ANNEBERG, SWEDEN // It is a country better known for cold winters than for hot summers, but solar technology being developed to keep homes in Sweden warm could help to keep Gulf homes cool.
Stig Ram, a former Ericsson employee, is conducting a unique experiment in solar heat storage for the municipality of Danderyd, 10km north of Stockholm.
Anneberg, a community of 50 families, has an unusual district heating system that draws on the sun's energy, even in the depth of the dark, cold Scandinavian winter. The trick is to use the community's bedrock - a pink granite - as an underground heat reservoir.
"Seasonal uneven distribution of solar radiation makes storage of solar power necessary for winter use," says Mr Ram, a Sunbeam sports-car enthusiast whose Anneberg apartment features Persian, Iraqi and Turkmen rugs and carpets. Beneath the wooden floor runs an intricate system of pipes carrying solar-heated water.
A morning snow flurry in early May makes the cosy warmth exceptionally welcome.
Normally at this time of year, Anneberg's 2,400 square metres of rooftop solar heat collectors produce copious supplies of hot water, much of which is pumped down about 100 boreholes into the 60,000 cubic metres of bedrock used to store heat for winter.
The typical "charging period" for the reservoir is March to November, when there is no snow cover on rooftops and the solar panels collect more energy than is immediately needed for heating water and homes. During the rest of the year, the flow is reversed, bringing warm water up.
The district heating system dramatically reduces the amount of power that residents of Anneberg need to purchase from Sweden's national grid. Only on the coldest days in winter is electricity needed for supplemental water-heating.
Developing environmental technology at the municipal scale for export is a Swedish speciality, says Andreas Carlgren, the environment minister. He is counting on the technology to help the country retain a competitive edge in a global market for renewable energy products that could otherwise soon be dominated by China.
Mr Carlgren says Sweden is also interested in exporting district cooling systems being developed in the country and has Gulf states in mind as a future market.
One such system developed recently for Stockholm's Arlanda Airport uses a natural, below-ground reservoir to store hot water at one end for use in winter and cold water at the other for summer air conditioning. That system is powered by biogas collected from decomposing wood waste, but in other locations it could run on natural gas or solar power.
Sweden's national grid already supplies some of Europe's cheapest and lowest-carbon electricity, generated mainly from hydropower and nuclear plants. It means Anneberg's solar system does not really save money here. Nor does it have a major effect on carbon emissions.
"People have the idea that energy from the sun is free, but I am here to tell you that it is not," says Mr Ram.
Operating costs include the maintenance of pumps, which can cause big problems if they fail. One effect of pump failure is that water inside plastic pipes can boil, damaging materials designed for contact with fluids no hotter than 70°C.
A reliable supply of back-up electricity is essential for avoiding such problems.
The whole system is controlled by custom-designed microprocessors, which do not come cheap. Mr Ram would like to see a simpler design, with less potential for a lack of spare parts to become problematic.
Yet if Anneberg's district solar system were installed in any of a number of countries with equally cold winters and which currently burn coal for power and heating, the estimated 60 per cent electricity saving would significantly lower energy costs. Moreover, emissions of carbon dioxide would be reduced by 400 to 450 tonnes a year.
The Swedish project is effectively a pilot for technology that the country might some day export.
Already, a second project has been developed in western Canada to test the concept. The project is in Alberta, a province that generates most of its electricity from coal-fired plants and burns natural gas for heat.
tcarlisle@thenational.ae
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Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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Arsenal 2 (Saka 43', Lacazette 85')
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Company%20Profile
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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
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UAE currency: the story behind the money in your pockets
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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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Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
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Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund