A Guiding Light event in Bolivia lights up the town with solar lanterns that are distributed to those in need who do not have access electricity in their homes. Courtesy of Zayed Sustainability Prize
A Guiding Light event in Bolivia lights up the town with solar lanterns that are distributed to those in need who do not have access electricity in their homes. Courtesy of Zayed Sustainability Prize

Two thousand UAE solar lanterns to bring light to off-grid island in Bangladesh



Thousands of men, women and children who have been living in the dark in an isolated Bangladeshi city were given the gift of light on Wednesday.

Hazarbighar Char Island is home to 5,000 people and has long been off the grid due to its remote location.

The inhabitants of the island are the latest beneficiaries of the Zayed Sustainability Prize initiative Guiding Light, which aims to distribute a total of 10,000 solar lanterns to off-grid communities across Indonesia, Bolivia, Bangladesh and Kenya.

“We have selected remote off-grid areas in the mid part of Bangladesh, there is no electricity on the island and it is unlikely they will get connected soon,” said Dipal Barua, the man behind the initiative.

"Most of the people (on the island) are poor and disadvantaged.

"We believe that the lanterns that we are going to distribute will be very helpful and useful to them.”

Fishermen, women who are living in poverty, children, healthcare workers, students and local shopkeepers will all benefit from the 2,000 lanterns that are expected to light up every household on the island.

“The lights will improve healthcare as it will allow the extension of working hours in health centres. In the case of an emergency at night, they will be able to accommodate them.

“Education will improve, too, because students will be able to study at night.”

“Women’s security may also improve — previously they walked long distances in the dark,” he said.

The lights are expected to benefit the island economically as well, with shopkeepers and fishermen able to extend their working hours.

“The lanterns are very transferable, so if someone needs to go to the washroom at night they can carry the lantern with them,” said Mr Barau.

Mr Barua won the first edition of the Zayed Sustainability Prize in 2009, when it was called the Zayed Future Energy Prize. At the time, his idea was to facilitate the construction of 245,000 solar energy systems in Bangladesh.

Guiding Light, in its current form, was launched in Bahrain during a ceremony on December 5.

The first batch of lanterns were then taken for distribution in Indonesia, where they were donated to communities that have been affected by the recent earthquake and Tsunami.

Two-thousand lanterns were distributed to 1,179 Indonesian homes, benefiting 5,112 people.

Bolivia was the next beneficiary of the initiative. Lanterns were distributed to students and families living in San Juan, where residents have limited or no access to on-grid power.

"Logistics can always be a bit of an issue with regard to any activity in Bolivia; however, in terms of people on the ground — teachers, students and community members — and the support of the prize’s administration team, it has been a fantastically co-ordinated effort,” said Katsumi Bani, general coordinator for Guiding Light in Bolivia and a former two-term mayor of San Juan.

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“The donation will have an immediate impact on thousands living in the municipality of San Juan, which makes this campaign worth every effort.

“Accessing these lanterns will further increase the interest of the entire population of the municipality (towards sustainable solutions). The government has a target to achieve a self-sustaining society,” he said.

“The distribution of the solar lanterns will create greater awareness of the importance of the use of renewable resources and raise the quality of life for many families,” said Mercedes Almendras, director of Global High Schools, who won the sustainability prize in 2017.

“In all the rural schools of San Juan, these lanterns will serve as teaching material and also as support to improve the performance in the teaching and learning process.”

“Mothers will be able to have more time for housework and helping the development of the family, especially in the education of their children,” she said.

After Bangladesh, the lanterns will be distributed in Kenya and the campaign will conclude in the UAE on January 9.

FIXTURES

UAE’s remaining fixtures in World Cup qualification R2
Oct 8: Malaysia (h)
Oct 13: Indonesia (a)
Nov 12: Thailand (h)
Nov 17: Vietnam (h)
 

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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UAE currency: the story behind the money in your pockets
Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

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.”

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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THE SPECS

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