Energy

More energy for the Seychelles--and perhaps also Sharjah

April Yee

June 22, 2011

  • English
  • Arabic

The Seychelles, an archipelago off the eastern coast of Africa, struggles to produce enough power for its citizens.

Abu Dhabi made a step toward lightening that burden yesterday with a Dh52 million set of generators for the island nation. Soon a wind farm planned by the emirate's clean energy company could also begin feeding the grid.

The UAE has spent more than US$70 billion in loans and other aid for development projects around the world, including Abu Dhabi's drive to help Pakistan build four hydroelectric power stations over the years, according to the Government.

''We know from our own experience that economic and social development depend on access to affordable energy," Mohammed al Hamli, the energy minister, said yesterday in Vienna at a conference on global energy access. "I stress the word affordable because there is no point in having a socket, if you cannot afford to [pay] the electricity bill."

Now Abu Dhabi could help a neighbor closer to home.

Yesterday Sheikh Mohammed bin Zayed, Deputy Ruler of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ordered Abu Dhabi's state oil company to "help solve" Sharjah's

.

In the

on the state news agency WAM, he did not specify exactly how Abu Dhabi National Oil Company should address the need for fuel in the northern emirates, which have been hit hard by high oil prices. Because the Government requires retailers to sell petrol at a low price, companies like Enoc can end up selling petrol to motorists at a loss--unless they choose to stop selling altogether.

Adnoc has funneled some extra fuel to the other emirates and is "on the verge" of sending more with vessels to a port in Ras al Khaimah, according to Abdullah Al Dahiri, the head of Adnoc's distribution company.

"We have already pumped additional quantities of petrol into the Northern Emirates ranging between 35 and 45 per cent to meet demand," he

the Arabic-language newspaper Al Ittihad, which is owned by the same company as The National. "We will continue sending additional supplies to the northern emirates until the situation there stabilises and the problem is completely tackled."

While you're here
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Arabian Gulf League fixtures:

Friday:

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  • Al Wahda v Al Dhafra, 5.25pm
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Saturday:

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Schedule in UAE time

5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)

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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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Did you know?

Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.

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