Dr Sultan al Jaber, the chief executive of Masdar, said construction of the building with space to house the Irena headquarters is "already under way".
Dr Sultan al Jaber, the chief executive of Masdar, said construction of the building with space to house the Irena headquarters is "already under way".

Abu Dhabi for a greener Irena



The capital of a country that uses more resources per head than almost any other may not, on the face of it, be the most obvious place for the International Renewable Energy Agency (Irena) to set up shop. But experts say that when it comes to tomorrow's vote in Sharm el Sheikh for the location of the Irena headquarters, that very counter­intuitiveness could be Abu Dhabi's strongest card. The centre - which would be the first global agency to base itself in the Middle East - could be exactly the spur the UAE needs to curb its wasteful ways. Abu Dhabi's strongest rival to host the 114-nation group is Bonn, the former capital of West Germany and the site of the signing of Irena's founding treaty earlier this year. And while the Germans are already unquestioned leaders in renewable energy - they generate more than 15 per cent of their electricity from renewable sources - that leading position brings into question what would be gained by siting Irena in Germany. As Taha al Douri, the UAE chairman for the New York Institute of Technology and an expert on architecture and urban development, said: "How useful could that organisation be if it were situated in Bonn? It's better to be somewhere where there is still plenty to be done." By contrast, basing the organisation in a developing country that is an oil exporter "makes total sense", according to Manuel Pinho, the Portuguese minister for economy and innovation, since it will serve as an example of how to extend green development beyond the borders of Europe. That example is beginning to take shape. Construction on Masdar City, the Dh81 billion (US$22bn) carbon-neutral development at the edge of the capital where Irena would be given rent-free offices, has already started. A 10-megawatt solar photovoltaic plant was recently connected to the grid. The building designated as Irena's headquarters - which, according to Dr Sultan al Jaber, the chief executive of Masdar, is "already under way" - will produce more electricity from its solar panels than it uses. The architects say it will be the most efficient office building in a hot and humid climate, and will even use the heat of the sun to help power the air-conditioning system. Officials say Masdar City would be the perfect setting for Irena, since it would offer a completely integrated example for the future of renewable energy. Energy-efficient buildings will be bunched close together and connected by small electric-powered vehicles. Much of the energy will come from solar panels that cover building roofs, while the quantity of water usage and waste production will be a fraction of what they currently are in any other Gulf city. About 40,000 people will live in the city and 50,000 more will work there. Irena representatives would presumably live there, too - and could be expected to keep a watchful eye on the progress of the developments around them. Among those staff would be some of the foremost minds in renewable energy, able to act as a megaphone for every success. The flip-side would be that the agency would also be there to criticise any mistakes at Masdar. The Government has put its all behind the Irena bid. It has vowed to support all administrative aspects of the agency, right down to the furniture and visa fees for its staff. It will also commit Dh183 million annually in loans over seven years to support Irena projects in developing countries, and offer 20 scholarships to the Masdar Institute of Science and Technology for students chosen by the agency. And for this, it hopes to push Abu Dhabi a little further out on to the world stage, as the first city in a developing country to host the headquarters of an international agency - and particularly one with such a pivotal role in the coming decades. "It positions Abu Dhabi on a global scale," said Dr al Jaber. "The bid has received a lot of attention and support from member countries." Beyond boosting the country in its aim of being recognised as a progressive state that is tied in to the international community and planning for its post-oil future, success could have more far-reaching effects for the development of the whole capital. As an international city that already boasts artists and academics from every corner of the world, and will do so still more as the redevelopment of Saadiyat Island nears completion, the presence of an agency devoted to renewables in an oil exporter would simply be one more idiosyncrasy, said Mr al Douri. He characterised the city's landscape as one created by a culture of tolerance, symbolised by examples as diverse as the city's open residential blocks and the competing, almost clashing, designs for museums on Saadiyat Island. "In its vision for itself, Abu Dhabi cannot be but part of the international context," he said. "There's very little discord, there's little that can be excluded in the scheme." cstanton@thenational.ae * With additional reporting by Vesela Todorova

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

MATCH INFO

Euro 2020 qualifier

Croatia v Hungary, Thursday, 10.45pm, UAE

TV: Match on BeIN Sports

BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A

Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett

“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche

“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox

“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite

 “I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy

“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra

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.”

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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

JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars