ABU DHABI , UNITED ARAB EMIRATES – April 21 , 2016 : Nawal Al Hosany , Director of Sustainability at the Masdar City in Abu Dhabi. ( Pawan Singh / The National ) For News. Story by Nicholas Leech.  ID No : 41426 *** Local Caption ***  PS2104- MASDAR CITY12.jpg
Nawal Al Hosany, the UAE’s permanent representative to the International Renewable Energy Agency, said the UAE aimed to create hundreds of thousands of jobs in reneable energy by 2030. Pawan Singh / T

UAE looks to create hundreds of thousands of jobs in renewable sector



The UAE is moving towards potentially creating up to 100,000 jobs in the renewable energy sector by 2030.

That is according to Nawal Al Hosany, the UAE’s permanent representative to the International Renewable Energy Agency, which held its 15th council meeting in Abu Dhabi on Tuesday.

Ms Al Hosany said the 2030 figure was based on current estimates. But it was not just about boosting renewable energy but also creating opportunities for young people and other sectors as the UAE seeks to possibly have 30 per cent of all power generation from clean sources by 2030.

"This is not new for the UAE. We started this in 2006 when we launched Masdar," she told The National. "Having renewables and clean technology as a new sector … is very important and key to our progress."

Commenting on the growing awareness of the importance of recycling among the public and moves to remove plastic straws from restaurants, she said that addressing waste has always been a priority for the Government. But it is important to implement this in a gradual way to encourage people.

“It’s a more successful model. In 2006 we launched Masdar, we have invested in awareness and we have 'sustainability week' every year. We have launched lots of programmes in schools so the youth are very aware of recycling. And we have started to build infrastructure for recycling in different emirates to handle recycling.”

Her remarks came on the sidelines of the Irena meeting where it was revealed that jobs in the renewable energy industry worldwide soared by 500,000 last year to reach 10.3 million — a 5.3 per cent increase on 2016.

_______________

Read more:

UAE eyes new clean energy generation target by 2030

World not on track to meet 2030 energy targets for sustainable development 

_______________

The Irena report — Renewable Energy and Jobs Annual Review — showed the number of jobs created had passed the 10m mark for the first time and leading the charge are China, Brazil, the US, India, Germany and Japan where 70 per cent of the jobs have been created. Sixty per cent of all renewable energy jobs are in Asia, the report revealed.

The solar industry accounted for most of the jobs at 3.4 million, with China alone estimated to account for two thirds of these. China was followed by Japan, the US, India and Bangladesh.

China accounts for 44 per cent of global wind employment, while half of the top ten countries with the largest installed capacity of wind power are European.

“Renewable energy has become a pillar of low-carbon economic growth for governments all over the world, a fact reflected by the growing number of jobs created in the sector,” said Adnan Amin, director general of Irena.

“This data also underscores an increasingly regionalised picture, highlighting that in countries where attractive policies exist, the economic, social and environmental benefits of renewable energy are most evident,” he said. “This data supports our analysis that decarbonisation of the global energy system can grow the global economy and create up to 28 million jobs in the sector by 2050.”

The meeting heard from delegations across the world on Tuesday including Turkey, Lebanon, Jordan and Germany. It concludes on Wednesday.

THE SPECS
Engine: 3.5-litre V6
Transmission: 9-speed automatc
Power: 279hp
Torque: 350Nm
Price: From Dh250,000
On sale: Now

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

European arms

Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.

The Matrix Resurrections

Director: Lana Wachowski

Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

Types of fraud

Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

* Nada El Sawy

MATCH INFO

Manchester City 3 (Silva 8' &15, Foden 33')

Birmginahm City 0

Man of the match Bernado Silva (Manchester City)

Porsche Taycan Turbo specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 1050Nm

Range: 450km

Price: Dh601,800

On sale: 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.”


Latest
Most Read
Top Videos