For UAE’s university students, a chance to drive innovation in green transport



How will cars of the future look?

An event starting today and taking place until Sunday will provide a little preview of what that future might have in store – the Shell Eco-marathon.

It began 78 years ago as a friendly competition among the company’s American employees over who could travel further on the least amount of fuel. The annual event has since expanded from the Americas to Asia and Europe. And with it, the opportunity to drive innovation.

Konstantinos Laskaris competed in the event five years ago. Now he is the chief motor engineer at Tesla, a company that is pushing boundaries for the vehicle industry. That is what the Eco-marathon is all about – fostering innovation for tomorrow.

The competition will take place in Singapore with students, including three teams from the UAE, competing to drive the farthest distance on the least amount of energy. Some will drive ultra-efficient petrol and diesel cars. Others will drive cars powered by hydrogen, liquefied natural gas, ethanol and lithium batteries.

While it is fun, the event represents much more.

Climate change poses a challenge and opportunity to each of us. The UAE is working to address this by implementing its Energy Plan 2050, aiming to slash carbon dioxide emissions by 70 per cent.

The world is transitioning to lower-carbon forms of energy, and transport must be at the heart of this transition.

The development of lower-carbon fuels for our cars, lorries, ships and planes is critical to global efforts to tackle climate change. Transport accounts for 28 per cent of the world’s energy consumption.

Today there are about 1 billion passenger vehicles on the roads globally. The International Energy Agency (IEA) expects this number to reach about 2 billion by 2040.

It is crucial to cut emissions by boosting the efficiency of vehicles. Yet there is no simple, single answer when more than 90 per cent of transport runs on liquid fuels as it does today.

The world will need mass-produced and affordable battery-electric cars; it will need hydrogen fuel cell electric vehicles too, with their greater range and quicker refuelling. The infrastructure to support these vehicles must be put in place. And most importantly, consumers must be willing to make the change.

Electric vehicles have made much progress but there is a long way to go. According to the IEA there are now more than 1.26 million electric cars, a global market share of about 0.1 per cent.

Tesla says it plans to sell 500,000 electric cars a year. Using current technology, it would require about two-thirds of the world’s annual lithium production for its batteries. Supplies of other minerals such as cobalt could also come under pressure. And with more than a billion cars on the roads, 500,000 is, in any case, less than one two-thousandth of the world’s fleet.

An electric car is only as clean as the source of its electricity. That means lower-carbon natural gas power generation or renewable energy, or a combination of both.

A global move towards lower-emission transport will be helped by cleaner and more economical fuels, more efficient lubricants and better engines. Low-carbon biofuels will be important too. The next generation of this technology will be able to convert waste directly to fuel.

Such innovations, among many others, will help the world make the transition to a low-carbon and more energy-efficient future.

Ultimately, if the huge transport sector is going to be transformed successfully, we will need all the creativity we can muster among the designers and engineers of the future.

This week’s Eco-marathon will have 134 student teams taking part from 20 Asia-Pacific countries, including 16 Mena teams. For years university students from across the UAE have placed among the top teams.

Perhaps among them are people who will go on to help revolutionise transport for a low-carbon future.

John Abbott is downstream director for Royal Dutch Shell.

business@thenational.ae

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Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

WE NO LONGER PREFER MOUNTAINS

Director: Inas Halabi

Starring: Nijmeh Hamdan, Kamal Kayouf, Sheikh Najib Alou

Rating: 4/5

The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Fighting with My Family

Director: Stephen Merchant 

Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell        

Four stars

The years Ramadan fell in May

1987

1954

1921

1888

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Listen to Extra Time
The Matrix Resurrections

Director: Lana Wachowski

Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."