The UAE has joined forces with German engineering giant Siemens and car manufacturer Audi to expand the electric vehicle charging network and boost the adoption of EVs across the country.
The agreement comes after the Ministry of Energy and Infrastructure selected Siemens technology earlier this month for a nationwide network of ultra-fast chargers. The ministry said it would deploy 10 Siemens Sicharge D 160kW ultra-fast chargers on the motorways in Ras Al Khaimah, Ajman, Umm Al Quwain and Fujairah.
All are cloud-connected devices which allow operators to monitor and manage the chargers remotely.
“The UAE is committed to achieving net-zero emissions by 2050 and is on track to being the leader in the Middle East and North Africa in reaching this target,” said Sharif Al Olama, under-secretary of MoEI.
“Electric vehicles are integral to this effort, and providing fast, efficient and convenient EV charging infrastructure with partners like Siemens and Audi is a crucial step in the energy transition,” he added.
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 global EV market continues to grow amid a government and societal shift towards energy conservation.
Global sales of EVs more than doubled to 6.6 million in 2021, according to the International Energy Agency.
The sales value of the market surged 77 per cent annually to about $273bn in 2021, doubling to $110bn in China alone, BloombergNEF data showed.
The UAE is leading the Middle East region in EV adoption.
Nearly 52 per cent of UAE residents are considering a switch to hybrid or electric motoring, according to a recent survey by Audi Abu Dhabi. About 25 per cent of people surveyed are waiting for more EV options to be launched before buying, the research, which polled 1,000 residents in the UAE, found.
Last month, Abu Dhabi released the regulatory policy for EV charging infrastructure in the emirate. The policy established the requirements and standards for setting up of EV charging stations across Abu Dhabi.
“We have been very vocal about our commitment to electrification in the region and look forward through this collaboration to developing solutions that will support EV customers in the UAE based around the latest technologies and charging solutions,” said Carsten Bender, managing director of Audi Middle East.
By 2026, Audi is expected to introduce more than 20 all-electric models. The company is investing in several initiatives focusing on the development of a high-performance charging infrastructure to contribute to EV readiness in the region.
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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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