The UAE, Jordan and Israel signed an agreement to develop a renewable energy and desalination facility in the Hashemite kingdom to mitigate climate change and add to the growth of clean energy in the country.
The partners will build solar photovoltaic plants with the capacity to generate 600 megawatts of electricity in Jordan. The electricity will be exported to neighbouring Israel, a country that shares a peace treaty with Amman.
They will also develop a desalination programme in Israel that will supply Jordan with 200 million cubic metres of water.
US presidential envoy for climate John Kerry attended the signing ceremony in Dubai.
Feasibility studies for the project will begin in 2022.
"Climate change is already having a major impact on countries and communities in the Middle East. As we prepare to host Cop28 in the UAE in 2023, we demonstrate with this declaration that all nations can work together to further the energy transition and build a more sustainable future for all," said Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation.
The UAE became the first country in the Arab world to pledge to reach net-zero emissions by 2050. Israel has also pledged to become carbon neutral by the same year.
Israel and Jordan already have a relationship in terms of energy. Tel Aviv exports gas from its Leviathan fields to Amman.
"All residents of the Middle East will benefit from this memorandum of understanding, not just Jordan and Israel. This is a message to the world on how countries can act together to fight the climate crisis," Israeli Energy Minister Karine Elharrar said.
Jordan, which imports more than 94 per cent of its energy needs, is looking to diversify its grid by incorporating renewable energy sources such as solar and wind into its mix. The country plans to increase the share of renewables in its energy mix to 30 per cent by 2030, as it comes closer to expanding the share of solar and wind to 20 per cent of overall electricity production this year.
The UAE has been an investor in Jordan's power grid, helping the country decarbonise by building renewable power plants.
Masdar, the UAE's renewable developer, is an early developer of renewables in Jordan. The company made its first overseas investment in a Jordanian wind farm in 2013.
"The UAE is pleased to play a role in bringing Israel and Jordan together in an initiative that reinforces both countries’ climate security and common interests. This declaration is just one of the positive outcomes of the Abraham Accords that is serving to reinforce regional peace, stability and prosperity while improving the lives and the future prospects of all the people of the region," Sheikh Abdullah said.
Jordan and Israel, which are both water-scarce countries, have previously been working out a plan to direct water from the Red Sea to replenish the fast-depleting Dead Sea. Arid states such as Israel have also used the drip adoption technique to manage their water deficits to grow vegetation. Drip irrigation systems are able to control precisely the amount of water delivered to the crop, potentially maintaining a high level of irrigation efficiency.
Jordan is expected to exhaust its underground freshwater sources in the next 40 years, according to Mercy Corps, a global humanitarian organisation.
"Climate change and the influx of refugees have further exacerbated Jordan’s water challenges, however, there are many opportunities for regional co-operation to help increase sustainability in the sector," said Mohammad Al Najjar, Jordan’s Minister of Water and Irrigation.
A 2014 World Bank feasibility study on the project said that if no action was taken, the area near the Dead Sea would suffer from further sinkholes, mudflats and landslides that will affect terrestrial and aquatic ecosystems, tourism and the chemical industry. The lake’s water level is declining by more than one metre a year.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Russia's Muslim Heartlands
Dominic Rubin, Oxford
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Available: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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.”
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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