RIYADH: Gulf Cooperation Council countries are set to have better coordination in their housing projects as top ministers met in Doha to discuss the Joint Housing Action Plan for 2024. 

Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail headed the Kingdom’s contingent at the 22nd meeting of the GCC Housing Ministers Committee in the Qatari capital, where leaders deliberated over key housing issues and made multiple decisions.  

These included the approval of the Real Estate Incentive Guide, which aims to link landowners with developers and financial entities.  

They also approved the guide for evaluating the flexibility of cities in the field of housing in GCC countries, as well as the economic framework for partnership with private institutions to encourage investment in the real estate sector. 

The meeting also announced the launch of the sixth edition of the GCC Housing Work Award under the theme “Smart Digital Applications and Technologies in Housing Projects and Programs.”  

The monetary value of the award was increased to SR375,000 ($99,987) instead of SR100,000, emphasizing the importance of ministries and relevant institutions in the Gulf countries promoting the new award cycle to expand participation. 

Ministers emphasized the importance of continued participation in regional and international activities and meetings related to accommodation to showcase the region’s efforts. 

The UAE was nominated for membership in the Executive Bureau of the Asian-Pacific Assembly and the upcoming presidency of the UN Human Settlements Programme General Assembly. Additionally, the committee highlighted the necessity of activating the mechanism for exchanging experts among GCC countries. 

Furthermore, discussions were held regarding the General Secretariat’s proposal to sign agreements with various specialized organizations serving the residency sector, including the International Federation for Housing and Planning and the International Housing Association. 

Following the meeting, the dignitaries toured the accompanying exhibition, where the ministries in the Gulf countries showcased their prominent efforts and projects through their participating pavilions. 

At the end of the tour, Qatar’s Minister of Social Development and Family Mariam Al-Misnad honored the GCC ministers.

RIYADH: The third stage of a Dubai-based 900-megawatt solar project being developed by Shuaa Energy 3 is ready to begin commercial operations, it has been announced.

Saudi energy firm ACWA Power — which owns a 24 percent stake in the company behind the facility — revealed in a Tadawul filing that the Project Commercial Operation Certificate of Phase C of the project has been granted. 

PCOC is a document confirming that the facility at Mohammed bin Rashid Al Maktoum Solar Park is fully completed and ready for commercial operation. 

Phase C, encompassing an additional 300 MW, contributed to the complete plant achieving commercial operation with a total capacity of 900 MW. 

The plant utilizes bifacial photovoltaic technologies, which harness reflected solar rays on both the front and back sides, in conjunction with a single-axis tracking system, to enhance energy production.

Shuaa Energy 3 is a special purpose vehicle established to develop the fifth phase of the solar park, and is also owned by the Dubai Electricity and Water Authority and Gulf Investment Corporation.

Together with ACWA Power, they have entered into a 25-year power purchase agreement to generate clean energy, aligning with Dubai Clean Energy Strategy 2050.

Earlier in May, ACWA Power signed a power purchase agreement with the National Electric Grid of Uzbekistan for the Aral 5-gigawatt wind power project worth SR18.2 billion ($4.85 billion).

Under the terms of the deal, ACWA Power will build, own, operate, and transfer the wind farm at the end of the 25-year contract term.

The project, located in Uzbekistan, is in the development stage and total investment value may change when it reaches financial close, according to the company’s statement.

On the same day, the Saudi utility firm also signed a senior debt financing agreement for the Qassim 1 Combined Cycle Power Plant for SR5.69 billion.

The deal, signed through Qudra One Electricity Co., will extend 28 years, according to ACWA Power’s statement to Tadawul.

The senior debt was financed by a combination of international and local commercial lenders, including Standard Chartered Bank, Bank of China, Riyad Bank, as well as Saudi National Bank, Alinma Bank, Saudi Investment Bank, and Saudi Awwal Bank.

The plant capacity is 1,800 MW.