Dr Sultan Al Jaber, UAE’s President-designate for Cop28, said an inclusive energy transition is crucial. Photo: UAE Presidential Court
Dr Sultan Al Jaber, UAE’s President-designate for Cop28, said an inclusive energy transition is crucial. Photo: UAE Presidential Court
Dr Sultan Al Jaber, UAE’s President-designate for Cop28, said an inclusive energy transition is crucial. Photo: UAE Presidential Court
Dr Sultan Al Jaber, UAE’s President-designate for Cop28, said an inclusive energy transition is crucial. Photo: UAE Presidential Court

India’s clean energy transition presents an economic opportunity, Dr Al Jaber says


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India’s “pro-growth” and “pro-climate” agenda presents a significant economic opportunity, Dr Sultan Al Jaber, President-designate of Cop28, said.

“As India’s economy surges, it is dealing with the fundamental question that the whole world faces,” Dr Al Jaber, who is also the Minister of Industry and Advanced Technology, said at the India Energy Week in Bengaluru on Tuesday.

“How to adopt policies that are pro-growth and pro-climate at the same time. How to provide for a world that will consume 30 per cent more energy by 2050, while protecting our planet. In short, how to hold back emissions, not progress.”

India, which aims to become net-zero by 2070, plans to produce 500 gigawatts of non-fossil fuel capacity by 2030.

The country, Asia's third-largest economy, also plans to produce 5 million tonnes of green hydrogen annually by 2030, with the potential to reach 10 million tonnes as export markets grow.

“Last year, despite an ongoing war, fears of recession and a world still recovering from Covid, annual global investment in clean energy exceeded $1 trillion for the first time,” said Dr Al Jaber.

Calling India’s renewable energy targets “very achievable”, he said the UAE was keen to partner with the country to advance clean energy.

“We have spent the last two decades diversifying our energy portfolio and we need everyone on this journey with us, so that together we can triple global renewable energy capacity over the next seven years.”

Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050, the International Energy Agency said in its World Energy Outlook last year.

The IEA’s stated policies scenario (Steps), which is based on the latest policy settings worldwide, expects clean energy investment to rise to slightly more than $2 trillion by 2030.

Dr Al Jaber also said that clean energy policies should take into consideration the needs of people in the Global South, which includes Latin America, Asia, Africa and Oceania.

“We must empower the Global South, where almost 800 million people have no electricity, in an inclusive energy transition,” said Dr Al Jaber.

“And we need to move from talking about goals, to getting the job done.”

He also highlighted the complexity of the energy transition as a “system-wide rewiring” of global economies and noted that despite the “impressive” growth of wind and solar power, renewable energy by itself would not be sufficient.

“Without a breakthrough in battery storage, we must invest heavily in carbon capture, nuclear power and the hydrogen value chain. But spending on these fundamental enablers of decarbonisation are less than 5 per cent of what is spent on renewables.”

The UAE is set to host the next UN Cop28 climate summit, which will start at the end of November.

The meeting of heads of state, finance and business leaders, and members of civil society, will take stock of what has been achieved since the Paris Agreement of 2015.

The UAE, Opec’s third-largest oil producer, is pursuing goals to reduce its carbon footprint and last year, became the first country in the Middle East to set a net-zero target, which it aims to achieve by 2050.

The Emirates plans to invest $160 billion in clean and renewable energy sources over the next three decades.

It is building the Mohammed bin Rashid Solar Park in Dubai with a five-gigawatt capacity. Abu Dhabi, which is developing a two-gigawatt solar plant in its Al Dhafra region, has set a target of 5.6 gigawatts of solar PV capacity by 2026.

“The task ahead is enormous. It represents the biggest shift in human development across every aspect of our lives, from the way we produce and use energy, to how we grow our food, conserve our water and preserve our natural ecosystems,” said Dr Al Jaber.

“The UAE Cop presidency is listening and ready to engage. Let us meet this challenge together. Let us turn it into the opportunity of our lifetimes. And let’s make transformational, inclusive and lasting progress.”

  • Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, unveils the Cop28 logo with President-designate Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, at Abu Dhabi Sustainability Week. Victor Besa / The National
    Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, unveils the Cop28 logo with President-designate Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, at Abu Dhabi Sustainability Week. Victor Besa / The National
  • The Masdar display at the event. Victor Besa / The National
    The Masdar display at the event. Victor Besa / The National
  • The Mohamed Bin Zayed University stall. Victor Besa / The National
    The Mohamed Bin Zayed University stall. Victor Besa / The National
  • Visitors walk past the Masdar stall. Victor Besa / The National
    Visitors walk past the Masdar stall. Victor Besa / The National
  • The Adnoc display. Victor Besa / The National
    The Adnoc display. Victor Besa / The National
  • The National signage on display at the event. Victor Besa / The National
    The National signage on display at the event. Victor Besa / The National
  • The government of Fujairah's stall. Victor Besa / The National
    The government of Fujairah's stall. Victor Besa / The National
  • The Abu Dhabi Department of Energy's display. Victor Besa / The National
    The Abu Dhabi Department of Energy's display. Victor Besa / The National
  • Another view of the Adnoc stand. Victor Besa / The National
    Another view of the Adnoc stand. Victor Besa / The National
  • Another view of the Masdar display. Victor Besa / The National
    Another view of the Masdar display. Victor Besa / The National
  • Visitors at Abu Dhabi Sustainability Week. Victor Besa / The National
    Visitors at Abu Dhabi Sustainability Week. Victor Besa / The National
  • Day two of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
    Day two of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
  • Abu Dhabi Sustainability Week aims to accelerate sustainable development and advance economic, social and environmental progress. Khushnum Bhandari / The National
    Abu Dhabi Sustainability Week aims to accelerate sustainable development and advance economic, social and environmental progress. Khushnum Bhandari / The National
  • The Envision stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
    The Envision stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
  • Masdar's stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
    Masdar's stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
  • The Tadweer stand. Khushnum Bhandari / The National
    The Tadweer stand. Khushnum Bhandari / The National
  • The event brings together heads of state, industry leaders, entrepreneurs, investors and senior policymakers. Khushnum Bhandari / The National
    The event brings together heads of state, industry leaders, entrepreneurs, investors and senior policymakers. Khushnum Bhandari / The National
  • A solar energy diorama on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National
    A solar energy diorama on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National
  • Abu Dhabi Sustainability Week plays host to some very big names in international business, including Huawei of China. Khushnum Bhandari / The National
    Abu Dhabi Sustainability Week plays host to some very big names in international business, including Huawei of China. Khushnum Bhandari / The National
  • Saeed Al Tayer, managing director and chief executive of Dubai Electricity and Water Authority, delivers a speech. Khushnum Bhandari / The National
    Saeed Al Tayer, managing director and chief executive of Dubai Electricity and Water Authority, delivers a speech. Khushnum Bhandari / The National
  • Mahmoud Mohieldin, executive director of the IMF, left, in discussion on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National
    Mahmoud Mohieldin, executive director of the IMF, left, in discussion on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National
  • Visitors at the Dubai Electricity and Water Authority stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
    Visitors at the Dubai Electricity and Water Authority stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
  • Awaidha Al Marar of the Abu Dhabi Department of Energy, an Abu Dhabi Executive Council Member and Member of Enec's board of directors, delivers opening remarks on Net-Zero Ambitions in Energy on Day 2 of Abu Dhabi Sustainability Week at Adnec. Khushnum Bhandari / The National
    Awaidha Al Marar of the Abu Dhabi Department of Energy, an Abu Dhabi Executive Council Member and Member of Enec's board of directors, delivers opening remarks on Net-Zero Ambitions in Energy on Day 2 of Abu Dhabi Sustainability Week at Adnec. Khushnum Bhandari / The National
  • The Dubai Electricity and Water Authority (Dewa) stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
    The Dubai Electricity and Water Authority (Dewa) stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
  • The Aldar stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
    The Aldar stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
