A new smart lighting system is being introduced at Jumeirah Corniche as Dubai continues its drive to reduce energy consumption. Courtesy RTA  
A new smart lighting system is being introduced at Jumeirah Corniche as Dubai continues its drive to reduce energy consumption. Courtesy RTA  

Energy-saving smart lighting system given go-ahead in Dubai



An energy-saving smart lighting system which switches on when it detects cyclists and pedestrians has been installed as part of a trial in Dubai.

The pilot project is being operated by Dubai’s Roads and Transport Authority and Philips Lighting at Jumeirah Corniche.

The project is being introduced in a bid to make energy savings, while also ensuring the safety of pedestrians and other road users.

“The system uses specialised sensors that monitor the traffic movement on the road and controls the light intensity,” said Maitha bin Adai, the chief executive officer of the RTA's traffic and roads agency

“It communicates and sets the nearby lighting poles ready for the passage of road users. Thus, it contributes to power saving and at the same time ensures a safe lighting level for pedestrians and road users.”

RTA employees visited France on a fact-finding mission to the Outdoor Lighting Applications Center (OLAC) at Philips Lighting in Leon to learn about the latest trends.

“The visit was made in the context of the memorandum of understanding (MoU) signed between RTA and Philips Lighting in May 2017 that calls for building a strategic partnership in scientific research,” said Ms Bin Adai.

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“It called specifically for reviewing the latest technologies of street lights, architectural lighting and smart systems for city development.”

The system is expected to result in significant energy savings. Provisional readings point to a saving of up to 40 per cent on LED lighting and up to 80 per cent on conventional lighting.

It is the latest effort to reduce energy consumption in the emirate as part of a long-term strategy to build towards a greener future.

Dubai aims for seven per cent of its energy output to be derived from clean energy - renewable, zero-emission sources such as solar, wind and hydropower - by 2020.

It is part of the Dubai Clean Energy Strategy, which has set a goal for the emirate to produce 75 per cent of its energy through clean sources by 2050.

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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.”

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