Adnoc Logistics & Services, a unit of Abu Dhabi's state oil company, has partnered with French marine and energy services firm SeaOwl to develop unmanned remotely operated vessels as part of its sustainability efforts.
The vessels will be designed to reduce up to 30 per cent of carbon emissions, with its smart automation systems capable of optimising routes, further contributing to Adnoc L&S's decarbonisation strategy, the company said.
The agreement was signed by Abdulkareem Al Masabi, chief executive of Adnoc L&S, and Xavier Genin, chief executive of Paris-based SeaOwl, on the sidelines of the UAE Climate Tech conference in Abu Dhabi on Thursday.
The vessels are also meant to improve safety and reduce operational costs, since the vessels will be able to operate in harsher conditions without having to expose seafarers to risks.
The move is in line with the objectives of the UAE’s Net Zero by 2050 strategic initiative and Abu Dhabi National Oil Company's 2030 Sustainability Agenda.
“A strategic commitment to sustainability and innovation plays a crucial role in Adnoc L&S’s ability to serve its customers,” Mr Al Masabi said.
“The vessel is another example of this commitment as we leverage the latest technology to optimise our maritime operations, reduce our carbon footprint and improve safety while increasing efficiency.”
The UAE is taking the lead regionally and stepping up efforts to hit its target to reach net zero emissions by 2050 through a number of sweeping reforms and programmes.
Companies in the Emirates are doing their part by integrating more sustainability-focused plans into their operations to streamline their operations with national goals.
The partnership between the two companies is expected to bring a “new era of sustainable logistics operations through digital automatisation”, Mr Genin said.
“This project will create strong ties with the UAE industrial landscape, as we plan to engage many other UAE players in this exciting journey.”
A strategic commitment to sustainability and innovation plays a crucial role in Adnoc L&S’s ability to serve its customers
Abdulkareem Al Masabi,
chief executive of Adnoc L&S
Upon construction, the ROVs will join Adnoc L&S's large and diverse fleet of advanced vessels at its 1.5 million square metre logistics base in Abu Dhabi.
Last month, the company added five new-build very large gas carriers to its fleet to meet the growing global demand for gas.
On Wednesday, Adnoc L&S announced plans to list 1.1 billion shares, equivalent to 15 per cent, on the Abu Dhabi Securities Exchange, marking the second initial public offering of one of its businesses this year, following the listing of Adnoc Gas in March.
Adnoc L&S aims to have a growth capital expenditure of $4 billion to $5 billion in the medium term to expand the scope of services provided to companies in the Adnoc group.
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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.”
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
