DEWA's hydroelectric power station is 29 per cent complete.
The plant, which is being built in Hatta, will have a production capacity of 250 megawatts (MW), a storage capacity of 1,500 megawatt-hours, and a life span of up to 80 years.
According to the emirate's electricity and water authority, this is the first station of its kind in the GCC.
The hydroelectric power plant helps with energy storage with a turnaround efficiency of 78.9 per cent.
It utilises the potential energy of the water stored in the upper dam - which is converted to kinetic energy during the flow of water through the 1.2-kilometre subterranean tunnel, to rotate the turbines and convert mechanical energy to electrical energy. This is then sent to the DEWA grid within 90 seconds in response to demand.
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), inspected the site and revealed that the 60-metre-deep excavation for the area where the generators will be installed is complete.
ADNOC Distribution has reported a net profit growing by 15.6 per cent year-on-year to $579 million in the first nine months, with an EBITDA increase of 12 per cent to $885 million, its strongest performance since listing in 2017.
TECOM Group has announced a 20 per cent revenue growth reaching more than AED 2.1 billion, with a net profit exceeding AED 1.1 billion, marking an 18 per cent year-on-year increase.
The Dubai Financial Market (DFM) has announced its consolidated financial results for the nine months ending September 30, reporting a net profit before tax of AED 930.8 million, an increase of 212 per cent compared to the same period in 2024.
DMCC — Dubai’s leading international business district — has announced plans to create a new Financial Centre that will anchor trade finance, fintech innovation and digital asset solutions across its 26,000-member community.
The Central Bank of the UAE (CBUAE) has decided to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points, from 4.15 per cent to 3.90 per cent, effective from Thursday, October 30.
The UAE has launched an urgent humanitarian mission to assist communities affected by Hurricane Melissa, which devastated parts of Jamaica, Haiti and Cuba.
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, looked at ways to advance cooperation with South Korea in key sectors during talks with President Lee Jae-myung in Gyeongju.