Clean energy will account for about 13 per cent of Dubai's power before the end of the year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on Tuesday. Renewables currently account for 10 per cent of Dubai's energy mix.
The emirate attracted Dh40 billion ($10.8bn) in investment from the private sector as part of its “new energy production partnership model”, Sheikh Mohammed said on Twitter.
“Clean energy in Dubai will account for 13 per cent before the end of the year. Our goal is 75 per cent before 2050 and we are proceeding according to our plan successfully,” he said.
Sheikh Mohammed made the comments following the inauguration of the 300-megawatt first stage of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The massive solar project is set to have an installed capacity of 5,000 megawatts by 2030.
Sheikh Mohammed also launched a project studying the feasibility of power generation from wind in Hatta.
Field research in Hatta, a mountainous exclave bordering Oman, has found the area capable of hosting a wind plant with the capacity to generate 28MW of power.
Dewa is assessing wind speed for the full-year using a 150-metre metal tower. Feasibility studies will look into the total capacity of the plant as well as the number of turbines required and annual operating hours, among other factors.
"Commissioning the 300MW first stage of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park increases Dewa's total capacity of clean energy to 1,310MW. This brings clean energy capacity in Dubai’s energy mix to around 10 per cent," said Saeed Al Tayer, managing director and chief executive of Dubai Electricity and Water Authority.
Dubai's electricity production capacity has reached 13.2 gigawatts with 490 million imperial gallons of desalinated water per day, the Dubai utility chief added.
Clean energy capacity in the emirate will rise to about 13 per cent after the addition of 517MW of solar photovoltaic capacity and concentrated solar power in the fourth phase of the project.
Dewa is also set to commission a 262.44-metre concentrated solar power tower with a capacity of 100MW in September. The utility will also add a 200-megawatt parabolic trough as part of the fourth phase of the development of the solar park, as well as 217MW of photovoltaic capacity.
Power generated from renewable energy in the UAE is set to rise to 21 per cent in 2030 and 44 per cent by 2050, from 7 per cent last year, as more projects come online, according to Rystad Energy.
Abu Dhabi is also developing more renewable energy projects, including the world's largest solar plant at Al Dhafra with a total capacity of two gigawatts, as part of the UAE's efforts to increase clean energy capacity.
A consortium led by Abu Dhabi National Energy Company, also known as Taqa, and Masdar, in partnership with France’s EDF Renewables and China's JinkoPower, is building the new plant that is expected to be fully operational next year.
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Engine 3.8-litre, twin-turbo V8
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Power: 582bhp (542bhp in GTS model)
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- Biodiversity: Support species like sea turtles, dugongs, and seabirds
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UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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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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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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