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Dubai Electricity and Water Authority (DEWA) has invited qualified companies and consortiums to submit proposals for the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park. This phase will add 2,000 megawatts (MW) from photovoltaic solar panels and include a 1,400MW battery storage system with a six-hour capacity, providing a total storage capacity of 8,400 megawatt-hours. This makes it one of the world’s largest solar-plus-storage projects.

The project, which will be implemented under the independent power producer model, supports the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 that aim to provide 100% of the emirate’s total power capacity from clean sources by mid-century.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, emphasised that this pioneering project aligns with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai a global hub for clean energy and the green economy.

“We work in accordance with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish Dubai as a global model for sustainability and innovation in clean energy. The seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park is a key strategic step in our ongoing efforts to diversify Dubai’s energy mix and increase the share of renewable and clean energy. It consolidates Dubai’s leadership in adopting the latest sustainable energy production and storage technologies and supports the net zero by 2050 target,” said Al Tayer.

“We have raised the renewable energy target in Dubai’s energy mix to 36% by 2030, compared to the originally planned 25%. With the completion of the seventh phase, the solar park’s total production capacity will reach 8,060MW by 2030, reducing CO₂ emissions by more than 8.5 million tonnes annually,” added Al Tayer.

The solar park’s current production capacity is 3,860MW, with an additional 800MW under construction. To date, DEWA has received 49 expressions of interest (EOIs) requesting the Request for Qualification document for the seventh phase. The EOI document was released on 16 May 2025 and the Request for Proposal document was issued to qualified bidders on 20 October 2025.

BBVA accelerates shareholder distributions

As announced at the second quarter 2025 earnings presentation, BBVA will have around €13 billion available for short-term distributions to shareholders. In this regard, on October 31, the bank launched the €993 million share buyback program that had been pending execution, as part of its ordinary shareholder distribution for 2024.

Furthermore, BBVA’s Board of Directors recently agreed to launch another substantial share buyback¹ once the European Central Bank (ECB) grants approval.

BBVA’s shareholder distribution policy entails an annual payout of 40 percent to 50 percent of net attributable profits. This means that 40 percent to 50 percent of the profit generated by the Group each year is allocated to shareholder distributions, through a combination of cash dividends and share buybacks. This policy is implemented through two payments: an interim dividend during the current year and a final dividend once the fiscal year has ended. BBVA has also committed to distribute excess capital over 12 percent.¹

¹ Pending approval from the governing bodies and subject to mandatory regulatory approvals.