An aerial view of the Qurum Walkway in Jubail Mangrove Park, which is now open to visitors. Wam
An aerial view of the Qurum Walkway in Jubail Mangrove Park, which is now open to visitors. Wam
An aerial view of the Qurum Walkway in Jubail Mangrove Park, which is now open to visitors. Wam
An aerial view of the Qurum Walkway in Jubail Mangrove Park, which is now open to visitors. Wam

The UAE's focus on building a sustainable future is inspired by Sheikh Zayed


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  • Arabic

As I settled down to begin work on this column on Sunday afternoon, there was a crack of thunder, a flash of lightning and the heavens opened. “Oh, not again!” I thought.

I was amused, though, to read excited comments how all of the rain is something utterly unusual. No, it is not. I recall several such heavy downpours and persistent rainfall over the years. Back in 1982, rainwater pools that collected on the sabkhas near Abu Dhabi airport after a similar period of high rainfall were still present months later.

Sheikh Zayed ordered the planting of many millions of trees. He had listened to the early warnings of the dangers of climate change. As in so many other areas, he was an environmentalist long before it became fashionable

Such weather events might not be common – perhaps every decade or two – but they are not unprecedented. If the rains are connected somehow to climate change, as our Minister of Climate Change and the Environment, Dr Thani Al Zeyoudi, has suggested, that should focus minds here on that globally-important issue, just as the fires in Australia have focused minds there.

It is appropriate in a way, however, that the storms and floods of the past few days have come just as the Abu Dhabi Sustainability Week takes place. The UAE's stated commitment to a sustainable future, against the backdrop of climate change, is widely reported. This week we can expect to hear more details of what exactly is being planned.

It was a pleasure, therefore, to hear Dr Sultan Al Jaber, UAE Minister of State and Adnoc group chief executive, at the opening ceremony of Sustainability Week on Monday morning, outlining a whole suite of ways in which Adnoc plans to deliver comprehensive sustainability goals by 2030, as it seeks to extend what he described as its "legacy of responsible production". Between them, they provide a good indication of the way in which issues related to a sustainable relationship with the environment are interconnected.

The Adnoc Group, for example, currently derives more than 99 per cent of the water it uses for cooling from seawater, which is then discharged back into the sea after treatment. It is now committed to ensuring that less than 0.5 per cent of the water used is fresh water, helping to reduce pressure on our depleting natural resources. That is a helpful contribution.

As a major oil and gas producer, Adnoc is responsible for greenhouse gas emissions, including carbon dioxide that directly contributes to global warming and thus to climate change. Adnoc is already in the top five lowest greenhouse gas emitters in the global oil and gas industry, with one of the lowest methane intensities, at 0.01 per cent. It is now committed to reduce overall greenhouse gas emission intensity by 25 per cent.

By reaching that target, its Al Reyadah plant will be capturing five million tonnes of carbon dioxide a year from its facilities, equivalent to the carbon capture capacity of over two million hectares of forests, more than twice the size of the UAE.

Dr Sultan Al Jaber outlined a whole suite of ways in which Adnoc plans to deliver comprehensive sustainability goals by 2030. Image courtesy of Adnoc
Dr Sultan Al Jaber outlined a whole suite of ways in which Adnoc plans to deliver comprehensive sustainability goals by 2030. Image courtesy of Adnoc

It is well-known that the depletion of the world's forest cover is a contributory factor to global warming. On top of its own carbon capture commitment from its facilities, Adnoc is also committing itself to plant a total of 10 million mangrove trees in Al Dhafra region by the end of 2022.

Expanding the areas of mangrove forests along our shorelines has other benefits too. They provide nursery areas for fish, including commercially-valuable species whose stocks have plummeted because of overfishing and other factors. They help to protect coastlines against erosion and against rising sea levels, which are another result of climate change. They provide food and shelter for birds and a variety of other species, many of them endangered.

If, as I hope will be the case, Adnoc commissions a long-term scientific assessment of the biodiversity of these new forests, I am confident that hugely-beneficial results from the programme will be identified.

There are other aspects of the new Adnoc announcement on which I am not qualified to comment. I will, however, single out one sentence in Dr Al Jaber’s speech.

“This commitment,” he said, “flows from the vision of the Founding Father of the United Arab Emirates, His Highness Sheikh Zayed bin Sultan Al Nahyan, who pioneered sustainability and the protection of the country’s natural ecosystems.”

I have been here long enough to remember the underlying reason for Sheikh Zayed’s instructions, more than 40 years ago, to the Adnoc Group companies that they should seek to harness and to use the natural gas that was then being flared as a by-product from oil production.

Today, natural gas is making a major contribution to the economy. Sheikh Zayed did not take his decision because of the economic benefits, though. He made it because he was worried about the adverse impact of flaring on the environment. He ordered the planting of many millions of trees. He had listened to the early warnings of the dangers of climate change.

As in so many other areas, he was an environmentalist long before it became fashionable.

His vision remains relevant today, not only with regards to Adnoc's important commitments but also, perhaps, to the storms and rains that lashed the Emirates last week. We continue to learn and benefit from that remarkable man.

Peter Hellyer is a consultant specialising in the UAE's history and culture

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

RESULTS

2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m

Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)

2.45pm Handicap (PA) Dh40,000 (D) 1,200m

Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam

3.15pm Handicap (PA) Dh40,000 (D) 1,200m

Winner AF Thayer, Tadhg O’Shea, Ernst Oertel

3.45pm Handicap (PA) Dh40,000 (D) 1,700m

Winner Taajer, Fabrice Veron, Eric Lemartinel

4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m

Winner Jawaal, Jim Crowley, Majed Al Jahouri

4.45pm Handicap (TB) Dh40,000 (D) 2,000m

Winner Maqaadeer, Jim Crowley, Doug Watson

UAE SQUAD

Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

RESULT

Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')

Man of the match: Diogo Jota (Liverpool)

ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

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SPECS
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Cricket World Cup League Two

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

 

Fixtures

Wednesday January 8 –Oman v Namibia

Thursday January 9 – Oman v UAE

Saturday January 11 – UAE v Namibia

Sunday January 12 – Oman v Namibia

COMPANY%20PROFILE%20
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Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

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 Case For Trump

By Victor Davis Hanson
 

Champions League Last 16

 Red Bull Salzburg (AUT) v Bayern Munich (GER) 

Sporting Lisbon (POR) v Manchester City (ENG) 

Benfica (POR) v Ajax (NED) 

Chelsea (ENG) v Lille (FRA) 

Atletico Madrid (ESP) v Manchester United (ENG) 

Villarreal (ESP) v Juventus (ITA) 

Inter Milan (ITA) v Liverpool (ENG) 

Paris Saint-Germain v Real Madrid (ESP)  

MEFCC information

Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.

In%20the%20Land%20of%20Saints%20and%20Sinners
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now