The Dubai Supreme Council of Energy has approved updated plans to reduce carbon emissions by 30 per cent before the end of 2030, in a move aimed at supporting the UAE’s efforts to achieve the country's net-zero ambitions by 2050.
In line with the emirate's goals to increase the share of clean and renewable energy sources and achieve Dubai Net Zero Carbon Emissions by 2050, the council reviewed the plans and road map to implement the strategy using the latest technologies, Dubai Media Office said in a statement on Sunday.
"The council has started evaluating carbon emissions for the next 10 years, in collaboration with the relevant organisations in Dubai to come up with the required measures to reduce emissions," said Saeed Mohammed Al Tayer, vice chairman of the Dubai Supreme Council of Energy.
The emirate is seeking to diversify its energy mix through the Dubai Clean Energy Strategy 2050 and its carbon neutrality strategy 2050, to obtain 100 per cent of its energy from clean sources.
The UAE, the Arab world’s second-largest economy, has planned renewable energy investment worth Dh600 billion ($163.37bn) over the next three decades.
Dubai is also undertaking clean energy projects, including the 5,000-megawatt Mohammed bin Rashid Al Maktoum Solar Park, which is the world’s largest single-site solar park. The fifth phase, with a total investment of Dh2.05bn, is 60 per cent complete, said the Dubai Electricity and Water Authority.
The Supreme Council of Energy also reviewed programmes carried out by various bodies under its umbrella in electricity and water production, industries, waste management and land transport to reduce carbon emissions.
These resulted in "significant reductions" during 2020 and 2019, authorities said.
The council also approved a regulatory framework for cooling service providers and customers to ensure the effectiveness of permit issuance and billing.
The meeting also discussed the successful launch of Dewa-Sat 1, part of Dewa's Space-D programme, that was launched in January 2021. Dewa is the first utility in the world to use satellites in its operations.
"Space-D aims to improve the operations, maintenance and planning of Dewa's networks with the support of nanosatellite technology, Internet of Things and remote sensing technologies," Mr Al Tayer said.
The Dubai nanosatellite is designed to improve the emirate’s utility network.
"The programme shows how Dubai’s leadership is taking advantage of Fourth Industrial Revolution technologies such as IoT, artificial intelligence and blockchain to exchange information with the help of satellite communications and earth observation technologies,” Mr Al Tayer said.
The council also reviewed participation in the fourth edition of the Emirates Energy Award, which highlights the best existing practices in the areas of clean energy, energy efficiency and sustainability in the region, according to Ahmed Buti Al Muhairbi, secretary general of the Dubai Supreme Council of Energy.
Winners of the fourth Emirates Energy Award will be announced in October.
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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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