At Morocco’s bustling Tangier-Med Port, where the Mediterranean Sea spills into the Atlantic Ocean, waters are often rough.
As waves crash against the busy docks, two Moroccans are harnessing this energy throughout the day to power parts of Africa’s largest port by night.
They have designed a small device that can be fitted to floating docks, with buoys rising and falling as the ocean moves.
With the devices connected to generators, the vertical movements of the waves, big and small, are converted into clean electricity.
Oussama Nour and Mohamed Taha El Ouaryachi are founders of the start-up Advanced Third Age Renewable Energy Company (Atarec), which has created the prototype, known as Wave Beat.
Morocco has a vision to become Africa’s green leader, and has taken huge strides towards that goal.
In 2000, Morocco’s renewable energy capacity was 1.2 gigawatts. Today, it surpasses 5GW – and the kingdom is on track to more than double it, to 12GW, by 2030.
And Atarec is prepared to be part of this national goal.
Mr El Ouaryachi, 33, told The National that while other hydroelectric generators require installations specifically built offshore or in water bodies, Wave Beat can be attached to existing objects.
“This significantly cuts the cost of harnessing wave energy – a source of power which, unlike solar and wind, never ceases and is unaffected by weather conditions,” he said.
How it began
Long-time friends Mr El Ouaryachi and Mr Nour wanted to create a device that efficiently capitalises on Morocco’s 3,500km coastline to tap energy from the sea.
In 2019, they started Atarec and spent their savings on creating Wave Beat.
“There were many challenges and we initially faced countless difficulties to get investors to support our technology. But we pushed through,” Mr Nour said.
Since then, Wave Beat has been patented in 70 countries including Europe, the US and Japan.
It was incubated by the Tangier-Med Port.
Atarec has also either signed or is in advanced stages of talks with several other ports, Mr El Ouaryachi said.
In May 2022, the invention attracted investment from UM6P Ventures, the investment arm of Morocco’s University Mohammed VI Polytechnic.
“With this development, we are keen on taking our project further, and bring change to the lives of many,” Mr El Ouaryachi said.
Self-sufficiency and diversification
Experts believe there is a “serious need” for Morocco to diversify its energy sources and build a path towards green electricity.
Morocco was ranked by the UAE’s Energy Platform as among the top five countries in the Middle East and North Africa to generate electricity from solar power. It is one of the 10 developing countries drawing the largest investments in the renewable energy sector, according to the UN's 2023 World Investment Report.
But the kingdom still imports about 90 per cent of its energy, mainly in the form of fossil fuels.
“The volatile global market, especially the soaring prices of fossil fuels, was a key driver in Morocco’s scaling up its renewable energy projects, with the aim of achieving self-sufficiency and cutting spending,” said Amin Bennouna, an energy expert and lecturer at Cadi Ayyad University in Marrakesh.
In 2021, Morocco’s relations with its oil-rich neighbour Algeria reached a new low when Algiers cut its relations with Casablanca, halting about a billion cubic metres per year of piped gas. The gas had powered about 10 per cent of the country’s electricity.
Morocco’s renewable energy supplies soared by almost 10 per cent in 2021, a 2022 report by professional services firm Ernst and Young said.
It rose from 7.3 terawatt/hour (TWh) in 2020 to 7.9TWh in 2021.
Two solar power plants and a wind farm coming into operation since then have increased renewable’s stake in the energy market to more than 19 per cent in 2022, up from 18.5 per cent in 2020.
Morocco derives more than a third of its electricity needs from clean sources and is making steady progress towards achieving its 2030 target of 52 per cent.
“Morocco still has a long way to go, as it continues to rely heavily on imported coal,” Mr Bennouna said.
Renewable energies and sustainable development observer Mustapha El Bronzi said devices such as Wave Beat could bring significant change to the lives of Moroccans and others by harnessing clean sources of energy that are still not sufficiently used.
He said the hard tech used in the device makes it “a challenge to win over substantial funding to develop it”, but if installed across the whole of Tangier port, Wave Beat could "power a city of one million people”.
This article is published in collaboration with Egab
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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%3Cp%3E%3Cstrong%3EEnablers%20of%20digital%20services%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Blockchain%20and%20cryptocurrency%3Cbr%3E%E2%80%A2%20Crowdfunding%3Cbr%3E%E2%80%A2%20Banking-as-a-service%3Cbr%3E%E2%80%A2%20Banking%20identification%20number%20sponsors%3Cbr%3E%E2%80%A2%20Issuers%2Fprocessors%3Cbr%3E%E2%80%A2%20Programme%20managers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDigital%20issuance%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Blockchain%20and%20cryptocurrency%3Cbr%3E%E2%80%A2%20Alternative%20lending%3Cbr%3E%E2%80%A2%20Personal%20financial%20management%3Cbr%3E%E2%80%A2%20Money%20transfer%20and%20remittance%3Cbr%3E%E2%80%A2%20Digital%20banking%20(neo%20banks)%3Cbr%3E%E2%80%A2%20Digital%20wallets%2C%20peer-to-peer%20and%20transfers%3Cbr%3E%E2%80%A2%20Employee%20benefits%3Cbr%3E%E2%80%A2%20Payables%3Cbr%3E%E2%80%A2%20Corporate%20cards%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EValue-add%20for%20merchants%2Fconsumers%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Data%20and%20analytics%3Cbr%3E%E2%80%A2%20ID%2C%20authentication%20and%20security%3Cbr%3E%E2%80%A2%20Insurance%20technology%3Cbr%3E%E2%80%A2%20Loyalty%3Cbr%3E%E2%80%A2%20Merchant%20services%20and%20tools%3Cbr%3E%E2%80%A2%20Process%20and%20payment%20infrastructure%3Cbr%3E%E2%80%A2%20Retail%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESME%20recovery%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Money%20movement%3Cbr%3E%E2%80%A2%20Acceptance%3Cbr%3E%E2%80%A2%20Risk%20management%3Cbr%3E%E2%80%A2%20Brand%20management%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENew%20categories%20for%202023%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Sustainable%20FinTechs%3Cbr%3E%E2%80%A2%20Risk%3Cbr%3E%E2%80%A2%20Urban%20mobility%3C%2Fp%3E%0A
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
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The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital