LONDON: Global ports operator DP World has signed a deal with UAE-based SirajPower to install solar roof panels at its facilities in the Jebel Ali Freezone (Jafza) and National Industries Park as part the company’s efforts to reduce its energy consumption and cut costs.
The 22-year lease agreement announced on Tuesday will see UAE-based SirajPower initially deliver 15MW-worth of panels to Jafza.
The deal forms part of DP World’s solar program which aims to ramp up use of sustainable and environmentally friendly energy sources across its facilities. It follows the launch of the UAE’s first green storage and warehouse facilities at Jafza in June this year, with some cool storage facilities now entirely run on solar energy while other warehouses are becoming more energy efficient.
In late 2016, DP World announced the start of the construction of the largest solar rooftop project in the Middle East, with the commissioning of 88,000 rooftop solar panels across its Dubai facilities.
“Creating a sustainable business model through the implementation of green technologies is a core focus for DP World, and one of our key initiatives is our ground-breaking solar power program that will generate enough energy to power 4,600 homes on completion,” said Mohammed Al-Muallem, CEO and managing director, DP World, UAE region.
DP World has reduced its CO2 emissions intensity by 24 percent since 2008, Muallem added, in a statement on Tuesday.
SirajPower hopes the DP World deal as a springboard for regional growth, said Laurent Longuet, the company’s CEO.
“We witnessed a rapid growth in only three years and our plan now is to expand our offering to other emirates and countries in the GCC, as well as making a foray into the residential market to truly become the regional green champion,” he said.
SirajPower said it would open a branch in Jafza to support the installation of the new units. Construction is expected to take 18 months, the company said.
In 2015, Dubai Electricity and Water Authority (Dewa) launched the Shams Dubai solar initiative aimed at encouraging individuals and businesses to install PV panels to generate electricity and connect them to the Dewa network. The program supports government targets for Dubai to generate 25 percent of its energy needs from solar by 2030.
SirajPower has won contracts for 50MW-worth of the solar rooftop projects implemented under the Shams program to date.
DP World signs solar deal with ‘green champion’ SirajPower
DP World signs solar deal with ‘green champion’ SirajPower
- The 22-year lease agreement announced on Tuesday will see UAE-based SirajPower initially deliver 15MW-worth of panels to Jafza
- The deal forms part of DP World’s solar program which aims to ramp up use of sustainable and environmentally friendly energy sources across its facilities
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
