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.
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.
Syrian President Ahmed Al-Sharaa announced that the country has attracted approximately $28 billion in investments during the first six months of this year, highlighting significant participation from companies based in the UAE, Saudi Arabia, and Qatar.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has emphasised the UAE's commitment to strengthening economic ties with African nations.
Microsoft and OpenAI reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and giving it more freedom in its business operations.
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Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities!
Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.