Mimi is one of the wives of the chief of the village of Bambalang in Cameroon, West Africa. She cooks meals for her children over a wood fire, under the smoke-blackened roof of her hut. Passing along the roads, you see women and children walking long distances with bundles of firewood on their heads. The sun sets early in this tropical country, and there is no electric light for the youngsters to do their schoolwork at night. Down the track, there is a hydroelectric dam, but the electricity goes to the main city, Douala. The village is not connected to the grid. A few of the wealthy people in the village have noisy, expensive petrol generators, to watch television for a few hours.
Without electricity, midwives have to deliver babies by the light of a kerosene lamp. In the absence of refrigeration, vaccines overheat in the warm climate and become useless. Meat and fish has to be sold quickly before it spoils, or charred to preserve it. The land, with its thick volcanic soils and year-round sun, is very fertile, and the people grow cassava, rice, bananas, sweet potatoes and other crops. It could be the breadbasket of West Africa. But during the dry season, they need irrigation pumps to raise the water from the bottom of streams - and those pumps require electricity or costly fuel to run.
A major review summit was held under the auspices of the UN in New York last week, marking the 10th anniversary of the establishment of the Millennium Development Goals (MDGs). These goals are: eradicating extreme poverty and hunger, broadening access to education, promoting gender equality, reducing child mortality, improving maternal health, combating serious diseases, ensuring environmental sustainability and creating a global partnership for development.
There are only five years to go until the goals should be achieved, in 2015. Even a small amount of electricity dramatically increases the level of human development. Yet, although the MDGs cannot be achieved without access to modern energy sources, energy itself is not mentioned. This is a surprising omission. When the goals were defined in 2000, energy seemed to be a problem that had been solved. Oil and gas prices were low and stable, and power stations were becoming increasingly efficient, cheap and clean.
Yet things were about to change. The success of China, India and other developing countries in growing their economies rapidly created an emerging middle class made up of hundreds of millions of people. For the first time, these nouveaux riches - still poor by the standards of Western countries or the Gulf - could afford a television, a refrigerator, and a motorcycle or perhaps a car. The consequent surge in energy demand drove oil prices to record highs. As the International Energy Agency noted last week, the worst sufferers were those who had remained in poverty, the great majority of them in sub-Saharan Africa and South Asia.
A large part of the world, perhaps 1.5 billion people, still has no access to modern energy. In sub-Saharan Africa, a population of 800 million uses only as much energy as the 8 million inhabitants of New York City. The electricity going to the Burj Khalifa could supply the 16 million population of Burkina Faso. At the same time, it became increasingly apparent that soaring emissions of carbon dioxide from deforestation and burning coal, oil and gas, threatens disastrous climate change - again, with the heaviest damage falling on the heads of the world's poor. Tackling global warming is mentioned in the MDGs only as a subsidiary goal.
Bringing about the final wave of modern energy requires a two-pronged strategy. One part has to emulate how the West, and later China, electrified their countries: large power stations and extension of grids to towns, villages and rural households. But although wind power and large dams can be part of this, inevitably fossil fuels will be the dominant fuel for decades to come. This raises a conundrum: how can a country such as India increase its energy supply by six times, while its emissions "only" double?
The second part needs to be small-scale solutions adapted to local needs. Efficient cooking stoves that burn less wood and give off minimal smoke have become a big success in Kenya. They can be manufactured by local artisans, thus creating employment. They reduce deforestation, save women's time and ensure healthier air for their families. Solar ovens are another option. For electricity, small-scale hydroelectric power is appealing. Indeed, just along the road from Mimi's village is a generator powered from a fast-flowing mountain stream, but it serves only the needs of the missionary camp which built it.
In agricultural areas, abundant waste - wood shavings, rice husks, banana peel -can be burnt to generate electricity, increasingly popular in Indian villages. This is complicated work. The best solution is different in every place. New ideas may go against local traditions. They require technical expertise and money - not a lot, but often in short supply in an area where the average income is US$2 per day (Dh7.35).
To fulfil the Millennium Development Goals for people like Mimi, we need a renewed focus on bringing them energy, the master resource for achieving health, education, gender equality, economic development and environmental sustainability.
Robin M Mills is an energy economist based in Dubai, and author of The Myth of the Oil Crisis
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
'Cheb%20Khaled'
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
RESULT
Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')
Man of the match: Diogo Jota (Liverpool)
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Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
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SPECS
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Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
More Expo 2020 Dubai pavilions:
COMPANY%20PROFILE%20
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Case For Trump
By Victor Davis Hanson