Mariam Almheiri, Minister of Climate Change and Environment, said the journey to diversifying away from oil and gas will take huge amounts of money and great political will. Antonie Robertson / The National
Mariam Almheiri, Minister of Climate Change and Environment, said the journey to diversifying away from oil and gas will take huge amounts of money and great political will. Antonie Robertson / The National
Mariam Almheiri, Minister of Climate Change and Environment, said the journey to diversifying away from oil and gas will take huge amounts of money and great political will. Antonie Robertson / The National
Mariam Almheiri, Minister of Climate Change and Environment, said the journey to diversifying away from oil and gas will take huge amounts of money and great political will. Antonie Robertson / The Na

Oil crisis a reality check for nations' clean energy goals, says UAE environment minister


Rory Reynolds
  • English
  • Arabic

The oil crisis has served as a "reality check" for many nations that believed they had made progress in transitioning away from fossil fuels, the UAE's environment minister said.

Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security, said the path to net zero carbon emissions was a long journey that takes dedication and huge spending.

Countries are coming to us saying to 'produce more, do more because we're not ready yet'. Our systems are not ready yet and what were experiencing right now is the reality
Mariam Al Mheiri

The minister spoke on the second day of the World Government Summit at Expo 2020 Dubai, and was asked by former CNN anchor John Defterios about the impact of the Ukraine war and the broader oil crisis.

"What we're experiencing right now, John, is as if we've switched off oil and gas," Ms Al Mheiri said of the sudden shortages caused by European nations suspending use of Russian gas.

"Countries are coming to us saying to 'produce more, do more because we're not ready yet'."

For most nations, she said, there was no alternative to continuing to use fossil fuels while renewables and nuclear were being ramped up.

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UAE's energy future: in pictures

  • The third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Photo: Masdar
    The third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Photo: Masdar
  • Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Innovation Centre and the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. Wam
    Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Innovation Centre and the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. Wam
  • Sheikh Mohammed at the Mohammed bin Rashid Al Maktoum Solar Park. Wam
    Sheikh Mohammed at the Mohammed bin Rashid Al Maktoum Solar Park. Wam
  • Mariam Al Mheiri, Minister for Food Security, speaks at the World Food Programme Stop the Waste campaign at Jumeirah Beach Hotel, Dubai. Leslie Pableo for The National
    Mariam Al Mheiri, Minister for Food Security, speaks at the World Food Programme Stop the Waste campaign at Jumeirah Beach Hotel, Dubai. Leslie Pableo for The National
  • Khaled bin Mohamed bin Zayed has launched a landmark clean energy partnership between Adnoc and EWEC that will see EWEC supply Adnoc’s grid power from nuclear and solar energy sources from January 2022. Photo: Abu Dhabi Government Media Office
    Khaled bin Mohamed bin Zayed has launched a landmark clean energy partnership between Adnoc and EWEC that will see EWEC supply Adnoc’s grid power from nuclear and solar energy sources from January 2022. Photo: Abu Dhabi Government Media Office
  • The UAE pavilion at the Cop26 summit in Scotland. Ashraf Helmi / The National
    The UAE pavilion at the Cop26 summit in Scotland. Ashraf Helmi / The National
  • Masdar City in Abu Dhabi. Andrew Henderson / The National
    Masdar City in Abu Dhabi. Andrew Henderson / The National
  • The Barakah Unit 2 grid connection delivers clean electricity. Photo: Emirates Nuclear Energy Corporation
    The Barakah Unit 2 grid connection delivers clean electricity. Photo: Emirates Nuclear Energy Corporation
  • An aerial view of the Qurum Walkway in Jubail Mangrove Park. The UAE is doing everything it can to tackle climate change, from limiting greenhouse gas emissions to planting more mangroves. Wam
    An aerial view of the Qurum Walkway in Jubail Mangrove Park. The UAE is doing everything it can to tackle climate change, from limiting greenhouse gas emissions to planting more mangroves. Wam
  • The Ministry of Climate Change and Environment is working to increase the amount of local produce grown by 5 to 10 per cent a year. Silvia Razgova / The National
    The Ministry of Climate Change and Environment is working to increase the amount of local produce grown by 5 to 10 per cent a year. Silvia Razgova / The National
  • The eco-green technologies research site at Sharjah Research Technology and Innovation Park. Chris Whiteoak / The National
    The eco-green technologies research site at Sharjah Research Technology and Innovation Park. Chris Whiteoak / The National
  • The Ministry of Climate Change and Environment has installed 300 artificial caves made of eco-friendly materials across 30 sites to enhance fish stocks in UAE waters.
    The Ministry of Climate Change and Environment has installed 300 artificial caves made of eco-friendly materials across 30 sites to enhance fish stocks in UAE waters.
  • The future of cycling in Al Hudayriat Island, Abu Dhabi, is commemorated by a community ride around the track. Victor Besa / The National
    The future of cycling in Al Hudayriat Island, Abu Dhabi, is commemorated by a community ride around the track. Victor Besa / The National

