ABU DHABI // UAE leaders and others around the world on Tuesday congratulated the Solar Impulse team for their historic achievement.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, congratulated the Swiss pilots, their home country and Masdar, a major sponsor.
"We congratulate Switzerland on this success, which proves that partnership and cooperation for the good of mankind is our ultimate goal," Sheikh Mohammed tweeted after Solar Impulse 2's landing in Abu Dhabi.
"We hope the success of Solar Impulse helps to deliver Abu Dhabi's message about the need to invest in clean energy and encourage innovation.
"Solar Impulse's arrival in Abu Dhabi is not an end, it is a new beginning towards more achievements."
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History is made
■ Solar Impulse pilots' emotional return to Abu Dhabi as dream is realised
■ A call for action as Solar Impulse touches down in Abu Dhabi
■ Emirati Solar Impulse team member reflects on historic journey
■ Solar Impulse 2 touches down in Abu Dhabi completing zero-fuel circumnavigation - in pictures
■ Solar Impulse 2 lands in Abu Dhabi completing first zero-fuel flight around the world
■ Solar Impulse 2 completes zero-fuel journey around the world - graphic
■ Solar Impulse 2 lands in Abu Dhabi - video
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Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, hailed the accomplishment, saying the journey “opens vital new applications for renewable energy in all walks of life”.
“Abu Dhabi, capital of the UAE and home to the International Renewable Energy Agency IRENA, stands as a global pioneer in renewable energy,” Sheikh Mohammed wrote on his official Twitter account.
In the final hours leading up to the aircraft’s landing at Al Bateen Airport, UN secretary general Ban Ki-moon congratulated co-pilot Bertrand Piccard, who flew the final leg from Cairo, by Skype.
“You have been flying more than 40,000 kilometres without fuel, but I know that you have much energy,” Mr Ban said.
“You may be ending your journey but the journey to a sustainable world is just beginning.”
The achievement put Mr Piccard and co-pilot Andre Borschberg in an elite club of pioneering aviators, and proved renewables could provide sustainable and reliable energy, said Adnan Amin, director general of the International Renewable Energy Association in Abu Dhabi.
“This remarkable accomplishment is a clear signal that the age of renewable power is here to stay,” Mr Amin said.
“It is a testament to the importance of innovation and international cooperation.”
Mr Amin said the realisation of similar groundbreaking ventures in the future would help to meet the world’s climate and sustainable needs.
Sheikh Hamdan bin Zayed, Ruler’s Representative in the Western Region, also hailed the team’s return, saying it sent “an important message to future generations that it is high time to think differently” and build a future based on innovation and sustainability.
Solar Impulse reflects the potential for the widespread use of solar power in the UAE, said Tanzeed Alam, climate and energy director of the Emirates Wildlife Society and World Wildlife Fund. The group recommended the country set more ambitious solar-power targets to be reached by 2050. "It's not a coincidence that Solar Impulse has landed in Abu Dhabi," he said.
After inspecting Solar Impulse 2 after its landing in the capital, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, said: "The UAE is an international hub for all sorts of energies, projects and initiatives which aim to ensure better future for the world and hosting the Solar Impulse project by Masdar confirms the country's pivotal role in the renewable energy field."
Sheikh Saif congratulated the team on the achievement. “Welcome to Abu Dhabi.” he said.
tsubaihi@thenational.ae
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New schools in Dubai
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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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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