The UAE is expected to meet more than 50 per cent of its power needs from renewable sources by 2050 due to the addition of nuclear and solar power to grid, according to the chairman of the Abu Dhabi Department of Energy.
The country had set a target to achieve at least half of its energy needs from clean energy sources by 2050.
"You will be surprised that we will exceed that [the current target],” Awaidha Al Marar told a panel discussion organised by Goals House as part of UN General Assembly virtual meetings.
He added that the UAE accounts for roughly 70 per cent of all renewable energy projects in the GCC.
"The UAE [is] either the second or the third ranking worldwide on investment in concentrated solar power plants,” he added.
The UAE accounts for 4 per cent of global crude output, much of it is from oilfields in Abu Dhabi. The country is diversifying its energy mix, adding solar and nuclear sources to its grid, as it looks to free up crude for export. Meanwhile, its capital Abu Dhabi intends to generate half of its power requirements from clean energy sources by 2030.
The UAE has also ramped up nationwide efforts to increase its renewable energy capacity at a time of record low oil prices. In April, a planned 2 gigawatts solar scheme in Abu Dhabi – the oil hub for the UAE – received the world's lowest tariff on the basis of levellised costs of electricity.
Emirates Water and Electricity Company, a subsidiary of Abu Dhabi Power Corporation, said it received a cost-competitive tariff for solar PV energy of 4.97 fils per kilowatt hour (1.35 US cents/kWh)
The Dhafrah project, which will be built through an independent power producer model, will cover an area of 20 square kilometres and could power 110,000 households across the UAE, according to Ewec.
IPPs are typically not owned by the state but they build and operate power plants for the sale of electricity to buyers, which could include a utility, the government or end users.
With the addition of the latest project to the grid, Abu Dhabi's total solar power generation capacity will stand at 3.2GW.
The UAE also connected Unit 1 of the Barakah nuclear power plant to grid, with the plant currently operating at 50 per cent capacity.
The power plant was connected to grid last month.
Mr Al Marar said the UAE was redoubling efforts to curb carbon dioxide emissions as part of its commitments to UN Sustainability Development Goals.
"We've achieved affordable energy and water for 100 per cent. We've achieved almost 98.5 per cent with regard to fuel for cooking,” he told the panel.
"The issue of carbon dioxide, we are still on the border average. But I can tell you a good news that when the nuclear plant is fully operated and the new [solar plant] Al Dhafrah is in operation as well that will stabilise the carbon dioxide target emission,” he added.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Company%20profile
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Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
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.”
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The five pillars of Islam
Killing of Qassem Suleimani
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