Mohamed Jameel Al Ramahi, chief executive of Masdar, and David Papazian, chief executive of the Armenian National Interests Fund (ANIF), sign a preliminary agreement to explore collaboration in renewable energy. Courtesy Masdar
Mohamed Jameel Al Ramahi, chief executive of Masdar, and David Papazian, chief executive of the Armenian National Interests Fund (ANIF), sign a preliminary agreement to explore collaboration in renewable energy. Courtesy Masdar
Mohamed Jameel Al Ramahi, chief executive of Masdar, and David Papazian, chief executive of the Armenian National Interests Fund (ANIF), sign a preliminary agreement to explore collaboration in renewable energy. Courtesy Masdar
Mohamed Jameel Al Ramahi, chief executive of Masdar, and David Papazian, chief executive of the Armenian National Interests Fund (ANIF), sign a preliminary agreement to explore collaboration in renewa

Energy

Masdar to pursue renewable energy opportunities in Armenia

The country has "considerable" potential for solar and wind energy development, Abu Dhabi clean energy firm says

The National

July 13, 2019

  • English
  • Arabic

Abu Dhabi's clean energy company Masdar said it is pursuing renewable energy opportunities in Armenia, a nation with "considerable" potential for solar and wind energy development.

Masdar and Armenian National Interests Fund signed an agreement to explore collaboration in solar photovoltaic (PV) energy, onshore wind power and floating solar power, the company said in a statement.

“As the fastest growing economy in the Eurasian Economic Union, backed by an increasingly open and supportive regulatory environment, Armenia is a promising location for investment in both solar and wind energy," Mohamed Jameel Al Ramahi, chief executive of Masdar, said.

Masdar, wholly-owned by Abu Dhabi’s Mubadala Investment Company, is expanding its clean energy projects as it plans to double its renewable energy capacity in five years with new projects in Asia and the Americas, Reuters reported in January, citing Mr Al Ramahi.

Armenia is already a significant producer of hydroelectric power, as many of the country’s more than 200 rivers and lakes are suitable for floating solar power projects, according to Masdar.

Much of Armenia is also ideal for wind farm development, as it gets wind speeds of 8.5 metres per second and above.

The country also receives an estimated 1720 kilowatt-hours (kWh) of solar energy per square metre, compared with an average of 1,000kWh per square metre in Europe.

Armenia is aiming to generate more than a quarter of its domestic power needs from renewable energy sources by 2025, and is capping carbon emissions at 633 million metric tonnes of CO2 equivalent between 2015 and 2050, according to Bloomberg New Energy Finance.

“This agreement is the first of many on a government-to-government level between the UAE and Armenia,” David Papazian, chief executive of the Armenian National Interests Fund, said.

The president of Armenia, Armen Sarkissian, conducted a state visit to the UAE in January.

“Since elevating the relationship between the UAE and Armenia in January, it is symbolic that our first investment agreement is about renewables,” Mr Papazian said.

Abu Dhabi's push into renewables is part of the country's target to diversify its energy sources. The UAE plans to meet 7 per cent of its power needs from solar by 2020.

Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

States of Passion by Nihad Sirees,
Pushkin Press

While you're here

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.”

While you're here
What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Fixtures:

Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final

Whiile you're here
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

More from Neighbourhood Watch:
Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

Transgender report
E-cigarettes report
Iraq politics
How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Tuesday results:

  • Singapore bt Malaysia by 29 runs
  • UAE bt Oman by 13 runs
  • Hong Kong bt Nepal by 3 wickets

Final:
Thursday, UAE v Hong Kong

Tips for entertaining with ease

·         Set the table the night before. It’s a small job but it will make you feel more organised once done.

·         As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.

·         Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.

·         Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.

·         The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.

·         You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.

 

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