Abu Dhabi has started a programme aimed at establishing the emirate as a major centre for the development of high-tech vehicles, to further diversify the economy and create thousands of jobs.
The Smart and Autonomous Vehicles Industry (Savi) cluster, centred around clean energy hub Masdar City, will develop smart and autonomous vehicles for air, land and sea use, the Abu Dhabi Department of Economic Development (Added) said on Friday.
The multi-modal hub is expected to contribute between Dh90 billion and Dh120 billion ($24.5 billion to $32.7 billion) to the UAE's economy and generate up to 50,000 jobs, officials said.
Savi is the next pivotal phase in Abu Dhabi's industrial revolution, which will drive its transition towards a smart, circular, and sustainable economy, the authorities said.
“As a catalyst for Abu Dhabi’s diversification, Savi is a game-changer that will unleash extraordinary economic growth and create new opportunities for talent, entrepreneurs and investors,” said Ahmed Al Zaabi, chairman of Added.
Advanced infrastructure and centres will be set up to incubate disruptive technologies and start-ups from around the world under the programme.
There will also be collaboration with other governments, regulatory agencies and manufacturers to advance the smart mobility sector.
The testing of vehicles that will be developed at the cluster will be conducted at dedicated sites at the Nibras Al Ain Aerospace Park, the Yas Marina Circuit on Yas Island and Musaffah Port, respectively.
Abu Dhabi is being positioned to “take charge in propelling the future of mobility”, Badr Al Olama, acting director general of the Abu Dhabi Investment Office, said at the Savi launch.
“We promise the future where accessibility, mobility and sustainability would converge seamlessly, elevating the quality of life for us and everyone around us.”
Smart mobility is the integration of advanced technology and data-driven solutions to create efficient, sustainable and user-centric transport systems.
The global smart mobility sector is projected to expand at a compound annual growth rate of more than 21 per cent to about $404 billion by 2032, from $48.54 billion in 2022, data from Spherical Insights & Consulting shows.
Meanwhile, the world's self-driving vehicle market is expected to hit $93.3 billion by 2028, from $33.48 billion this year, at a compound annual growth rate of about 23 per cent, according to Mordor Intelligence.
The UAE has sought to become a leader in smart mobility systems as part of its efforts to promote and integrate sustainability.
A number of initiatives have been introduced to bring about driverless services. This is one pillar that makes Abu Dhabi “well positioned” to be at the forefront of becoming full-fledged smart cities, Thierry Lestable, executive director of the AI and Digital Science Research Centre at Abu Dhabi's Technology Innovation Institute told The National last year.
The UAE capital has its own fleet of driverless taxis on Yas Island run by TXAI. During last year's Etihad Airways Abu Dhabi Grand Prix, TXAI operated a driverless bus service to carry fans.
The emirate is also moving ahead with drone delivery trial programmes.
This week, the Autonomous Rapid Transit vehicles, a new tram-like electric bus, began operations in Abu Dhabi.
The emirate is “doubling down” on all these efforts with the launch of Savi, Mr Al Olama said.
Savi “embodies a beacon of hope, a future that is full of possibilities. It's a call to action for us to unite and meet the most pressing challenges of transportation with courage and conviction”, he said.
Its launch also comes in the lead up to the Cop28 climate change conference, which will be hosted by the UAE next month.
Savi is backed by Abu Dhabi's biggest organisations. Masdar City, Tawazun Industrial Park, Miral and Maqta Gateway, part of AD Ports Group’s Digital Cluster, will enable the infrastructure and support services to accelerate applications across air, land, and sea vehicles.
The Abu Dhabi Department of Economic Development, General Civil Aviation Authority, Integrated Transport Centre and Abu Dhabi Maritime, meanwhile, are joining forces to certify autonomous vehicle operations across the emirate.
The Mohamed bin Zayed University of Artificial Intelligence, Technology Innovation Institute, Khalifa University and Hub71 will be collaborating on research and innovation to foster new autonomous vehicle technologies.
“Savi was designed to bring the ecosystem together and we've looked at international benchmarks,” said Nayef Shahin, director of innovation and knowledge at Added.
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ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
UAE currency: the story behind the money in your pockets
Brief scoreline:
Toss: South Africa, elected to bowl first
England (311-8): Stokes 89, Morgan 57, Roy 54, Root 51; Ngidi 3-66
South Africa (207): De Kock 68, Van der Dussen 50; Archer 3-27, Stokes 2-12
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
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Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)
5.30pm Handicap (PA) Dh80,000 (T) 1,600m
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6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
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7pm Maiden (PA) Dh80,000 (T) 1,200m
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7.30pm Handicap (TB) Dh100,000 (T) 2,400m
Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi
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Global state-owned investor ranking by size
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
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Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
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Second leg: May 1, Santiago Bernabeu, Madrid
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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