The Arab Spring has been well received around the world, not least in Europe. Ties across the Mediterranean have historically been close, and events on either side of the sea will be noticed on the other.
Tourism:
Industry InsightsYour ticket to the latest news in travel. Learn More
This will increasingly be so if one player in the energy sector has its way. Desertec, an initiative backed by a plethora of companies including Deutsche Bank and Munich Re is hoping to bring to life a renewable-energy sector in North Africa big enough to supply the local market and customers in Europe. The list of Desertec backers reflects Germany's role as a leader in solar-energy development.
But progress in establishing democratic societies in the Arab world might slow the implementation of the concept, which already has its doubters because of its scale and an apparent lack of details.
The Desertec concept is based on a simple physical fact - more energy falls on the world's deserts in six hours of sunlight than the world consumes in a year.
Energy-hungry and environmentally conscious Europecan match this impressive statistic with a target of equal proportion. By 2050, the harnessing of sun and wind energy in North Africa should provide the EU with 15 per cent of its energy, while satisfying the entire domestic market in the Maghreb countries.
The price of this ambition could amount to €400 billion (Dh2.02 trillion), according to Dii, the project management company set up to support the vision.
A scheme of such proportions faces numerous obstacles.
For electricity from North Africa to reach the European market, it needs a grid to connect the end user with the source.
The connection between Europe and North Africa has already been established, as Morocco is linked with Spain by a transmission cable spanning the Strait of Gibraltar.
Electricity transported over long distances is subject to losses, however, so power originating from other Maghreb countries may need alternative routes, which have yet to be created.
More important, a market that provides producers of renewable energy with the opportunity to sell their electricity at a profit must come into life.
"If you can create a well-functioning market that is connected to remote markets, that will normally drive costs down, you get more players, and they will be eager and compete," says Paul van Son, the chief executive at Dii. Desertec's backers believe that if the project is executed on a proper scale, the project will be economically viable.
"Economics of scale is the most important driver," says Mr van Son.
A market can develop only if the right regulatory framework and the right market incentives are in place. But the political changes ushered in by this year's popular uprisings in Tunisia, Egypt and Libya have focused attention elsewhere.
Renewables are "a new energy era, which require new forms of regulation", says Samuel Ciszuk, an energy analyst for IHS Global Insight. "And that requires the sort of political work to build regulation. Right now, the new governments in place in Tunisia and Egypt, and hopefully in Libya, will be preoccupied with constitutional issues for at least the next three years. There won't be enough focusing capability to build a framework."
Typically in the Arab world, electricity is sold to consumers at a subsidised rate. At current prices, renewables would not be profitable in the domestic market, as solar and wind-generated electricity is expensive.
Even though the Maghreb countries are increasingly short of hydrocarbons and are keen to find alternative sources of energy, cutting subsidies for electricity would be politically sensitive, as it would substantially eat into the disposable income of ordinary citizens.
As economic hardship was a prime motivator for this year's protests, governments will be extremely reluctant to tinker with the status quo.
Without an adequate return from the market, the economic case building up renewables capacity is not strong, believes Mr Ciszuk.
"Although there is a potential from a generation point of view to finding new resources badly needed domestically, economically it doesn't look that attractive right now," Mr Ciszuk says.
Mr van Son agrees.
"There is a long way to go to create a market in which the renewables can flourish," agrees Mr van Son, who is nevertheless unconcerned about Desertec's prospects. "We have a long-term roll-out plan for the future, for transmission and distribution and for market developments in the Middle East and North Africa and Europe. That's not influenced by political changes," he says.
Dii will finish designing its roll-out plan by the end of next year. In the meantime, it will be investing in pilot projects, the first being a 150-megawatt solar project in Morocco.
But with North African countries desperate to increase their power generating capacity and diversify their energy mix, time and money might not be on Desertec's side. Interest in nuclear power in the region is growing, and a broad move towards that power source might undermine the momentum towards renewables.
"It makes sense to have your eggs in several baskets, so one thing doesn't necessarily preclude the other, but right now, there is more of an economic incentive to try and go nuclear, when you are trying to wriggle out of a dependence on hydrocarbons," says Mr Ciszuk.
Fortunately for Desertec, building a nuclear power industry from scratch is a hugely complicated task. But if the initiative chooses to look to the future, overlooking short-term political developments, it might want to put nuclear energy on its list of potential obstacles.
business@thenational.ae
twitter: Follow and share our breaking business news. Follow us
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Yabi%20by%20Souqalmal%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202022%2C%20launched%20June%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAmbareen%20Musa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20u%3C%2Fstrong%3Endisclosed%20but%20soon%20to%20be%20announced%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E12%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseed%C2%A0%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EShuaa%20Capital%3C%2Fp%3E%0A
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Small%20Things%20Like%20These
%3Cp%3EDirector%3A%20Tim%20Mielants%3Cbr%3ECast%3A%20Cillian%20Murphy%2C%20Emily%20Watson%2C%20Eileen%20Walsh%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
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
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
UAE currency: the story behind the money in your pockets
Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
Scoreline
Saudi Arabia 1-0 Japan
Saudi Arabia Al Muwallad 63’
