Adnoc and Siemens Energy plan to jointly develop blockchain-based technology to certify the carbon intensity of a range of products produced by the state oil company.
As part of the collaboration, the two companies will explore digital certification of Adnoc’s low-carbon Murban crude, ammonia and aviation fuels.
The information will be automatically recorded on a decentralised blockchain ledger, Adnoc said on Wednesday.
Specialists from both companies will also jointly create technology to hasten the pace of decarbonisation and the transition to clean energy.
“Such transparency will allow independent regulators to certify the carbon intensity of products. It will also give customers greater confidence and clarity over the carbon footprint of their purchases,” Adnoc said.
The latest initiative comes at a time when Adnoc is planning to lower its greenhouse gas emissions intensity by 25 per cent by 2030 as it adopts new sustainability goals.
In 2020, the company was among the five lowest greenhouse gas emitters in the oil and gas industry, with a methane intensity of 0.01 per cent.
This week, the company also set a new methane emissions target for its upstream unit as part of its efforts to reduce its overall greenhouse gas emissions. The state-owned oil company is aiming for the “Middle East’s lowest” methane intensity target of 0.15 per cent by 2025.
“People typically associate blockchain technology with cryptocurrencies but the use of decentralised ledgers has significant implications for the energy industry,” said Abdulmunim Al Kindy, executive director of people, technology and corporate support directorate at Adnoc.
“This pilot promises to shine a digital spotlight into our manufacturing processes. It will show the world why energy supplied by Adnoc is among the least carbon-intensive in the oil and gas industry.”
Other areas under joint development between the two companies include electrification and “Power-to-X” technology used to produce green hydrogen and its derivatives, including synthetic carbon dioxide-derived products.
The companies will also collaborate on Adnoc’s state-of-the art innovation centre in Abu Dhabi.
“Siemens Energy will work with Adnoc to develop solutions for the benefit of the energy industry,” said Dr Fahad Al Yafei, chief technology officer of Siemens Energy Middle East.
“Investing in innovation and the co-creation of technologies are vital tools for reducing emissions and meeting net-zero targets.”
The agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), will come into effect by the end of this year, according to the companies.
The UAE continues to focus on developing new projects as it aims to become carbon neutral by 2050. The country is investing Dh600 billion ($163.5bn) in clean and renewable energy projects.
The Emirates is building the world’s largest solar plant with a capacity of two gigawatts in Abu Dhabi's Al Dhafra region. The plant is expected to be ready next year.
It is also developing the Mohammed bin Rashid Solar Park in Dubai that is being built in phases and will have a total capacity of 5 gigawatts by 2030.
The Arab world’s second-largest economy also launched the 5,600-megawatt Barakah nuclear energy plant, where the third reactor went online recently.
Siemens Energy is also partnering with the Abu Dhabi Investment Office (Adio) to set up its Middle East Innovation Centre in Abu Dhabi.
The Innovation Centre, one of only four that Siemens Energy has established globally, will focus on developing technology incorporating digital decarbonisation solutions, green fuels, fuel cells and the electrification of heat and industrial processes.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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.”
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Company%20profile
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
