Germany receives first container of UAE hydrogen-based ammonia fuel

Germany has taken formal delivery of its first batch of hydrogen-based ammonia from the UAE, the green fuel it hopes will help replace coal and gas used by energy-intensive industries.

The delivery, which arrived in Hamburg on Friday, was modest — a single container of 13 tonnes of ammonia.

But it was symbolic of the deal’s potential for both countries.

A joint ceremony at the northern German port city of Hamburg was attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, UAE special envoy for climate change, group chief executive of Adnoc and chairman of Masdar, and Robert Habeck, German Minister for Economic Affairs and Climate Action and Vice Chancellor.

Also attending was Roland Harings, chief executive of German metals manufacturer Aurubis. His company is testing the fuel in the manufacture of copper wire.

Germany is scrambling to substitute natural gas imports from Russia, while also staying on track for its ambitious goal of cutting greenhouse gas emissions to net zero by 2025.

One alternative is energy-rich hydrogen gas, provided it is made with the help of renewable energy. Since hydrogen is difficult to transport it is sometimes stored as liquid ammonia.

The UAE and Germany signed a landmark agreement in September aimed at accelerating joint efforts to boost energy security, decarbonisation and combat climate change.

Under the partnership, Adnoc will supply German energy company RWE AG with liquefied natural gas.

Adnoc has reserved a number of other LNG cargoes for German companies in 2023.

It has also entered into agreements with German companies for demonstration cargoes of low-carbon ammonia.

The Emirates and other countries across the Middle East and North Africa region are pursuing plans to incorporate hydrogen into their energy mix and tap into the clean fuel for different industrial applications.

The UAE and Germany expect to work together on further opportunities to boost growth in the growing hydrogen sector, officials said.

Other joint initiatives will involve leading UAE renewable energy firm Masdar exploring opportunities in the offshore wind market in German areas of the North Sea and the Baltic Sea.

This will be with the aim of generating up to 10 gigawatts of renewable energy production capacity by 2030, said officials.

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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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SERIE A FIXTURES

Friday Sassuolo v Benevento (Kick-off 11.45pm)

Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)

Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)

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Straightforward ways to reduce sugar in your family's diet

Ban fruit juice and sodas
Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
Give young children plain yoghurt with whole fruits mashed into it
Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
Don’t eat dessert every day
Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
Read food labels if you really do feel the need to buy processed food
Eat everything in moderation

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.