News

Masdar To Begin Sixth Phase Of Dubai’s Massive Solar Park

The project will add 1,800 megawatts of power, making Rashid Al Maktoum Solar Park the largest single-site facility in the world.

Published

12 months ago

August 14, 2023

Nour Nasir

masdar to begin sixth phase of dubai's massive solar park

Emirates News Agency

With the United Arab Emirates setting an ambitious goal to generate 25% of its energy from renewables by 2030 and 100% by 2050, the government has awarded $1.5 billion to Masdar to build phase six of the Mohammed bin Rashid Al Maktoum Solar Park.

“When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.

The total capacity of solar generation at the site has now reached 2,427 MW. With the latest phase adding another 1,800 megawatts, total production capacity will soon be boosted to 4,660 MW, making the park the largest single-site facility in the world.

Also Read: USB-C Will Be Mandatory From 2025 For All Saudi Smart Devices

Phase five of the Rashid Al Maktoum Solar Park was inaugurated in June and is expected to power 270,000 homes and offset over 1 million tonnes of CO2 annually.

“We are striving to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into a global hub for clean energy and green economy,” said Al Tayer.

Related Topics:Masdar United Arab Emirates

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.