Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohamed bin Rashid Al Maktoum attend lunch reception hosted by Sheikh Nasser bin Hamad Al Khalifa in Dubai

Dubai Electricity and Water Authority (DEWA) and Masdar, Abu Dhabi Future Energy Company signed an agreement on Wednesday, which was witnessed by Prime Minister of the United Arab Emirates (UAE), Mohammed bin Rashid Al Maktoum.

The agreement was signed to build and operate the sixth phase of the landmark Mohammed bin Rashid Al Maktoum Solar Park, which was developed to provide clean energy to 540,000 residences in the city and reduce carbon emissions.

This phase will generate 1,800 megawatts (MW) at the cost of up to AED5.51 billion.

Aside from the Prime Minister, others also attended the signing ceremony including the Vice President of UAE, Mansour bin Zayed Al Nahyan; Deputy Prime Minister, Saif bin Zayed Al Nahyan; Minister of Foreign Affairs, Abdullah bin Zayed Al Nahyan; and the Minister of Cabinet Affairs, Mohammad bin Abdullah Al Gergawi.

"Today, I witnessed with Mansour bin Zayed the signing of an agreement between the Dubai Electricity and Water Authority and Masdar, Abu Dhabi Future Energy Company, to implement the sixth phase of the world's largest single-site solar park, at a cost of AED5.5 billion," the Prime Minister said, Zawya reported.

He continued, "This phase will power over half a million residences while reducing carbon emissions by 2.36 million tonnes annually. All phases of this landmark project are expected to be completed by 2030, with a total investment of AED50 billion."

The prime minister assured that the country is on track to achieve its goal of 100 percent clean energy for Dubai by 2050.

The agreement was signed in Abu Dhabi between Sultan bin Ahmed Al Jaber, the Minister of Industry and Advanced Technology, Chairman of Masdar who also serves as COP28 President-Designate, and Managing Director and Chief Executive Officer of DEWA, Saeed Mohammed Al Tayer.

Masdar's official Twitter handle shared a series of photos featuring the moment when the two officials signed in the presence of the prime minister and other officials:

Al Jaber mentioned that this is a landmark renewable energy project as it will be the world's largest single-site solar park that will be generating 5,000 megawatts (MW) by 2030.

This Solar Park is one of the essential projects under the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy.

The COP28 President-Designate further shared that ahead of the UAE hosting COP28 later this year, it is essential that "the world triples global renewable energy capacity by 2030 to keep the ambition of 1.5 degrees within reach."

On the other hand, Al Tayer shared that the government agency is "committed to achieving a balance between development and environmental sustainability across social, economic, and environmental plans."

"This underscores the UAE's prominent status as one of the world's largest investors in clean and renewable energy projects," he added.