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.
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 switched on its first solar plant and plans to build a second, bigger sun-powered one to diversify energy supply in the United Arab Emirates, an OPEC member with 6 percent of global oil reserves.
Meydan Group of Dubai and India’s Sobha Developers Ltd. plan to build a 1,500-home project in Mohammad Bin Rashid City, the largest real estate development to be revived after the emirate’s property crash.
DIFC Investments LLC, the owner of the Dubai International Financial Centre tax-free business park, posted a $561.4 million-loss last year as it wrote down the value of properties amid falling real-estate prices in Dubai.