Masdar City will soon be home to the capital's first net-zero office building. Photo: HK Strategies
Masdar City will soon be home to the capital's first net-zero office building. Photo: HK Strategies
Masdar City will soon be home to the capital's first net-zero office building. Photo: HK Strategies
Masdar City will soon be home to the capital's first net-zero office building. Photo: HK Strategies

Masdar City Square to feature Abu Dhabi’s first net-zero energy office building


Ian Oxborrow
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Masdar City, the sustainable community in Abu Dhabi, is to be home to a new development that will include the capital's first net-zero office building.

Masdar City Square will cover 29,000 square metres and feature seven single and multi-tenant office buildings, plus a parking facility, enhancing Masdar's contribution to the UAE's net-zero by 2050 strategy.

Work on the development will begin this year and is scheduled for completion in 2024.

The building will use no more energy than it produces by integrating energy efficiency-focused design and systems, and renewable energy technologies, Masdar said.

"The MC2 Headquarters building will be immediately identifiable by its innovative solar photovoltaic panel canopy," it said.

The groundbreaking ceremony for Masdar City Square. Courtesy Masdar
The groundbreaking ceremony for Masdar City Square. Courtesy Masdar

Six of the buildings will be 4-Pearl Estidama, LEED Platinum, and WELL Gold certified. LEED Platinum is the highest certification provided by the Leadership in Energy and Environmental Design programme, used to evaluate the environmental performance of a building and encourage market transformation towards sustainable design.

Masdar City Square will be located adjacent to Masdar City’s existing development, which is centered around the Mohamed bin Zayed University for Artificial Intelligence and the Siemens Middle East Headquarters.

The new development will incorporate the existing International Renewable Energy Agency headquarters and will include courtyards, a daycare, an amphitheatre plaza, shaded pedestrian boulevards, a fitness centre, meditation room, and more.

Faithful+Gould, a member of the SNC-Lavalin Group, has been awarded a project management consultancy services contract, while global architectural and consulting firm Woods Bagot will handle design and construction supervision consultancy.

Masdar City opened in 2010. All buildings within it are mandated to achieve at minimum a 3-Pearl Estidama rating, meaning they are designed to reduce energy consumption by at least 40 per cent and reduce water consumption by at least 40 per cent, compared with regular buildings.

What is the UAE's net-zero initiative for 2050?

In October, the UAE announced an ambitious strategic initiative to reduce carbon emissions by 2050, with the country investing Dh600 billion ($164bn) in clean and renewable energy sources over the next three decades.

The UAE enjoys the world’s lowest-cost solar power and is home to three of the largest solar facilities in the world. It is also the first Arab country to develop a peaceful nuclear energy programme.

The Barakah nuclear plant will reduce gas consumption by about 1,000 million cubic feet per day — the equivalent of 205,000 barrels of oil — with savings estimated at $7.4bn per annum in terms of oil barrels, Emirates Nuclear Energy Corporation said, citing a recent report by S&P Global.

Earlier this week, work started to load fuel into Barakah's third reactor, in the latest step towards it becoming fully operational.

The first two units are already operational and provide clean energy to the national grid for homes and businesses across the country.

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A look around Masdar EcoVilla, the Emirati home of the future - in pictures

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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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JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

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July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

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WRESTLING HIGHLIGHTS
Drivers’ championship standings after Singapore:

1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68

Updated: June 24, 2022, 7:52 AM