Irena has opened its new headquarters in Masdar City, Abu Dhabi. WAM
Irena has opened its new headquarters in Masdar City, Abu Dhabi. WAM

A force of energy that binds the UAE and Germany together



Last week the International Renewable Energy Agency’s (Irena) new headquarters opened at Masdar City, while this week delegates from member states take part in the ninth meeting of the Irena council. This delegation includes a sizeable number of dignitaries from Germany.

In a way, our participation carries a special meaning. Germany and the UAE are co-owners of Irena in the sense that Germany took the initiative to create the organisation dedicated to the promotion of renewable energy, which is headquartered in the UAE.

Initially we regretted that the seat did not go to Germany. Today, we regard ourselves us as “lucky losers”, because Irena is located in a country that is committed to sustainable development and has embarked on a major transformation of its energy system that includes expansion of renewable energy. Such a commitment from the UAE carries special significance, as the country is not only endowed with abundant fossil energy, but also has one of the largest carbon footprints on the planet in terms of per capita consumption of energy and water. However, given the small size of its population, the global impact of its resource consumption is small. In deciding to do away with the reliance on carbon-intensive energy, this country has exhibited farsightedness and a sense of responsibility that makes it a worthy seat of Irena.

Like the UAE, Germany has embarked on an energy transition called “Energiewende” in the German language. The term stands for a radical overhaul of the way we consume and source energy. Its two main pillars are: increasing energy efficiency and raising the share of renewables in the overall energy supply. We have made considerable headway along this path. In 2014 renewable energies became the most important source of electricity with almost 28 per cent of gross electricity consumption and 12 per cent of overall energy use in Germany. By 2013, emissions of greenhouse gases dropped by 23 per cent compared to 1990. We have managed to decouple economic output from energy consumption: in 2014 primary energy consumption was 9 per cent less than in 2008, which demonstrated that growth and prosperity can go hand in hand with reduced energy consumption. We will not stop here. By 2050, we aim to increase the share of renewables in overall energy consumption to 60 per cent, reduce energy consumption by 50 per cent compared to 2008 and cut greenhouse emissions by at least 80 per cent compared to 1990.

These are ambitious targets that had been inspired by a triad of guiding principles that feed on experience, which is essential. For no matter how desirable a particular plan or policy might be, if it does not pass the reality check of economic viability and political support, it will not last.

Energiewende is Germany’s path to an energy mix that includes the principles of being environmentally friendly while providing for a secure and affordable energy supply. Such a mix is not an end in itself. Instead, its viability depends on its ability to serve the dual end of national prosperity and global development.

Germany is an industrialised country with a globally competitive economy that delivers a high standard of living. Therefore, its energy transition is designed and implemented in a way that preserves and enhances its economic competitiveness. It proceeds in stages and ground-breaking instruments such as the feed-in tariff for decentralised production of electricity from renewable sources of energy – such as solar power – are adjusted if needed. The requirements of energy-intensive industries are also taken into account. At the same time, the expansion of our renewable energy sector has created more than 350,000 jobs. Germany is enjoying a first-mover advantage as global demand for green and energy-efficient technology and products continues to rise.

Like the UAE, Germany is a globalised country. The well-being of our two nations depends on a stable and just international order that offers resource protection as well as development and prosperity to our regional and global neighbours. This cannot be achieved without an affordable supply and a sustainable consumption of energy.

While everyone might agree to this in principle, some will have to take the lead to overcome entrenched interests and to quell fear that changing the status quo is too risky. The most persuasive and effective form of leadership is to practise what is preached and thereby demonstrate that a transition to a climate- and growth-friendly economy is achievable and beneficial. In this regard, the UAE and Germany can lead by example.

Dr Eckhard Lübkemeier is ambassador of Germany to the UAE

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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