Abdullah Mohamed Saleh, the chairman of the Dubai Financial Services Authority, was named governor of the Dubai International Financial Centre tax-free business park, replacing Ahmed bin Humaid al Tayer.
Dubai Electricity and Water Authority, the government-owned utility in the Persian Gulf emirate, may seek financing to pay for a power-plant-expansion project, Chief Executive Officer Saeed Al Tayer said.
Gross domestic product in the United Arab Emirates will exceed 1 trillion dirhams ($272 billion) this year as liquidity returns and trade picks up, the head of the Dubai International Financial Center said.
Dubai, better known for palm-shaped islands and the world’s tallest skyscraper than energy conservation, is on a mission to cut power and water use as the rising costs of fuel and desalination threaten future growth.
Dubai, the second-largest sheikhdom in the United Arab Emirates, has developed a two-month reserve of natural gas to ensure it can run its power plants in the event of a supply disruption, a government official said.
Dubai, aiming to generate 5 percent of total power supply from alternative energy sources by 2030, will “soon” announce plans for the Persian Gulf emirate’s first utility-scale solar plant, officials said.