Abu Dhabi-based Irena votes to open an office in New York


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ABU DHABI // The world's green-energy body, based in the capital, is to open an office in New York.

The decision was made yesterday as delegates from 104 countries and the European Union, all members of the International Renewable Energy Agency (Irena), approved its work programme for this year.

A total of 579 delegates from 133 countries attended Irena's third annual assembly, although only members have a say in how the organisation should be run.

The New York office, described in documents as modest, will represent Irena to important international organisations such as the United Nations, also based in New York.

The office will offer a point of contact with Irena member states that do not have envoys in Abu Dhabi.

Delegates at the two-day gathering at the St Regis Saadiyat Resort approved a budget of US$29.7 million (Dh109m) for Irena.

They were briefed on Irena's progress on preparing a renewable-energy roadmap for 2030.

The document is part of Irena's contribution to Sustainable Energy for All, launched by the UN secretary general Ban Ki-moon, which aims to double the share of renewables in the world's energy mix by 2030.

Dr Adnan Amin, Irena's secretary general, yesterday said renewable energy capacity could be doubled but warned the window for action was small.

"Doubling the share of renewables is achievable but will require concerted action by all," Dr Amin said.

Preliminary findings show that at the current rate, renewable energy will account for 21 per cent of the global energy mix by 2030 - 9 per cent short of the goal set.

To close the gap, infrastructure would have to grow by 150 gigawatts a year, compared with a growth of 110 in 2011.

Work on the project, Remap 2030, is continuing this year with Irena asking members for information about their renewable-energy plans and projections.

Ultimately, the organisation wants to see the difference between countries' plans and their actions. It aims to bring together experts and policymakers to chart the way.

The goal, Irena said yesterday, was attainable but adoption rates must increase significantly for it to be met.

Nine countries, including the UAE, have appointed national experts to join the effort. Irena is aiming to make the plan publicly available in the future.

The organisation also presented a prototype of an annual report on the renewables sector, which aims to outline barriers to adopting clean power and opportunities where "investment can make a key difference", Dr Amin said.

The report will seek to offer governments and investors advice on renewable technologies and policies, identify innovation and point out emerging issues that are likely to be major influences on renewable energy in future.

The document was not publicly disclosed as it is still to be presented to expert consultants. A first edition of it is to be unveiled officially at Irena's fourth assembly next year.

The Irena assembly coincides with Abu Dhabi Sustainability Week, which opens today. About 30,000 officials, clean-energy advocates and entrepreneurs are expected in the capital this week for the sixth World Future Energy Summit and the International Renewable Energy Conference.

For the first time, water management will also be a key part of the discussions through the International Water Summit.

Leaders such as Queen Rania of Jordan, Francois Hollande, president of France, and Cristina de Kirchner, president of Argentina, are expected to speak at the opening of the summit.

Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)

Rajasthan won by 10 runs (D/L method)

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UAE - India ties

The UAE is India’s third-largest trade partner after the US and China

Annual bilateral trade between India and the UAE has crossed US$ 60 billion

The UAE is the fourth-largest exporter of crude oil for India

Indians comprise the largest community with 3.3 million residents in the UAE

Indian Prime Minister Narendra Modi first visited the UAE in August 2015

His visit on August 23-24 will be the third in four years

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016

Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017

Modi will visit Bahrain on August 24-25

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World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

UAE currency: the story behind the money in your pockets

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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Company%20profile
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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