power secures investment from Silk Road Fund

From left, Cao Min, Mohammad Abu Nayyan, Sheikh Mohammed bin Rashid Al-Maktoum, and Saeed Mohammed Al-Tayer.
Updated 24 July 2018

ACWA Power secures investment from Silk Road Fund

ACWA Power, a leading developer, owner, and operator of power generation and water desalination plants, has announced that China’s Silk Road Fund will acquire a 24.01 percent equity interest in the 700MW DEWA Concentrated Solar Power (CSP) project in the UAE.
In the presence of Chinese President Xi Jinping, Vice President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al-Maktoum, and the crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al-Nahyan, Saeed Mohammed Al-Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), and Yanzhi Wang, president of the Silk Road Fund, exchanged the executed investment agreements concerning the DEWA Concentrated Solar Power Project (DEWA CSP Project), which will be jointly invested and developed by DEWA, the Silk Road Fund, and ACWA Power.
The DEWA CSP project, which was awarded to an ACWA Power led consortium in 2017, is the 4th phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world.
The project uses a state-of-the-art combination of a central tower and parabolic trough technologies to collect energy from the sun, store it in molten salt and produce steam as required to generate electricity during the day and throughout the night.
The project is projected to deliver electricity at a levelized tariff of $7.30 cents per kilowatt-hour 24 hours a day; a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock.


McDonald’s chicken sourced from Saudi farms

Updated 19 January 2021

McDonald’s chicken sourced from Saudi farms

The Chicken McWings served across all McDonald’s restaurants in the Kingdom’s western and southern regions are from locally sourced chicken raised on the farms of Tanmiah Food Company in Saudi Arabia.

Announcing its strategic partnership with Tanmiah, Mohamed Ali Reza, deputy general manager of Reza Food Services Company — McDonald’s Saudi Arabia, western and southern regions, said: “At McDonald’s, we always aim to serve the best quality and tasting food, a promise that we have fulfilled to our customers and they have come to expect this from us for over 25 years. We are happy to be partnered with a company such as Tanmiah, renowned for their poultry farms in the Kingdom and distinguished for their efforts in sustainability as well. 

“It is a great accomplishment and honor for McDonald’s to be able to contribute to the community by supporting the local economy in the light of Vision 2030, empowering local farmers in the agriculture sector and providing our customers with fresh produce that is grown on the soil of our beloved Kingdom.”

Zulfiqar Hamdani, CEO of Tanmiah Food Company, said: “We are delighted to collaborate with McDonald’s by utilizing our premium quality Saudi grown chicken to deliver the highest level of customer satisfaction. We are committed to and guided by our principles of ‘earning, giving, and sustaining’ in providing premium quality products to our consumers.”

In a statement, McDonald’s said the company believes that joining hands with Tanmiah is a grand step toward a bright future, driving positive change in the Kingdom on a social, economic and environmental level. 

McDonald’s ensures that all its suppliers undergo stringent quality checks in order to ensure the best experience for diners.

McDonald’s has more than 36,000 restaurants catering to 69 million people each day across 100 countries. In the GCC, McDonald’s restaurants are locally owned and operated by seven local businessmen. McDonald’s opened its first restaurant in Riyadh, Saudi Arabia in 1993.