Steve Bolze, the president and chief executive of GE Power and Water, talks with Florian Neuhof at WFES 2012.
q&a
q What brings you to the World Future Energy Summit?
a A big part of our global customer base is here. We've been in Abu Dhabi close to 40 years. About a third of all power in Abu Dhabi is from GE technology. I get up to the region at least three times a year, and it's probably, outside of western Europe and the US, our biggest region in the world.
q Why is the region so important to you?
a The region has very little to no reserve margins. So as economies expand they need power, and that's different than in other parts of the world right now. They are making the investments really on an annual basis. We've announced US$13 billion [Dh47.75bn] in business in the Middle East across the energy business in the last 36 months.
q What are the important themes in your line of business?
a There are three megatrends going on in the world right now: the greater abundance of natural gas right now, and the impact that is having on the marketplace; the role that renewables are going to continue to play as their use expands. The third megatrend we see is called "distributed generation": how do you bring power to the 1.3 billion people in the world that don't have access to power? And a lot of that is not going to be through centralised power generation. The Middle East really is a microcosm of what's going on in the world.
Wen Jiabao, the Chinese premier, made it clear nuclear power is a key pillar of China's energy policy. Are you looking to get involved in the country's nuclear programme?
A lot of our nuclear business right now is around servicing our existing customers around the world, a lot of which are in the United States. China is investing in its own technology development. They will be one of the largest nuclear players in the world, but our role in China will be more on the renewable or the gas side.
q You produce wind turbines in China. How do you compete against Chinese producers, who are known for their low pricing?
a One of your competitive advantages is technology. The reliability of our units is about 99 per cent. That means you get a better cost of electricity out of the wind turbine. Two or three of the biggest players in wind power are Chinese, but we still have the biggest capacity in wind space right now.
q Give us an idea of the size and scope of GE's solar business?
a Solar is a $100 million business. It's not a big part of our portfolio, but when you look at it over the course of the next five to 10 years, this could easily be our next billion-dollar business.
q Is solar power going to become a major source of energy in the Middle East? How will you position yourself in this nascent market?
a Do we believe solar is going to be a growing part of the energy mix in the Middle East? Yes. How do we expand there? It's just like we have done in other parts of our business. We have relationships with customers that go back 40 years in some cases, in some cases 100 years. So we can work together on developing their sites, to make sure the technology works in the short term and the long term.
q How important is it to localise your business?
a That's very important. And that's not unique to the Middle East. That's where the world is today. There is a focus on job creation, on making sure that they have the benefits of the technology development.
Scores
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
ICC Intercontinental Cup
UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed
Fixtures Nov 29-Dec 2
UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi
Hong Kong v Papua New Guinea, Sharjah Cricket Stadium
Ireland v Scotland, Dubai International Stadium
Namibia v Netherlands, ICC Academy, Dubai
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
How Sputnik V works
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
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
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Ramez Gab Min El Akher
Creator: Ramez Galal
Starring: Ramez Galal
Streaming on: MBC Shahid
Rating: 2.5/5
ABU DHABI'S KEY TOURISM GOALS: BY THE NUMBERS
By 2030, Abu Dhabi aims to achieve:
• 39.3 million visitors, nearly 64% up from 2023
• Dh90 billion contribution to GDP, about 84% more than Dh49 billion in 2023
• 178,000 new jobs, bringing the total to about 366,000
• 52,000 hotel rooms, up 53% from 34,000 in 2023
• 7.2 million international visitors, almost 90% higher compared to 2023's 3.8 million
• 3.9 international overnight hotel stays, 22% more from 3.2 nights in 2023