The Middle East’s crown as the world’s historical epicentre of fossil fuels – notably gas and oil – was hard won through decades of building expertise in infrastructure, trade and talent. Now, in the global push for a greener future, all this knowledge is transferable to the infant market of clean hydrogen.
Fossil fuel stakeholders are keenly aware that their market’s dominance has an end date. There is no doubt that gas, considered the cleanest fossil fuel, is a critical “bridge” between fossil fuels and renewables, a glue within the modern energy basket. But that does not mean that gas players do not need to keep up with the rapidly evolving energy landscape. And for many, this means aiding the world in the supply of blue and green hydrogen – commonly referred collectively to as clean hydrogen. In many ways, it is a safe bet.
Hydrogen can provide the lowest cost decarbonisation solution for more than 20 per cent of final energy demand by 2050, contributing a cumulated reduction of 80 gigatonnes of CO2, according to the Hydrogen Council. What do these numbers boil down to? Simply put, building clean hydrogen economies is integral to reaching the 1.5°C climate scenario by 2050 – certainly no small feat.
So far, the industry is building a solid foundation. More than 520 large-scale projects and 90 gigawatts of electrolyser production capacity have been announced worldwide – equivalent to $160 billion of direct investments, the Hydrogen Council highlights. But there is still a very large mountain to climb: a four-fold increase is required by 2030 to put the world on the trajectory to net zero. And therein lies the pivotal support role of gas and other fossil fuel experts in the 2020s, acting as a guiding hand in what is still relatively uncharted territory.
Announced projects in Saudi Arabia, the UAE and Oman alone are set to produce three million tonnes per year of hydrogen in the 2030s – with Oman's 14 gigawatts Al Wusta and Saudi Arabia's four gigawatts Neom projects among the world's most ambitious to date, details S&P Global Platts. And there will be plenty more to come if the raft of partnerships being signed by the region’s leading fossil fuel companies comes to fruition.
Even when we just look at the UAE, a huge amount of work is under way. For one, the launch of the Abu Dhabi Powerhouse in December speaks volumes about the green intentions of a global gas producer. Taqa, Mubadala and Adnoc will be shareholders of Masdar, creating a global champion in renewables and green hydrogen. Adnoc is also exploring Abu Dhabi’s hydrogen potential with South Korea’s GS Energy, developing a decarbonisation road map for power generation in its downstream and industry operations with GE to include the potential use of hydrogen. It has also signed an agreement with three Japanese companies to explore hydrogen and blue ammonia.
These efforts – and many others by world-leading fossil fuel experts in the Middle East – not only share valuable knowledge for the hydrogen market, but it also highlights the industry’s progressive approach to supporting the ever-diversified energy basket to ensure three key goals are met: energy security, environmental security and economic security. For one, gas companies are not just managing their own market – one of the world’s most influential energy commodities – but they are becoming guardians of a greener future as well.
The clean hydrogen story will fall apart without any supportive regulations and policies. With even more supportive frameworks, it can thrive – a correlation we witnessed in the development of solar power. In this vein, governments worldwide, especially wealthier ones, must help with early temporary subsidies – a vital tool to achieving a competitive market by the early 2030s.
The fossil fuel market can share its errors and lessons learnt in this process, ensuring subsidies in clean hydrogen do not become an overly costly crutch in the long-term. Governments must also work alongside industry to introduce a carbon pricing mechanism – be it carbon taxes, permits or a cap-and-trade scheme – to dramatically spur momentum in green energy, including clean hydrogen.
It is also wise to tread carefully, for the industry and media’s talk of clean hydrogen often gives the impression it is already a fully-fledged, tradeable market. It most certainly is not. There are many building blocks needed to get this market of immense potential off the ground.
One of the first steps is education, ie, understanding that blue hydrogen carries great merit as a stepping stone until green hydrogen achieves greater scale and cost-competitiveness. All those in the value chain – from the media to the off-takers – must have fundamental knowledge in order to craft robust road maps and hasten overall action. Again, gas experts can support this effort.
Adopting an entire view of the supply chain lies at the heart of crafting a globally competitive clean hydrogen economy in the Middle East by the 2030s. This will help stakeholders pin down supply-demand balances much faster and more accurately, which, in turn, will bolster investors’ appetite to support the market.
Mismatched dynamics, where we have supply and no off-takers, acts as a red flag to even the keenest of financiers. Again, this is an area where gas operators can share intel from their decades of experience.
We are facing a global problem. It is not one country’s problem, nor one government’s or one industry’s challenge. It is very simple: without a cultural commitment to collaboration, we will not hit our clean hydrogen targets, and in turn, we will fail to reach our global climate goals.
As an optimist, I believe we can do it – but only if we do it right and we do it now.
Hatem Al Mosa is chief executive of Sharjah National Oil Corporation.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
%3Cp%3E%3Cstrong%3EUAE%20fixtures%20%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonday%2C%20June%2019%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ESri%20Lanka%20v%20UAE%2C%20Queen%E2%80%99s%20Sports%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWednesday%2C%20June%2021%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EOman%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFriday%2C%20June%2023%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EScotland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETuesday%2C%20June%2027%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EIreland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%3C%2Fp%3E%0A
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The five pillars of Islam
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE currency: the story behind the money in your pockets
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Zayed Sustainability Prize
UAE currency: the story behind the money in your pockets
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
MATCH INFO
South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8)
Canada 7 (Tries: Heaton; Cons: Nelson)
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Killing of Qassem Suleimani
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
