Energy Oman eyes completion of new solar project in 2026 By Pramod Kumar October 30, 2022, 8:23 AM Unsplash The company has invited qualified consultants to bid for its contract to provide technical services State-owned utility major Oman Power and Water Procurement Company (OPWP) has commenced the procurement process for the second large-scale solar photovoltaic (PV) project at Ibri, Oman Daily Observer reported. The new 500 MW Ibri III is an independent power project (IPP), similar to Ibri II solar IPP launched in January 2022. The entity has invited qualified consultants to bid for its contract to provide technical services for the new project development. The targeted scheduled commercial operation date is the fourth quarter of 2026. OPWP, a member of Nama Group, is currently evaluating bids for its proposed 1.2GW solar PV scheme in Al Dakhiliyah Governorate. Three international developers are in the race for the project, which will be implemented as two distinct projects, each of 500–600MW side by side. Final submissions were received on October 3, 2022, after multiple extensions of the submission date, the news report said. Oman’s national energy strategy plans a 20 percent share from renewables in total electricity generation capacity by 2030, reaching 39 percent by 2040.
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 2 hours ago
Finance Investcorp chairman weighs IPO or deal with strategic investor Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […] 3 hours ago
Artificial Intelligence Mubadala seeks to balance AI risks and rewards Artificial intelligence “presents a significant amount of risk” but also “a lot of opportunity”, the head of one of Abu Dhabi’s largest sovereign wealth funds said this week. On Tuesday the emirate launched a new digital strategy that aims to invest AED13 billion ($3.54 billion) over the next two years. “In terms of the risks […] 4 hours ago
Real Estate Turkish house sales rise as interest rates fall Turkish house sales rebounded strongly in 2024, driven in part by a surge in December prompted by a long-anticipated interest rates cut, and further reductions in borrowing costs are expected to fuel appetite in the market this year. Residential sales increased 20 percent last year, with just under 1.48 million units sold, up from the […] 4 hours ago