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"Our systems are not ready yet," she said.

"And this is why I said we need to take this two-pronged approach. We need to ramp up our clean and renewables, decarbonise, and once it's ready we then switch and become less dependent on hydrocarbons.

"Our systems are not ready yet and what we are experiencing right now is the reality. It's a reality check for us."

Ms Al Mheiri, who will play a crucial role in the run-up to Abu Dhabi hosting Cop28 in 2023, said her government was clear about the challenges it would face on the road to becoming net zero by 2050.

"We have to ramp up clean and renewables and at the same time decarbonise our hydrocarbons and this, ladies and gentlemen, takes time and it takes money," she said.

"We know that because we are in this journey. Sixteen years ago it started here in the UAE."

With Egypt hosting Cop27 in November and Abu Dhabi Cop28 next year, the region has an opportunity to show the progress it has made.

"I said time and money: in 16 years we've invested about $40 billion in the UAE," the minister said.

"We've invested about $17 billion outside of the UAE in over 70 countries and today we're proud to say the UAE is operating three of the largest solar parks in the world, at the lowest cost.

"We have the nuclear plant that is up and running and once it's at full capacity it'll be covering 25 per cent of our energy needs.

"We also have the first industrial green hydrogen plant as well."

Ms Al Mheiri stressed that nuclear must be seen as a source of clean energy, when confronted with the realities of waning ourselves off oil.

Nations need to take a realistic, technology agnostic approach to developing their energy portfolios to ensure we are able to meet the demands of the ever growing market for clean electricity
Mohamed Al Hammadi,
Emirates Nuclear Energy Corporation

"We need to look at all solutions at hand and nuclear is one of them," she said.

Speaking on the same panel, Mohamed Al Hammadi, managing director and chief executive of Emirates Nuclear Energy Corporation (Enec), which operates Barakah nuclear power plant, said the energy decisions that countries make today will have a major bearing on tomorrow.

“Ultimately, nations need to take a realistic, technology agnostic approach to developing their energy portfolios to ensure we are able to meet the demands of the ever growing market for clean electricity," he said.

"By making the right choices today, we will not only be able to drive electrification, but decarbonisation too, ensuring both energy security and sustainability targets are met, as this provides the foundation for global prosperity."

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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.”

T20 SQUADS

Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.

Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.

The years Ramadan fell in May

1987

1954

1921

1888

Four tips to secure IoT networks

Mohammed Abukhater, vice president at FireEye in the Middle East, said:

- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version

- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number

- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently

- Always create a different guest network for visitors

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The%20Beekeeper
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDavid%20Ayer%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EJason%20Statham%2C%20Josh%20Hutcherson%2C%20Emmy%20Raver-Lampman%2C%20Minnie%20Driver%2C%20Jeremy%20Irons%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

Updated: March 30, 2022, 1:26 PM