The UAE is working closely with India to boost climate action, with the two countries collaborating on renewable energy initiatives and industrial development growth, state news agency Wam reported on Thursday.
Senior officials from the two countries discussed ways to boost bilateral opportunities in these areas during a visit to India by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and special envoy for climate change.
The UAE and India agreed to fast-track various initiatives including public-private partnership across renewable power deployment, agriculture efficiency, green hydrogen, sustainable finance and carbon market development, Wam reported.
“The UAE’s deepened collaboration with India on the multiple growth opportunities offered by the energy transition builds up on decades of close UAE-India commercial and diplomatic ties,” Wam quoted Dr Al Jaber as saying.
“Today, India is one of the UAE’s largest trade partners and we welcome the opportunity to capitalise on this strong foundation to power low carbon growth through public and private sector solutions that are good for the climate and the future economic prospects of both our peoples,” he said.
The UAE is currently India’s third-largest trading partner and the second-largest export destination after the US. India is the UAE’s second-largest trading partner and the largest in terms of exports.
India accounted for 9 per cent of the total volume of the UAE's trade with the world in 2021. Trade between the countries stood at $65 billion, data from India’s Ministry of Commerce showed.
In February, the UAE signed a Comprehensive Economic Partnership Agreement with India to boost non-oil trade between the two countries to $100bn in five years, from more than $60bn currently.
This month, the two countries launched an India-UAE Start-up Bridge to provide a platform to investors and entrepreneurs from both countries.
The bridge is part of the trade agreement that will act as a one-stop platform to provide information on start-up opportunities to Indian and UAE entrepreneurs and stakeholders.
During the visit, Dr Al Jaber and the UAE delegation held meetings with Indian government officials and businessmen including Subrahmanyam Jaishankar, Minister of External Affairs; Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs and Food and Public Distribution and Textiles; and Bhupender Yadav, Minister of Environment, Forest and Climate Change, and Minister of Labour and Employment.
The delegation also met Mukesh Ambani, chairman and managing director of Reliance Industries; Arun Singh, chairman and managing director of Bharat Petroleum Corporation Limited; Sajjan Jindal, chairman of JSW Group; and Alka Mittal, chairman and managing director of Oil and Natural Gas Corporation.
The meetings with the private sector leaders discussed new potential opportunities in the areas of decarbonisation and climate solutions to further expand UAE-India industrial co-operation, Wam said.
The Emirates also aims to help India achieve its aim of reaching 450 gigawatts of installed renewable energy capacity by 2030, it added.
SUZUME
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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.”
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The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
