Abu Dhabi’s EWEC aims to increase solar power generation capacity  

Abu Dhabi-based company said it plans to increase its total solar power generation capacity to 7.3 gigawatts. (Shutterstock)
Short Url
Updated 09 March 2023
Follow

Abu Dhabi’s EWEC aims to increase solar power generation capacity  

RIYADH: In line with UAE’s aim to achieve net-zero by 2050, Emirates Water and Electricity Co. has recommended a 606 percent rise in its solar power generation capacity by 2030.  

In its Future Capacity Requirements report, the Abu Dhabi-based company said it plans to increase its total solar power generation capacity to 7.3 gigawatts, in addition to the development of 300 megawatts of Battery Energy Storage Systems. 

The report forecasts the requirement for an additional 3 GW of solar power capacity by 2029 on top of the 1.5 GW procured from the Al Ajban Solar PV Project once it becomes operational in 2026.  

The recommendations, approved by the Abu Dhabi Department of Energy, endorse continued investment in low-carbon intensive reverse osmosis water desalination technology to enable over 90 percent of the total water demand to be met using RO by 2030. 

The implementation of these strategic renewable and clean energy projects will see the company’s average carbon dioxide intensity from electricity generation fall from 0.33kg per kilowatt-hour in 2019, to an estimated 0.19kg/kWh by 2029.  

Othman Al Ali, CEO of EWEC, said: “Our growing portfolio of renewable and clean energy projects is accelerating the decarbonization of the country’s energy sector in line with the UAE Net Zero by 2050 strategic initiative whilst supporting the realization of the Abu Dhabi Department of Energy’s Clean Energy Target 2035.” 

Thermal power projects using gas turbine technology are part of EWEC’s plans to support the transformation of the energy mix by serving as an effective bridge to a decarbonized energy sector that achieves the country’s energy transition objectives.  

To meet reserve margin requirements, growing demand, and replace 7 GW of contract-expiring thermal cogeneration plants, the statement recommends securing a total of 9 GW of thermal capacity from open- or combined-cycle gas turbines through asset extension, reconfiguration or new development.  

EWEC’s report also forecasts the need to proceed with the development of two low-carbon intensive RO desalination plants, Mirfa 2 Reverse Osmosis and the Shuweihat 4 Reverse Osmosis.  

EWEC forecasts that over 90 percent of its water production will be generated from RO water desalination plants by 2030.   

Bruce Smith, strategy and planning executive director at EWEC, said: “EWEC is making tangible progress towards further diversifying the energy mix and increasing the share of renewable energy and low-carbon intensive RO to ensure a secure, sustainable, and least-cost supply of water and electricity across Abu Dhabi and beyond.” 


Closing Bell: Saudi benchmark index closes lower at 10,540 

Updated 24 December 2025
Follow

Closing Bell: Saudi benchmark index closes lower at 10,540 

RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72. 

The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.  

Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market. 

Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million). 

On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.  

Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively. 

Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.  

Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.  

Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent. 

On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.   

The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.  

BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.  

Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.   

The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer. 

In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.  

The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.  

Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.