A solar tower will provide much of the energy for Masdar City in Abu Dhabi.  Work is slated to be completed around April 2010 though students won't be able to inhabit the university space until the beginning of the next school semester in the fall.
A solar tower will provide much of the energy for Masdar City in Abu Dhabi. Work is slated to be completed around April 2010 though students won't be able to inhabit the university space until the beShow more

Masdar's new slant on solar energy



Masdar, the Abu Dhabi Government's clean energy firm, is testing a new type of solar technology that could cut costs and "revolutionise" the industry, the company's chief executive said yesterday. A small pilot plant has been completed at the site of Masdar City, the carbon-neutral development on the outskirts of the capital, and is already operating under researchers at the Masdar Institute of Science and Technology.

If advertised efficiency improvements pan out, the technology could be deployed at a greater scale in the city and exported worldwide. The "beam down" plant has the potential to boost the efficiency of solar thermal technology, which uses the heat of the sun to produce electricity from a conventional turbine, said Sultan al Jaber, the chief executive of Masdar. "The initial project findings have been very positive and if the results continue to be successful, 'beam down' technology has the potential to revolutionise the way in which all solar towers are built in the future," Mr al Jaber said.

The plant is comprised of a circle of mirrors that focus sunlight on a central mirror at the top of a tower. That mirror beams the concentrated sunlight down to a point at the base of the tower to heat water or other liquid, which is then used to produce electricity. A number of similar solar projects are operating worldwide, but these designs focus the heat of the sun on the top of the tower, not its base.

Masdar, which built the plant in partnership with Cosmo Oil of Japan and the Tokyo Institute of Technology after signing an agreement in late 2007, hopes that placing the heat receiver at the base will cut out the energy costs associated with pumping liquids up the tower's length. The central mirror is also a much larger target on which to reflect sunlight, which means lower costs for the engineering and equipment needed for the other mirrors to track the sun throughout the day, said Dr Tariq Ali, the vice president for research at the Masdar Institute.

Masdar officials did not disclose the output capacity of the plant yesterday, but the original agreement called for a capacity of 100 kilowatts, which is much smaller than commercial power plants. Dr Ali said the plant would allow his researchers to evaluate the technology's effectiveness in Abu Dhabi's weather conditions, develop intellectual property and explore ways to convert it to commercial scale.

"This is what we need, getting things out of the laboratory and into the demonstration phase, into pilots, so they can become commercial as quickly as possible," he said. "It's to learn how to build these things. Where are they in the world? There aren't any." The investment cost, which was not disclosed, was split among the partners, Dr Ali said. Masdar has invested heavily across the full range of solar technologies, including solar thermal and photovoltaic panels, which use semiconductors to convert sunlight directly into a current of electricity.

@Email:cstanton@thenational.ae

UAE currency: the story behind the money in your pockets
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The specs

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

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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

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.”

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)