Nuclear power is emission-free, say experts, which should help the UAE reduce its global warming footprint.
Nuclear power is emission-free, say experts, which should help the UAE reduce its global warming footprint.

Nuclear programme will clean up the skies



Abu Dhabi's decision to turn to nuclear power will in 10 years cut the country's future carbon emissions by 32 million tonnes a year, equivalent to the total carbon footprint of Bahrain, new Government figures show. If all four nuclear reactors are operating by 2020 as planned the UAE's carbon emissions will be lowered significantly as the country reduces its dependence ever larger quantities of fossil fuels, according to an internal study by the Abu Dhabi Government. The country's total emissions will continue to grow, but at a lower rate than originally forecast. In 2008, the latest year for which data are available, the UAE emitted 199 million tonnes of carbon, according to estimates by the US Government's Energy Information Agency. Up-to-date figures from the Abu Dhabi Government were not available. The 32 million-tonne figure is equivalent to Bahrain's 2008 emissions and represents between 16 and 20 per cent of the UAE's emissions in that year, according to US estimates. The UAE was singled out in a 2008 report for having the highest carbon footprint in the world on a per-person basis and has come under heavy international criticism. The plants, deployed with other clean energy technologies, could help slow the rapid growth in the country's carbon emissions. The nuclear programme will form a key part of the Government's voluntary commitments to reduce emissions as part of an international effort to tackle climate change, said a senior government official who was involved in the launch of the Emirate's nuclear programme but was not authorised to speak to the media. Without nuclear power, Abu Dhabi would have continued to rely on natural gas and increased its use of oil products in power stations, he said. "The business-as-usual case saw the deployment of additional gas and liquid-fired generation," he said. "The deployment of nuclear power would be what we consider a national appropriate mitigation action." The effect on the country's carbon emissions will be felt over the long term, yet was not discussed with the international community at last month's climate change talks in Copenhagen, said Dr Saad al Numeiri, an adviser to the federal Minister of Environment and Water who attended the negotiations. "It will definitely help," Mr al Numeiri added. "You will not be relying on fossil fuels for energy, so it will reduce the total emissions." The Emirates Nuclear Energy Corporation (ENEC) last month awarded a $20 billion contract to a consortium of South Korean firms to build and operate the country's first four nuclear power plants by 2020, with the first one expected online by 2017. Mohamed al Hammadi, the chief executive, said the plants' output would meet 23 to 25 per cent of Abu Dhabi's electricity needs by 2020, and said ENEC would likely award contracts for additional plants. The Government's study estimated that each kilowatt-hour of electricity produced from natural gas releases between 400 and 500 grams of carbon, while each kWh of oil-fired power releases closer to 700g. The nuclear reactors, by contrast, would produce almost no carbon over their lifetime, the study found. The amount of emissions displaced by the reactors is equivalent to the carbon output of over eight natural gas-fired power plants of the size and type built in recent years in Abu Dhabi, according to calculations by a climate scientist based in the capital. The nuclear power plants form the cornerstone of a broader clean energy strategy that has taken shape in the last two years. Abu Dhabi wants to supply 7 per cent of its electricity from renewable energy sources like solar power by 2020. Masdar, the Government-owned clean energy firm, also has plans to deploy a network of carbon capture and storage projects that will divert carbon emissions from three power plants and a steel mill and bury them permanently underground in ageing oil wells. The scheme is expected to reduce emissions by a further 6.5 million tonnes per year if Masdar elects to go ahead with the full project. cstanton@thenational.ae

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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Match info

UAE v Bolivia, Friday, 6.25pm, Maktoum bin Rashid Stadium, Dubai

Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House

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.”

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

SPECS

Toyota land Cruiser 2020 5.7L VXR

Engine: 5.7-litre V8

Transmission: eight-speed automatic

Power: 362hp

Torque: 530Nm

Price: Dh329,000 (base model 4.0L EXR Dh215,900)

Company%20Profile
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