• Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, received Sheikh Tahnoon bin Mohammed, Abu Dhabi Ruler's Representative in Al Ain, at Adnoc headquarters on Tuesday. All photos: Wam
    Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, received Sheikh Tahnoon bin Mohammed, Abu Dhabi Ruler's Representative in Al Ain, at Adnoc headquarters on Tuesday. All photos: Wam
  • Sheikh Tahnoon (left), who was appointed as the chairman of the Adnoc board of directors in 1973, has been instrumental in setting the strategic direction of the company and laying the foundations for its growth.
    Sheikh Tahnoon (left), who was appointed as the chairman of the Adnoc board of directors in 1973, has been instrumental in setting the strategic direction of the company and laying the foundations for its growth.
  • Sheikh Khaled (right) and Sheikh Tahnoon toured the visitor's centre at Adnoc headquarters.
    Sheikh Khaled (right) and Sheikh Tahnoon toured the visitor's centre at Adnoc headquarters.
  • Sheikh Khaled and Sheikh Tahnoon were joined by Dr Sultan Al Jaber (right), Minister of Industry and Advanced Technology, at Adnoc's headquarters.
    Sheikh Khaled and Sheikh Tahnoon were joined by Dr Sultan Al Jaber (right), Minister of Industry and Advanced Technology, at Adnoc's headquarters.
  • The Adnoc visitor's centre provides insights into the state-run energy company’s achievements.
    The Adnoc visitor's centre provides insights into the state-run energy company’s achievements.
  • Sheikh Tahnoon commended Adnoc's employees for their role in delivering on the company's decarbonisation plan.
    Sheikh Tahnoon commended Adnoc's employees for their role in delivering on the company's decarbonisation plan.
  • Sheikh Tahnoon voiced appreciation for Adnoc's focus on the use and application of advanced technologies.
    Sheikh Tahnoon voiced appreciation for Adnoc's focus on the use and application of advanced technologies.
  • Dr Sultan said efforts are ongoing to future-proof Adnoc, reinforce sustainability in all aspects of its business and bolster its position as a reliable provider of lower-carbon energy
    Dr Sultan said efforts are ongoing to future-proof Adnoc, reinforce sustainability in all aspects of its business and bolster its position as a reliable provider of lower-carbon energy

Sheikh Khaled receives Abu Dhabi Ruler’s Representative in Al Ain at Adnoc headquarters


Alkesh Sharma
  • English
  • Arabic

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, received Sheikh Tahnoon bin Mohammed, Abu Dhabi Ruler's Representative in Al Ain, during a visit to the Abu Dhabi National Oil Company’s headquarters on Tuesday to review the company’s efforts in advancing the growth of the national economy.

They toured the Adnoc visitor's centre, which gives insights into the state-run energy company’s achievements, its transformation journey to a lower-carbon future and the role it is playing in enabling the UAE's economic growth.

Sheikh Khaled was accompanied by Dr Sultan Al Jaber, Cop28 President-designate, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, alongside other officials.

"We continue to future-proof Adnoc, reinforce sustainability in all aspects of our business and bolster our position as a reliable and responsible global provider of lower-carbon energy, as well as a key contributor to the UAE’s economic and social development,” Dr Al Jaber said.

Sheikh Tahnoon, who was appointed chairman of the Adnoc board of directors in 1973, has been instrumental in setting the strategic direction of the company and laying the foundations for its growth.

Last month, Adnoc began the construction of the Middle East’s first high-speed hydrogen refuelling station. The station, which the company is building in Masdar City, will create clean hydrogen from water using an electrolyser powered by clean grid electricity, Adnoc said.

In the same month, Sheikh Khaled approved the company’s plan to reach net zero emissions by 2045, bringing the deadline forward from its previous target of 2050. The company also aims to reach zero methane emissions by 2030.

Last year, Adnoc planted 200,000 mangrove seeds using drone technology as part of its plan to plant 2.5 million mangroves over a period of three years.

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Brief scores:

Manchester City 3

Aguero 1', 44', 61'

Arsenal ​​​​​1

Koscielny 11'

Man of the match: Sergio Aguero (Manchester City)

The years Ramadan fell in May

1987

1954

1921

1888

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Empty Words

By Mario Levrero  

(Coffee House Press)
 

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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

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

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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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

THE DETAILS

Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
%3Cp%3E%E2%80%A2%20Agreements%20on%20energy%20and%20water%20supply%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Applied%20service%20fees%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customer%20data%20and%20information%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Prohibition%20of%20service%20disconnections%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customer%20complaint%20process%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Management%20of%20debts%20and%20customers%20in%20default%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Services%20provided%20to%20people%20of%20determination%20and%20home%20care%20customers%3C%2Fp%3E%0A
UAE rugby season

FIXTURES

West Asia Premiership

Dubai Hurricanes v Dubai Knights Eagles

Dubai Tigers v Bahrain

Jebel Ali Dragons v Abu Dhabi Harlequins

UAE Division 1

Dubai Sharks v Dubai Hurricanes II

Al Ain Amblers v Dubai Knights Eagles II

Dubai Tigers II v Abu Dhabi Saracens

Jebel Ali Dragons II v Abu Dhabi Harlequins II

Sharjah Wanderers v Dubai Exiles II

 

LAST SEASON

West Asia Premiership

Winners – Bahrain

Runners-up – Dubai Exiles

UAE Premiership

Winners – Abu Dhabi Harlequins

Runners-up – Jebel Ali Dragons

Dubai Rugby Sevens

Winners – Dubai Hurricanes

Runners-up – Abu Dhabi Harlequins

UAE Conference

Winners – Dubai Tigers

Runners-up – Al Ain Amblers

Updated: August 15, 2023, 5:05 PM