The company was set up by Creek Capital last year through a merger of solar company SirajPower, energy efficiency services business Taka Solutions and on-demand battery company HYPR Energy. Photo: Positive Zero
The company was set up by Creek Capital last year through a merger of solar company SirajPower, energy efficiency services business Taka Solutions and on-demand battery company HYPR Energy. Photo: Positive Zero
The company was set up by Creek Capital last year through a merger of solar company SirajPower, energy efficiency services business Taka Solutions and on-demand battery company HYPR Energy. Photo: Positive Zero
The company was set up by Creek Capital last year through a merger of solar company SirajPower, energy efficiency services business Taka Solutions and on-demand battery company HYPR Energy. Photo: Pos

BlackRock to invest up to $400m in UAE’s decarbonisation company Positive Zero


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BlackRock, the world’s largest asset manager, will invest up to $400 million in Dubai-based decarbonisation company Positive Zero through a diversified infrastructure fund.

The investment will support Positive Zero’s goal to grow sustainable energy adoption across the GCC, in line with efforts to reduce carbon emissions and limit global warming, the company said on Monday.

The company was set up by Creek Capital last year through a merger of solar company SirajPower, energy efficiency services business Taka Solutions and on-demand battery company HYPR Energy.

“This investment not only endorses the region's potential and our innovative business model but also aligns with our mutual aspiration to cultivate a new era in the energy economy,” said Mohammed Hussain, co-founder and chairman of Positive Zero.

“We are set on a journey to achieve the ambitious Cop28 targets of tripling renewables and doubling efficiency by 2030.”

At the UN climate summit that ended last week, countries agreed to work together to triple the world’s current renewable energy generation capacity to at least 11,000 gigawatts by 2030, considering different starting points and national circumstances.

They will also aim to double the global average annual rate of energy efficiency improvements to 4 per cent, from 2 per cent currently, amid efforts to limit the global temperature rise to 1.5°C above pre-industrial levels, the key Paris Agreement goal.

“We are very excited about our investment in Positive Zero on behalf of our clients,” said Ed Winter, BlackRock's Asia Pacific and Middle East head for diversified infrastructure.

“Positive Zero is well-positioned to capitalise on tailwinds driven by ambitious economic growth and energy transition objectives set by the UAE and other countries in the GCC region.”

  • Henrietta Moon, founder of Finnish start-up Carbo Culture, says carbon removal technology companies are valuable. Chris Whiteoak / The National
    Henrietta Moon, founder of Finnish start-up Carbo Culture, says carbon removal technology companies are valuable. Chris Whiteoak / The National
  • Carbo Culture uses bio-char generated from dust pellets and waste wood to lock in carbon. Photo: Carbo Culture
    Carbo Culture uses bio-char generated from dust pellets and waste wood to lock in carbon. Photo: Carbo Culture
  • The company aims to extract 3,000 tonnes of carbon dioxide from the atmosphere. Photo: Carbo Culture
    The company aims to extract 3,000 tonnes of carbon dioxide from the atmosphere. Photo: Carbo Culture
  • It has plants in the US and Europe and its bio-char can be used to improve soil quality. Photo: Carbo Culture
    It has plants in the US and Europe and its bio-char can be used to improve soil quality. Photo: Carbo Culture
  • Jolis Nduwimana, an entrepreneur from Burundi, says he built connections at Cop28 to support his sustainability ambitions. Khushnum Bhandari / The National
    Jolis Nduwimana, an entrepreneur from Burundi, says he built connections at Cop28 to support his sustainability ambitions. Khushnum Bhandari / The National
  • His start-up Wege collects plant, banana and paper waste from 15,200 small-scale farms that would otherwise be burnt. Photo: Jolis Nduwimana
    His start-up Wege collects plant, banana and paper waste from 15,200 small-scale farms that would otherwise be burnt. Photo: Jolis Nduwimana
  • The waste is boiled in vats and transformed into eco-friendly bags. Photo: Jolis Nduwimana
    The waste is boiled in vats and transformed into eco-friendly bags. Photo: Jolis Nduwimana
  • The company now makes 500 eco-friendly bags each day with ambition to grow to 2,000. Photo: Jolis Nduwimana
    The company now makes 500 eco-friendly bags each day with ambition to grow to 2,000. Photo: Jolis Nduwimana
  • A Burundi ban on plastic bags set Mr Nduwimana thinking about a solution. Photo: Jolis Nduwimana
    A Burundi ban on plastic bags set Mr Nduwimana thinking about a solution. Photo: Jolis Nduwimana
  • The team spends hours separating paper, banana and rice waste before its converted to pulp. Photo: Jolis Nduwimana
    The team spends hours separating paper, banana and rice waste before its converted to pulp. Photo: Jolis Nduwimana
  • The waste would otherwise be burnt or rot in landfills. Photo: Jolis Nduwimana
    The waste would otherwise be burnt or rot in landfills. Photo: Jolis Nduwimana
  • The pulp is dried in the sun before being used to make bags. Photo: Jolis Nduwimana
    The pulp is dried in the sun before being used to make bags. Photo: Jolis Nduwimana
  • Wege sells the bags to boutiques and pharmaceutical companies Photo: Jolis Nduwimana
    Wege sells the bags to boutiques and pharmaceutical companies Photo: Jolis Nduwimana

BlackRock is among the institutional investors backing the UAE’s $30 billion climate fund called Alterra, which aims to raise $250 billion globally in the next six years.

“Decarbonisation and decentralisation are two key structural trends that we believe presents significant investment opportunities,” Mr Winter said.

By 2030, emerging markets and developing economies will require $2.4 trillion every year to address climate change, according to the Climate Policy Initiative.

Meanwhile, Deloitte has said investment of $5 trillion to $7 trillion a year is needed until 2050 in the energy sector to drive the transition but less than $2 trillion is currently spent each year.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

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.”

While you're here
A cryptocurrency primer for beginners

Cryptocurrency Investing  for Dummies – by Kiana Danial 

There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine. 

Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.

Although cryptocurrencies are a fast evolving world, this  book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.

Begin your cryptocurrency journey here. 

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Transmission: eight-speed automatic

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Who is Mohammed Al Halbousi?

The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

SERIE A FIXTURES

Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)

Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)

Monday Spezia v Sampdoria (11.45pm)

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

UAE-based players

Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim

Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza

The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Updated: December 18, 2023, 11:53 AM