Established by Nahtam, the Abu Dhabi-based social responsibility organisation Bank Al Miyah is a virtual bank where residents will be able to open an account and start saving.
Established by Nahtam, the Abu Dhabi-based social responsibility organisation Bank Al Miyah is a virtual bank where residents will be able to open an account and start saving.
Established by Nahtam, the Abu Dhabi-based social responsibility organisation Bank Al Miyah is a virtual bank where residents will be able to open an account and start saving.
Established by Nahtam, the Abu Dhabi-based social responsibility organisation Bank Al Miyah is a virtual bank where residents will be able to open an account and start saving.

New app will reward Abu Dhabi residents for saving water


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ABU DHABI // A new app rewarding residents who have managed to save water will launch in the capital in a couple of weeks.

Established by Nahtam, the Abu Dhabi-based social responsibility organisation Bank Al Miyah, or water bank in Arabic, is a virtual bank where residents will be able to open an account and start saving.

“Every three months, there will be a draw for about Dh250,000,” said George Itty, Nahtam’s chief executive. “After that, there will be an automated draw every month and every person registered on the app will be taken into account.”

Winners will only be able to collect the prize after proving they have managed to save at least 15 per cent on their utility bills.

“They will have to submit their electricity and water bill to show how much they have managed to save,” Mr Itty said. “They will have to bring their last two months’ bills to show that their total savings on the second bill is 15 per cent less than the previous month.”

The app also includes guidelines on 100 ways to save energy and 230 ways to save water, at home and at work.

“Even if people save only 5 per cent, it will have a huge impact,” he said. “That amount will save the country billions if everyone manages to do their part.”

Layla Youssef, a Jordanian mother-of-four, said such a prize would motivate more people to watch their consumption.

“We use a lot of water in the UAE in general,” she said. “But we all know that it is not abundant here and that if we are not careful enough there will not be much remaining in the future. I am sure such an app, and a Dh250,000 reward, will create more motivation among residents here.”

Marc Abboud, from Lebanon, said a lot of residents took water for granted.

“I don’t think people realise how precious water actually is here,” he said. “But I think this app is a good idea, it can only benefit the cause by rewarding people who really care about saving water. It’s definitely time more people realise how important this is.”

The app, available only on Android right now, is expected to be available for the iPhone in the future. It will officially launch at the International Water Summit in Abu Dhabi on January 19.

“There has to be good communication and consistent education about community and responsibilities in this country,” Mr Itty said. “This is because 80 per cent of the population here are expatriates and their priorities might be different so they need a big motivation. It’s also still a new movement here so there should be constant education.”

The UAE’s water consumption is one of the highest in the world, at 350 litres per person per day. In 2012, the Environment Agency – Abu Dhabi warned that the country’s groundwater supply could disappear within 55 years.

Since then, the agency set out a plan to try to use wastewater on edible crops. The GCC has also called for a regional plan to tackle water scarcity in the Arabian Gulf.

With falling water tables and some of the highest levels of water use in the world, Gulf countries are also attempting to clamp down on the growing demand for food, which is considered a large water consumer, and making local agriculture more sustainable.

cmalek@thenational.ae

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.”

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Charlotte Gainsbourg

Rest

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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