Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, thanked Germany and Austria, previously rivals, for their eventual support of the UAE bid.
Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, thanked Germany and Austria, previously rivals, for their eventual support of the UAE bid.
Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, thanked Germany and Austria, previously rivals, for their eventual support of the UAE bid.
Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, thanked Germany and Austria, previously rivals, for their eventual support of the UAE bid.

UAE to house Irena headquarters


  • English
  • Arabic

SHARM EL SHEIKH // Abu Dhabi triumphed yesterday in its hard-fought bid to host the headquarters of the International Renewable Energy Agency (Irena). At a summit of the body's 136 members, Germany and Austria, the UAE's rivals to host the headquarters, agreed to withdraw their bids just moments before a vote was due to take place. Bonn and Vienna will instead each house a satellite centre for the agency.

The headquarters, which will be housed in rent-free offices in Masdar City, on the outskirts of Abu Dhabi, will make Irena the first international organisation to be based in a developing country. After the victory, Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, pledged the Government's full support to the agency. "I would start by thanking Germany and Austria for their support for the UAE today, it certainly shows a lot of interest in our bid," he said.

"Because of the very fair, frank competition, we had very strong bids from all three countries." The Government had aggressively pursued its bid, believing success would raise the country's global profile. It has also said that the agency would help the development of Masdar, which is planned to be the world's first carbon-neutral city. As delegates gathered yesterday for an afternoon vote in this Egyptian resort town, Irena officials announced that the three rivals had reached a compromise.

Austria will host a liaison office to help Irena co-ordinate policy with other international organisations in Europe, while Germany will host an "innovation centre" to help the body's work in developing countries. The German government pledged ?4 million (Dh21m) to set up the centre, and ?2m-?3 million annually to cover its operating costs. Roy Lee, a professor of environmental law at Yale University in the US, said the win represented an important moment. "That is a very big victory for the UAE and that's very important particularly for the developing countries," he said.

"It's the first time I have observed that developing countries were able to defeat the Western European countries." Michael Schrören, a spokesman for the German environment ministry, said his country had first proposed the compromise on Sunday night to avoid a contentious vote. "Irena doesn't need friction, it needs common sense and common efforts," he said. "We knew that the south/north split would be like a sword over everyone, which we wanted to avoid."

As the decision was announced, the 55 UAE delegates leapt to their feet with cheers and embraces. The win followed a long diplomatic campaign by senior ministers. Sheikh Abdullah said that in the past two months he and other ministers had visited 90 countries to garner support. He said that as the vote approached, Austria and Germany had recognised that the UAE bid would have the support of between 92 and 101 member countries.

"The UAE's hosting of Irena is an indicator and a clear evidence of [our] continuing investment in renewable energy," he said. He said that in the past two months he and other government ministers have visited 90 countries for the purpose of garnering support for the UAE's bid. "This will boost this network of countries to enhance our relationship with them in other levels." Sultan al Jaber, the chief executive of Masdar, said: "This is a historic agreement, we're very proud."

He said the decision was made in the few hours before the announcement was made. "There was pressure by all of the participant countries that there was no need for voting, because it is very clear the UAE deserves it. "There was a consensus and agreement among them that the UAE is most qualified." The next step would be executing the project, he said. The agency will be housed in temporary buildings in the capital for two and a half years until the Masdar City HQ is completed.

Officials have said it will be the first "energy positive" office building, with rooftop solar panels that produce more electricity than it consumes. The new director general of Irena was expected to be named late last night.
cstanton@thenational.ae mhabboush@thenational.ae

Padmaavat

Director: Sanjay Leela Bhansali

Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh

3.5/5

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Cologne v Hoffenheim (11.30pm)

Saturday

Hertha Berlin v RB Leipzig (6.30pm)

Schalke v Fortuna Dusseldof (6.30pm)

Mainz v Union Berlin (6.30pm)

Paderborn v Augsburg (6.30pm)

Bayern Munich v Borussia Dortmund (9.30pm)

Sunday

Borussia Monchengladbach v Werder Bremen (4.30pm)

Wolfsburg v Bayer Leverkusen (6.30pm)

SC Freiburg v Eintracht Frankfurt (9on)

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

The Lost Letters of William Woolf
Helen Cullen, Graydon House 

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

UAE currency: the story behind the money in your pockets
Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.