Participants of the Earth Hour celebrations which took place along the Abu Dhabi corniche on 31 March, 2012. Christopher Pike / The National
Participants of the Earth Hour celebrations which took place along the Abu Dhabi corniche on 31 March, 2012. Christopher Pike / The National
Participants of the Earth Hour celebrations which took place along the Abu Dhabi corniche on 31 March, 2012. Christopher Pike / The National
Participants of the Earth Hour celebrations which took place along the Abu Dhabi corniche on 31 March, 2012. Christopher Pike / The National

Earth Hour 2013: Lights-out to save Dh1.2 million


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DUBAI // About Dh1 million worth of electricity was saved in Dubai by dimming the lights for Earth Hour last year, and there are hopes the savings could be 20 per cent higher for the event this week.

From 8.30pm to 9.30pm on Saturday, those participating will turn out the lights and unplug non-essential appliances.

It will be the sixth time Dubai has participated in the global campaign to reduce energy consumption by powering down homes, businesses and landmarks, and the fifth time for the UAE. More than 140 countries, including 7,000 cities and towns around the world, participate in the event, which began in Australia in 2007.

"The success we witnessed last year was the result of efforts exerted by all sectors believing in this world campaign and supporting its goals," said Saeed Al Tayer, chief executive of Dubai Electricity and Water Authority (Dewa).

Dubai residents saved 216,000 kilowatt-hours of electricity and 130,000 kilograms of carbon emissions last year, Dewa said. That means savings of about Dh1 million in energy consumption.

Mr Al Tayer said that figure was expected to rise by 20 per cent this year.

The savings represent a huge increase from 2008, the first year Dubai took part, where it saved 100,000kWh of electricity and 60,000kg of carbon emissions.

Ida Tillisch, acting director general of WWF-UAE, said the increased projections for savings were calculated against the greater awareness of the event.

“There are more and more people participating in Earth Hour,” Ms Tillisch said. “This year we have record participation in terms of sign-ups.”

Across Dubai, key landmarks such as the Burj Khalifa and Burj Al Arab will cut lights to mark the hour, and Emaar Properties will shut off exterior lights at its malls.

An Earth Hour walk will be held at the Burj Plaza, Downtown Dubai, where thousands are expected to mark the event with candles.

Dubai Municipality yesterday said lights at its key buildings would also be cut, and asked the public to follow its example.

Mr Al Tayer said the event was not supposed to be only once a year, but was meant to foster genuine change.

“Earth Hour goes beyond turning off the lights for one hour,” he said.

“It is an international call for strengthening collaboration to promote the culture of conservation, and making it a part of daily lifestyle.”

For more information, or to sign up, visit www.uae.panda.org/earthhour.

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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

ICC Awards for 2021

MEN

Cricketer of the Year – Shaheen Afridi (Pakistan)

T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)

ODI Cricketer of the Year – Babar Azam (Pakistan)

Test Cricketer of the Year – Joe Root (England)

WOMEN

Cricketer of the Year – Smriti Mandhana (India)

ODI Cricketer of the Year – Lizelle Lee (South Africa)

T20 Cricketer of the Year – Tammy Beaumont (England)

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero

MATCH INFO

West Ham United 2 (Antonio 73', Ogbonna 90 5')

Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')

Ahmed Raza

UAE cricket captain

Age: 31

Born: Sharjah

Role: Left-arm spinner

One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95

T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

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.”

BUNDESLIGA FIXTURES

Friday (all kick-offs UAE time)

Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)

 

 

Brief scores:

Pakistan (1st innings) 181: Babar 71; Olivier 6-37

South Africa (1st innings) 223: Bavuma 53; Amir 4-62

Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59