ABU DHABI // A school in Abu Dhabi hopes to reduce its energy consumption by up to 40 per cent by installing solar panels on its roof.
The nine panels, installed yesterday, are being funded by the Zayed Future Energy Prize in recognition of the environmental efforts of Sheikh Khalifa bin Zayed Bangladesh Islamia School in Al Zahra.
The panels, which change direction according to the sun’s position, will be used to power the school’s lamps and fans.
Each panel will produce 3.84kW and operate for an average 5.5 hours a day, according to Aminul Islam, the design engineer at Mulk Enpar Renewable Energy, the company behind the technology.
This first phase of the scheme will cost about Dh150,000, said the school’s governing body member S M Shamsulalam. The school hopes to increase its number of panels to 16 and introduce a battery system that will be able to store the energy.
Acting principal, Mir Anisul Hasan, works with a team of two other teachers and two students tasked with reducing the school’s environmental footprint.
The non-profit community school, which has almost 600 students, has already reduced its energy consumption by 15 per cent over the past few years, mostly through switching to more efficient Led light bulbs. It has also started reusing waste water for watering plants.
Mr Hasan said it was hard to pay all the school’s expenses using only tuition fees, which he said ranged from Dh350 a month for high-school students and Dh600 a month for college students.
Becoming more energy efficient means becoming more cost efficient, he said. Doing so would enable the school to invest and hire new staff, rather than merely covering their costs.
“I have been here for 25 years and the environmental team was my initiative,” said Mr Hasan. “I started it one fine foggy morning, with a view to giving students exposure to environmental awareness. The present co-ordinator, Dr Anita Saul, is very serious, dedicated and enterprising. She is now the main force.”
One of the student members of the team, 17-year-old Fahad Bashar, has worked on the project for three years. He said his teacher, Dr Saul, inspired him to play an active role. Some of the students he works with are as young as six and are already aware of the importance of protecting the environment. “A lot of students didn’t understand the importance of the project, but once we explained they all joined in,” he said.
Solar energy is becoming increasingly cheap to produce, said Marc Norman, Emirates Solar Industry Association Marketing & Communications Director.
“Over the past five years, the cost of solar photovoltaic systems has dropped by over 50 per cent. This means that it costs half as much to produce 1 unit of solar energy as it did five years ago. As a result, in many markets the cost of solar electricity has reached what we call ‘grid parity’ which means that it now costs as much to generate power from solar than from conventional fuels like oil or natural gas.”
The Zayed Future Energy Prize was set up in 2008. It awards winning high schools prizes of between US$100,000 (Dh367,300) and $1.5 million for projects that find innovative solutions to save energy, cut greenhouse gas emissions and increase production of clean, renewable energy.
In 2012, it became the world’s largest annual prize purse in renewable energy and sustainability, after awarding a total $4m.
halbustani@thenational.ae
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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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.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
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Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
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Favourite quote: 'Life is so simple, enjoy it'
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Initial investment: $1 million
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The specs
Engine: Direct injection 4-cylinder 1.4-litre
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