UAE President Sheikh Mohamed and Turkish President Recep Tayyip Erdogan attend an official reception at Qasr Al Watan, Abu Dhabi, in July. UAE Presidential Court
UAE President Sheikh Mohamed and Turkish President Recep Tayyip Erdogan attend an official reception at Qasr Al Watan, Abu Dhabi, in July. UAE Presidential Court
UAE President Sheikh Mohamed and Turkish President Recep Tayyip Erdogan attend an official reception at Qasr Al Watan, Abu Dhabi, in July. UAE Presidential Court
UAE President Sheikh Mohamed and Turkish President Recep Tayyip Erdogan attend an official reception at Qasr Al Watan, Abu Dhabi, in July. UAE Presidential Court


Turkey's path to carbon-neutrality runs through the UAE


Alparslan Bayraktar
Alparslan Bayraktar
  • English
  • Arabic

August 25, 2023

There was a time, not too long ago, when the global energy debate was largely dominated by the price of oil. Many argued that climate change was a subject of debate – that harnessing the power of the Sun or the wind was essentially science fiction. That chapter in history ended somewhat abruptly as humankind began to witness the devastating and undeniable impact of rising temperatures. We have reached a point where energy transition, climate goals, national interests, economic growth and sustainability coincide.

When it comes to meeting climate goals, however, no country can do it alone. Nations have no choice but to join forces. Since the energy sector is responsible for three quarters of all greenhouse emissions, that is where change needs to happen as quickly as possible. The Turkish government recognises this reality and continues to take necessary steps in that direction.

That is exactly why Turkey and the UAE signed a strategic partnership framework agreement in the field of energy and natural resources during Turkish President Recep Tayyip Erdogan’s historic visit to three Gulf states – the UAE, Qatar and Saudi Arabia – last month. Inked with a $29.7 billion agreement, the two countries pledged to jointly implement huge projects in a broad range of areas from renewable energy, including offshore wind and solar energy, to clean hydrogen and nuclear power.

When it comes to meeting climate goals, however, no country can do it alone

Turkey, an import-dependent geopolitical heavyweight with a constant growing energy market, and the UAE, whose economy has benefited from oil and gas exports, would work together to spearhead the region’s transition to clean energy and efforts to meet climate goals. Yet our most recent agreement also reflects a core value of Turkish foreign policy: promoting international co-operation based on mutual interests and the principle of a just energy transition for all.

At the same time, it is important to consider that each nation has unique challenges and opportunities. Energy transition may be a buzzword today, but the right term of reference would be Smart Energy Transition: energy transition that is inclusive, responsive, flexible, rational and digital. We must strike a healthy balance between energy transition, job creation and economic growth to ensure that everyone gets on board and contributes to our efforts. Obviously, political consistency plays a huge role in this endeavour.

Mr Erdogan’s re-election in May 2023 not only showcased the resilience of Turkey’s democratic institutions but also marked the beginning of a new era of reform and investment in the country’s liberal, competitive, well-functioning and transparent energy markets. Having pledged to become a carbon-neutral economy by 2053, our country already generates 45 per cent of its electricity from renewables – which makes Turkey rank fifth in Europe and 12th worldwide.

Al Wasl dome at Expo City, Dubai. Ruel Pableo for The National
Al Wasl dome at Expo City, Dubai. Ruel Pableo for The National

Keeping in mind that our country’s electricity demand increased by 4.4 per cent annually between 2002 and 2022, compared to just 3 per cent globally, meeting climate goals without jeopardising economic and social development represents a Herculean task. Still, Turkey has the strong political leadership, robust economy and extraordinary resources to get the job done. By working closely with our friends and allies, we aim to end our import dependency. What Turkey foresees is a smart energy transition, where decisions are made rationally, not emotionally, for the purpose of maintaining our supply security, diversifying our energy mix, and transforming Turkey into an energy hub, becoming a safe space for investors. In line with that objective, we will continue to increase our oil and natural gas production as well as build nuclear power plants to diversify our energy mix.

The first Arab state to set a net-zero emissions target, the UAE joined dozens of countries, whose investments and trust in Turkey paid off spectacularly over the years. That the country is scheduled to host Cop28 later this year proves that it means business. Specifically, Cop28 President-designate Dr Sultan Al Jaber’s call to “challenge old models that were built for the last century” and “bridge divides that are blocking critical breakthroughs” deserves recognition as the country aims to mobilise action around a global “major course correction” to accelerate emissions reductions while ensuring energy security. We welcome the UAE’s vision and hosting of Cop28.

That is the context in which this budding strategic partnership fits, as it goes beyond profits and embodies our shared commitment to energy transition, building more sustainable economies, and promoting supply security for the region and beyond.

Going forward, Turkey will continue to create win-win situations in the field of energy and natural resources as it encourages its friends and allies to become part of its success story. Under Mr Erdogan’s leadership, we shall redouble our efforts to achieve a high level of economic and social development, contribute to energy security in Europe and the Middle East, and become a carbon-neutral economy within the next 30 years. Turkey’s strategic partnership with the UAE represents a giant leap forward towards that goal – and it should serve as a reminder to countries across the region that changing the course of history remains within the realm of possibility if we work together and make unwavering commitment to leaving behind a bright future to our children and grandchildren.

The%20specs
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Torque: 1,130Nm
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Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

BMW M5 specs

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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.”

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

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Sri Lanka squad

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Updated: August 25, 2023, 4:00 AM