  • The Bee'ah stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
    The Bee'ah stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
  • Mariam Al Mheiri, Minister of Climate Change and Environment, and Ahmed El Hoshy, chief executive of Fertiglobe, right, in a panel discussion titled A Manifesto for Food Systems at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
    Mariam Al Mheiri, Minister of Climate Change and Environment, and Ahmed El Hoshy, chief executive of Fertiglobe, right, in a panel discussion titled A Manifesto for Food Systems at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National
  • Sharif Al Olama, Undersecretary of the Ministry of Energy and Infrastructure, delivers a speech promoting solar power at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
    Sharif Al Olama, Undersecretary of the Ministry of Energy and Infrastructure, delivers a speech promoting solar power at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
  • Laurent Fabius (2nd L), president of the constitutional council of France, speaks to guests at Abu Dhabi National Exhibition Centre. Photo: Presidential Court
    Laurent Fabius (2nd L), president of the constitutional council of France, speaks to guests at Abu Dhabi National Exhibition Centre. Photo: Presidential Court
  • President Sheikh Mohamed speaks to John Kerry, US presidential envoy for climate, at a reception before the opening ceremony. Photo: Presidential Court
    President Sheikh Mohamed speaks to John Kerry, US presidential envoy for climate, at a reception before the opening ceremony. Photo: Presidential Court
  • President Sheikh Mohamed meets Hakainde Hichilema, President of Zambia. Photo: Presidential Court
    President Sheikh Mohamed meets Hakainde Hichilema, President of Zambia. Photo: Presidential Court
  • President Sheikh Mohamed meets Nana Akufo-Addo, President of Ghana. Photo: Presidential Court
    President Sheikh Mohamed meets Nana Akufo-Addo, President of Ghana. Photo: Presidential Court
  • Dr Sultan Al Jaber, right, Minister of Industry and Advanced Technology Group, chief executive of Adnoc and chairman of Masdar, receives Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. Photo: Presidential Court
    Dr Sultan Al Jaber, right, Minister of Industry and Advanced Technology Group, chief executive of Adnoc and chairman of Masdar, receives Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. Photo: Presidential Court
  • President Sheikh Mohamed greets Kassym-Jomart Tokayev, President of Kazakhstan. Photo: Presidential Court
    President Sheikh Mohamed greets Kassym-Jomart Tokayev, President of Kazakhstan. Photo: Presidential Court
  • President Sheikh Mohamed stands for a photograph with heads of state and government. (Front row: R-L) presidents Surangel Whipps Jr of Palau, Nana Akufo-Addo of Ghana, Kassym-Jomart Tokayev of Kazakhstan, Yoon Suk Yeol of South Korea, Ilham Aliyev of Azerbaijan, Joao Lourenco of Angola, Filipe Nyusi of Mozambique and Abiy Ahmed, Prime Minister of Ethiopia. (Back row: R-L) Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Yoweri Museveni, President of Uganda, Tiemoko Meyliet Kone, Vice President of Ivory Coast and Dr Sultan Al Jaber. Photo: Presidential Court
    President Sheikh Mohamed stands for a photograph with heads of state and government. (Front row: R-L) presidents Surangel Whipps Jr of Palau, Nana Akufo-Addo of Ghana, Kassym-Jomart Tokayev of Kazakhstan, Yoon Suk Yeol of South Korea, Ilham Aliyev of Azerbaijan, Joao Lourenco of Angola, Filipe Nyusi of Mozambique and Abiy Ahmed, Prime Minister of Ethiopia. (Back row: R-L) Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Yoweri Museveni, President of Uganda, Tiemoko Meyliet Kone, Vice President of Ivory Coast and Dr Sultan Al Jaber. Photo: Presidential Court
  • President Sheikh Mohamed greets a guest. Photo: Presidential Court
    President Sheikh Mohamed greets a guest. Photo: Presidential Court
  • Dr Al Jaber with Ilham Aliyev, President of Azerbaijan. Photo: Presidential Court
    Dr Al Jaber with Ilham Aliyev, President of Azerbaijan. Photo: Presidential Court
  • President Sheikh Mohamed greets Abiy Ahmed, Prime Minister of Ethiopia. Photo: Presidential Court
    President Sheikh Mohamed greets Abiy Ahmed, Prime Minister of Ethiopia. Photo: Presidential Court
  • (Back row L-R) Siaosi Sovaleni, Prime Minister of Tonga, Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Surangel Whipps Jr, President of Palau, Nana Akufo-Addo, President of Ghana, Kassym-Jomart Tokayev, President of Kazakhstan, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Joao Lourenco, President of Angola, Filipe Nyusi, President of Mozambique, Abiy Ahmed, Prime Minister of Ethiopia, Yoweri Museveni, President of Uganda, Olafur Ragnar Grimsson, former president of Iceland and chairman of Arctic Circle, Tiemoko Meyliet Kone, Vice President of Ivory Coast, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Photo: Presidential Court
    (Back row L-R) Siaosi Sovaleni, Prime Minister of Tonga, Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Surangel Whipps Jr, President of Palau, Nana Akufo-Addo, President of Ghana, Kassym-Jomart Tokayev, President of Kazakhstan, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Joao Lourenco, President of Angola, Filipe Nyusi, President of Mozambique, Abiy Ahmed, Prime Minister of Ethiopia, Yoweri Museveni, President of Uganda, Olafur Ragnar Grimsson, former president of Iceland and chairman of Arctic Circle, Tiemoko Meyliet Kone, Vice President of Ivory Coast, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Photo: Presidential Court
  • President Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for East Asia & Pacific Global High Schools to a representative from Kamil Muslim College, Fiji. Photo: Presidential Court
    President Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for East Asia & Pacific Global High Schools to a representative from Kamil Muslim College, Fiji. Photo: Presidential Court
  • Kassym-Jomart Tokayev, President of Kazakhstan (L), and President Sheikh Mohamed present the 2023 Zayed Sustainability Prize for Americas Global High Schools, to a representative from Fundacion Bios Terrae in Colombia. Photo: Presidential Court
    Kassym-Jomart Tokayev, President of Kazakhstan (L), and President Sheikh Mohamed present the 2023 Zayed Sustainability Prize for Americas Global High Schools, to a representative from Fundacion Bios Terrae in Colombia. Photo: Presidential Court
  • (L-R) Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, Kim Keon Hee, first lady of South Korea, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, Joao Lourenco, President of Angola and Ana Dias Lourenco, first lady of Angola. Photo: Presidential Court
    (L-R) Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, Kim Keon Hee, first lady of South Korea, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, Joao Lourenco, President of Angola and Ana Dias Lourenco, first lady of Angola. Photo: Presidential Court
  • Guests stand for the national anthem during the opening ceremony of Abu Dhabi Sustainability Week. Photo: Presidential Court
    Guests stand for the national anthem during the opening ceremony of Abu Dhabi Sustainability Week. Photo: Presidential Court
  • Children sing the UAE national anthem . Photo: Presidential Court
    Children sing the UAE national anthem . Photo: Presidential Court
  • Dr Sultan Al Jaber, Cop28 President-designate and the UAE's special envoy on climate change, speaks at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
    Dr Sultan Al Jaber, Cop28 President-designate and the UAE's special envoy on climate change, speaks at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
  • Mr Yoon, a keynote speaker at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
    Mr Yoon, a keynote speaker at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National
  • US climate envoy John Kerry, centre. Khushnum Bhandari / The National
    US climate envoy John Kerry, centre. Khushnum Bhandari / The National
  • Azerbaijan’s President Ilham Aliyev. Khushnum Bhandari / The National
    Azerbaijan’s President Ilham Aliyev. Khushnum Bhandari / The National
  • From left, Phillip Cornell, senior fellow of Atlantic Council Global Energy Centre; Christian Bruch, president and chief executive officer of Siemens Energy; Lorenzo Simonelli, chairman, president and chief executive of Baker Hughes; and Marisa Drew, chief sustainability officer of Standard Chartered. Khushnum Bhandari / The National
    From left, Phillip Cornell, senior fellow of Atlantic Council Global Energy Centre; Christian Bruch, president and chief executive officer of Siemens Energy; Lorenzo Simonelli, chairman, president and chief executive of Baker Hughes; and Marisa Drew, chief sustainability officer of Standard Chartered. Khushnum Bhandari / The National
Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

The specs

Engine: 2.9-litre twin-turbo V6

Power: 540hp at 6,500rpm

Torque: 600Nm at 2,500rpm

Transmission: Eight-speed auto

Kerb weight: 1580kg

Price: From Dh750k

On sale: via special order

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

THE SPECS

Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Volunteers offer workers a lifeline

Community volunteers have swung into action delivering food packages and toiletries to the men.

When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.

Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.

Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.

“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.

Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.

“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.

88 Video's most popular rentals

Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.  

Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.

Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.

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.”

UAE currency: the story behind the money in your pockets
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

UAE currency: the story behind the money in your pockets
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Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

Updated: February 07, 2023, 11:29 AM