Swiss pioneer Bertrand Piccardis taking a selfie on July 26, 2016 during the last leg of Solar Impulse 2's historic flight around the world. Solar Impulse 2 / Bertrand Piccard / AFP
Swiss pioneer Bertrand Piccardis taking a selfie on July 26, 2016 during the last leg of Solar Impulse 2's historic flight around the world. Solar Impulse 2 / Bertrand Piccard / AFP

Solar Impulse was just the start of our investment in renewables



The landing of Solar Impulse 2 in Abu Dhabi was a historic achievement not short of symbolic value. The aircraft's flight across the globe using zero conventional fuel and supported instead entirely by solar power, presages a future with a greater reliance on renewable energy resources. Technology – still in its infancy in the case of passenger aircraft, offers a viable and exciting new niche for further research and development, as the basis for our societies to learn how to do more with less.

That Solar Impulse 2 took off and landed at the end of its global route in Abu Dhabi is not a coincidence. The aircraft was manufactured in Switzerland, but was delivered to Masdar in Abu Dhabi for display at the World Future Energy Summit in January 2015. The UAE has been positioning itself for many years as a leader in innovative technology development and the demonstration of alternative energy in a region that is historically dominated by fossil fuels like few others.

That fossil fuels and renewable energy mix very well in the UAE is a reality that has also begun to be demonstrated in outright commercial terms. Over the past year, Dubai’s Mohammed Bin Rashid Al Maktoum Solar Park has successively set global records for the lowest-cost utility-style use of solar photovoltaic power – to less than a few US cents per kWh, competitive with some gas-fired projects in the region. This is a marked success few might have initially expected to come from a Middle Eastern oil producer, and one that also has a realistic chance of contributing to the gradual establishment of photovoltaic power in the markets of neighbouring countries.

The UAE has, within a few years, taken a series of other initiatives aimed at raising awareness and finding innovative ways of integrating greener technologies into the energy mix, while promoting parallel policies aimed at raising energy efficiency and establishing the green economy as a separate business sector.

Abu Dhabi is home to Masdar City – which is designed as a regional centre of innovation and research dedicated to clean and alternative energy solutions that include low-carbon solutions for future city design – and, since 2009, to the International Renewable Energy Agency.

Other Gulf oil and gas producers, including Qatar, Oman and Saudi Arabia, have followed with research and development initiatives that include the demonstration of niche technologies such as alternative vehicle fuels, solar-powered desalination, and enhanced oil recovery. While many of these initiatives are in their early stages, they are steps in the right direction and lay out the potential of these markets.

Some similar steps are being taken in North Africa, particularly Egypt and Morocco. Morocco has shown remarkable business sense by drawing in foreign investment to forge a series of solar power projects inside the country. This includes efforts over the past decade to increase off-grid electricity access in rural Morocco through hybrid solutions.

Morocco’s Solar Plan entails a total of 2,000MW of future capacity, of which the implementation of the 500MW Noor Solar Complex – comprising 460MW concentrated solar power and 40MW photovoltaic power – is already well under way.

Other North African countries such as Algeria, Libya and Egypt hold plentiful potential for solar power, which could eventually be exported to Europe and hence provide North Africa with an additional source of revenue. The opening of the European market for clean power from outside the European Union in the late 2000s, alongside the availability of Climate Investment Funds for countries such as those in North Africa, has helped make renewables an increasingly attractive additional energy source. For the UAE and its Gulf neighbours, which are attempting to diversify their business portfoilios, this could also prove to become a major area of interest for future foreign investment.

The UAE’s target is to increase the contribution of clean energy – renewable energy and nuclear power – from less than 1 per cent in 2014 to 24 per cent of the country’s energy mix by 2024. This commitment will have great job-creating potential for young Emiratis. It is also an indication of the UAE’s increasing emphasis on more climate-friendly development planning, demonstrating that economic growth in the region can be “green”.

Laura El-Katiri is an Abu Dhabi-based consultant and a research fellow at the Oxford Institute for Energy Studies

MATCH INFO

Uefa Champions League, semi-final result:

Liverpool 4-0 Barcelona

Liverpool win 4-3 on aggregate

Champions Legaue final: June 1, Madrid

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

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.”

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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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 three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

Scores

Scotland 54-17 Fiji
England 15-16 New Zealand

Champion%20v%20Champion%20(PFL%20v%20Bellator)
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