ABU DHABI // It may be a little early to call it MIT East, but Dr Fred Moavenzadeh, who has just taken over as president of the Masdar Institute of Science and Technology (MIST), is optimistic that the institute will become the premier energy-research university in the Middle East.
Dr Moavenzadeh, who spent 39 years as director of technology and development at the Massachussetts Institute of Technology (MIT) in the US, said he took the MIST job because Abu Dhabi is committed to building a top-tier school and an energy-efficient emirate.
"I want to be where the action is," he said.
Corporate partnerships will be vital for the school's success, Dr Moavenzadeh said. The involvement of Emiratis also is essential.
MIST has launched an outreach programme to increase the number of talented local faculty and is sponsoring Emiratis to take PhDs overseas so they can return as researchers and teachers.
Masdar is a collaboration between Abu Dhabi and MIT. It has 90 students and just completed its first academic year.
Partnerships with corporations will enable the institute to flourish, Dr Moavenzadeh said. He cited collaborations with companies such as Etihad Airways and the Advanced Technology Investment Company (ATIC) that will extend to other multinational corporations. These will fuel the institute's budget.
"Many multinational corporations want to work with us," he said.
"We already have applications for five patents from faculty members and that's before we've even graduated our first class. Budgets here will increase as we develop as a major research centre and have the increased participation of corporations."
Already, ATIC has a multi-million dollar contract with the institute to build laboratories and facilities that do not now exist in the region.
Prof Rory Hume, provost at UAE University, said such collaborations were key to the development of research and industry. They also will help the country attract new industries.
"It's worked elsewhere and it should work here," he said.
The Masdar Initiative, which includes an investment arm in addition to the creation of Masdar City and MIST, is part of the Abu Dhabi Government's plans to reduce reliance on oil and promote alternative fuels.
Masdar City is to eventually have a population of 50,000 people with 1,500 businesses - many working in the alternative energy field and using discoveries developed by MIST - but there will be no waste and no cars.
An expert on Gulf environmental issues, Mari Luomi, from the Finnish Institute of International Affairs, said that MIST has an important role in helping the UAE become a knowledge-based economy.
"The courses it offers are engineering, a traditionally attractive area for Arabs and Gulf nationals, so I'd see the challenges as the education system producing competitive nationals."
All students have their tuition and living costs paid, making it an attractive opportunity for those with the credentials.
She said that the pre-Masters course the institute offers is a bridge to help students thrive in MIST's demanding programmes.
Hélène Pelosse, Interim Director General of the International Renewable Energy Agency (IRENA), said that creating a culture of research and development will take time but that MIST is poised to develop energy leaders and critical thinkers in science and technology.
"The institute will need the close support of industry, government and academic institutions if genuine value is to be realised from the research conducted," she said. "There is huge potential to inspire and engage untapped human capital in the region."
To some, it may seem a large step for Dr Moavenzadeh to move to Abu Dhabi after a long and illustrious career in academia.
"I'm here not because there is a problem here, but I'm here because there's excitement here."
He said it may take 10 to 15 years for Masdar to have a significant impact. But he's impressed by Abu Dhabi's determination.
"I've been to many countries over the years and there are many great plans but they are all on paper.
"Here, things are actually being done. All the way from the Crown Prince to the students, the question is more often how fast can we move and how large can we get."
mswan@thenational.ae
The Massachussetts Institute of Technology (MIT) is renowned as a centre of technological innovation.
Its annual operating budget is US$2.5 billion (Dh9.1bn), which works out to $2.5 million per faculty member each year, or $250,000 a year for each of the 10,000 students.
Standing alongside institutions such as Stanford and Harvard, it is among the top US universities, pioneering projects such as the MIT Energy Initiative, aiming to transform the global energy system and carrying out research in crucial areas such as energy consumption.
MIT opened in 1865.
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
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206-cylinder%203-litre%2C%20with%20petrol%20and%20diesel%20variants%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20286hp%20(petrol)%2C%20249hp%20(diesel)%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%20(petrol)%2C%20550Nm%20(diesel)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EStarting%20at%20%2469%2C800%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
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"
