A processing scheme and arrangement for enhanced olefin production involves recovering thermal energy from a reactor effluent stream resulting from the dehydrogenation of a dehydrogenatable hydrocarbon. The process involves contacting the reactor effluent stream with a circulating fluid stream in a first contact cooling zone to produce a product stream and to form a heated circulating fluid stream. Thermal energy is recovered from the heated circulating fluid stream via indirect heat exchange with a first process stream in a first heat exchange zone to form a cooled circulating fluid stream. The cooled circulating fluid stream can be subsequently cooled and at least a first portion thereof returned to the first contact cooling zone.