If anywhere in the world should be good at churning out renewable energy, Scotland should.
A quarter of Europe's potential wind energy crosses its land and surrounding seas, while its position at the end of the Atlantic Ocean "fetch" (the distance the wind blows over open water) produces uniquely powerful waves along the nearly 12,000km of coastline around the mainland and its more than 790 islands.
And if it lacks the sunshine required to light up solar panels, it more than makes up for that deficiency in plentiful, year-round rainfall to fill its rivers to power hydroelectric plants.
Little wonder, perhaps, that the Masdar Institute made Scotland its first-choice nation for collaboration under a research and development agreement to be signed on Tuesday at the World Future Energy Summit in Abu Dhabi.
The foundations for the agreement were laid last year when Alex Salmond, the first minister of Scotland, visited Masdar and was impressed by what he saw.
With Scotland committed to producing 100 per cent of its electricity from renewable sources in eight years, Mr Salmond suggested during the visit that Masdar could be a future hub for further developing Scottish low-carbon technology.
"Masdar is a valuable initiative from which we can all benefit," he said. "As countries around the world look to develop more energy-sustainable economies, we need investment and commitment to education, thought leadership and research and development in the renewable-energy sector. Scotland has much to gain from what Masdar can teach us, both now and in the future."
His sentiments were shared by Sultan Al Jaber, Masdar's chief executive, who first proposed a cooperative venture. "As a leading player in both the UAE and the wider clean-tech market, we are eager to work with other, like-minded countries such as Scotland to raise awareness and develop solutions to mitigate climate change," he said.
Simon Puttock, the executive director of the Energy Technology Partnership (ETP) - a group of Scottish universities involved in renewables research and with which Masdar is entering into a partnership - said the agreement reflected the increasingly globalised nature of the drive to develop alternative energy sources and clean-air technology.
"It is really an exciting prospect to be able to work in conjunction with the Masdar Institute, which is rapidly gaining a reputation as a world-class centre," said Mr Puttock, who will accompany Mr Salmond to the energy forum in Abu Dhabi.
"One of the most important opportunities is to be able to engage with companies, either in the UK or UAE or elsewhere, working in partnership with research programmes."
Scotland can already bring a great deal to the alternative-energy experience. The nation produced almost a third of its power from green sources last year.
Ian Bryden, the head of the Institute for Energy Systems at the University of Edinburgh - one of the ETP partners - said that while he had assumed Masdar would be most interested in solar technology, as opposed to Scotland's concentration on wind, hydro and tidal power technology, there was common ground in areas such as hydrogen cells and energy storage techniques.
Scotland, he said, could be considered a world leader as far as wave and tide power were concerned. "This is not just in terms of research but in development, too. Many of the world's most significant developers in wave techniques are now Scottish based," he said.
But problems persist over the development of onshore wind farms, mainly because of concerns raised by the environmental lobby.
Last year, the Scottish government, despite its enthusiasm for green energy, rejected plans for a huge wind farm on the Isle of Lewis in the Outer Hebrides after a lengthy campaign by environmentalists - and despite the fact many locals favoured the development because of the money and jobs it would bring to the island.
"Onshore wind is highly visible - you can't hide it," said Prof Bryden. "It will always have an interesting relationship with the communities where they are sited. Everyone will have to handled on a case-by-case basis.
"The situation is different offshore, and that could offer some exciting developmental possibilities, particularly in deep water, where much of the work is based on experience gained in the oil and gas industry."
But Prof Bryden points out, while wind power is currently the cheapest form of renewable energy to produce, its unpredictability means that, unlike marine energy, alternative supplies are always needed as a back-up.
And the big problem for all the new energy technologies is cost. Where the price of producing power remains high, developers will be unwilling to invest, and where there is a lack of investment, costs will remain high.
It is a conundrum that the new partnership between Masdar and Scotland will do its energetic best to resolve in the coming years.
business@thenational.ae
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
Company%20Profile
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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.”