A view of the second phase of the Mohammed bin Rashid Al Maktoum Solar Park, which has enough capacity to power 50,000 homes in Dubai. Pawan Singh / The National
A view of the second phase of the Mohammed bin Rashid Al Maktoum Solar Park, which has enough capacity to power 50,000 homes in Dubai. Pawan Singh / The National

Comment

It will require concerted effort to achieve a sustainable future

This country has a comprehensive vision for the future of renewables, writes Saeed Mohammed Al Tayer

Saeed Mohammed Al Tayer

January 07, 2018

Concerted global efforts are needed to protect our planet from the negative impact of global warming and to ensure a sustainable future. The UAE effectively contributes to achieving the United Nations Sustainable Development Goals for 2030. This country has been at the forefront of implementing strategies that support sustainability, under the leadership of Sheikh Khalifa, the President, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

Although the UAE has some of the largest oil reserves in the world, the leadership attaches great importance to diversifying energy sources, by increasing the share of renewables and clean energy. This supports the vision that recognises the importance of renewable energy in balancing development and the environment. The UAE has made progress based on federal and local strategies and initiatives, including the UAE Vision 2021, the UAE Centennial 2071 and the UAE Energy Strategy 2050, which sets a 50 per cent target for clean energy in the total energy mix by 2050, among others.

Dubai has a comprehensive vision for the future of sustainability, which it considers essential to the success of its transition towards a green economy. The Dubai Clean Energy Strategy 2050 aims to provide 75 per cent of the emirate’s total power output from clean energy sources by that date, to establish a sustainable energy model that supports economic growth, without damaging the environment and its resources, and to make Dubai the city with the lowest carbon footprint in the world.

Dubai Electricity and Water Authority supports this direction by developing leading clean and renewable energy projects. These include the Mohammed bin Rashid Al Maktoum Solar Park, which is the largest single-site solar park in the world (based on the Independent Power Producer model). It will produce 5,000 MW by 2030, after a total investment of Dh50 billion. When completed, it will reduce carbon emissions by more than 6.5 million tonnes annually.

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The first phase became operational in 2013. The second phase of the solar park was launched in March 2017. The 800MW photovoltaic third phase will be operational by 2020 in co-operation with the Masdar-led consortium and Électricité de France. We have also launched the 700MW fourth phase of the solar park. In a pioneering step to diversify energy sources, Dewa is working on the implementation of a pumped-storage hydroelectric power station, making use of the water stored in Hatta Dam. The 250MW project is the first of its kind in the GCC countries.

In addition to our solar energy projects, we are working to engage citizens and residents in the production of clean energy through Shams Dubai. The initiative encourages building owners to instal solar panels to produce electricity. Up until the middle of December 2017, Dewa has connected 548 buildings in Dubai, with a total capacity of 20.1MW.  We are working to double the number in the future, reaching all Dubai buildings by 2030. In addition to Shams Dubai, Dewa has also launched the smart meters and grids initiative and the green charger initiative to establish the infrastructure and charging stations for electric vehicles to encourage their use. So far, Dewa has installed 100 charging stations across the emirate and will double this in 2018.

Through our strategies, initiatives and joint projects with the private sector, we promote the sustainable development of the UAE and aim for sustainability to be a lifestyle, to ensure a brighter and more sustainable future for generations to come. I commend the efforts of Abu Dhabi Sustainability Week, for supporting the vision of our wise leadership and enhancing joint efforts to make the UAE rank first in all fields. As Sheikh Mohammed bin Rashid once observed, "Working as a team, everybody takes part in building the UAE."

Saeed Mohammed Al Tayer is managing director and CEO of Dubai Electricity and Water Authority. He will be one of the speakers during Abu Dhabi Sustainability Week, which begins on January 13

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

How to come clean about financial infidelity
  • Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
  • Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help. 
  • Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
  • Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
  • Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported. 

Carol Glynn, founder of Conscious Finance Coaching

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind

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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Transgender report
A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

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On sale: now

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.