Adnoc, clean energy company Masdar and British energy multinational BP signed a strategic partnership agreement to develop clean hydrogen and tap into opportunities offered by the energy transition.
Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council, chairman of the Abu Dhabi Executive Office and chairman of Adnoc's Executive Committee of the board of directors, witnessed the signing on Tuesday.
As part of the partnership, Adnoc and BP have advanced to the design phase of the H2Teesside low-carbon hydrogen plant, the largest blue hydrogen project in the UK.
H2Teesside will be developed within Teesside and will provide clean hydrogen to chemical processors, fertiliser manufacturers and heat and power utilities.
Meanwhile, Masdar and BP signed a preliminary deal to explore potential collaboration on the HyGreen Teesside green hydrogen project in the UK’s Teesside industrial cluster, which will be powered by offshore wind, the companies said on Tuesday.
In the UK, our role in Teesside will represent Adnoc’s first investment into the UK and help to accelerate innovation in decarbonisation of energy in industrial sectors
Dr Sultan Al Jaber,
Minister of Industry and Advanced Technology, Adnoc managing director and group chief executive, and Masdar chairman
“Adnoc and Masdar’s deepened partnership with BP is a testament to the UAE and UK’s long-standing track record of bilateral partnership in sustainability, as well as the UAE’s intent to play a leading role in the fast-growing clean hydrogen economy, both domestically and internationally,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Adnoc managing director and group chief executive, and Masdar chairman.
“In the UK, our role in Teesside will represent Adnoc’s first investment into the UK and help to accelerate innovation in decarbonisation of energy in industrial sectors. Similarly, the partners’ collaboration in Abu Dhabi is expected to further position the UAE as a leader in low-carbon energies and technology-driven industrial growth.”
Hydrogen comes in various forms, including blue, green and grey. Blue and grey hydrogen are produced from natural gas, while green is derived from splitting water by electrolysis.
The UAE is drawing up a comprehensive road map to position itself as an exporter of hydrogen and tap into its future potential.
The Gulf country aims to capture about 25 per cent of the global hydrogen market share and is in discussions with many countries to export it, Minister of Energy and Infrastructure Suhail Al Mazrouei said earlier this year.
The latest agreement comes after Adnoc, Masdar and BP signed an energy partnership in September last year during the visit of the President, Sheikh Mohamed, to the UK.
The companies agreed to work together to develop low-carbon hydrogen centres and decarbonised air travel corridors between the UK and UAE. They also aimed to initially produce 2 gigawatts of low-carbon hydrogen in the UK and UAE.
Further expanding this partnership on Tuesday, Adnoc, BP and Masdar agreed to explore the production of sustainable aviation fuels in the UAE by converting municipal waste via gasification that is powered by solar-to-green hydrogen.
The companies will tap into the capabilities of the Abu Dhabi Waste Management Centre, better known as Tadweer, for this project.
The use of sustainable fuels, such as hydrogen, is a key part of the aviation industry’s effort to narrow its emissions and meet the goal of limiting the increase in temperature to 1.5°C above pre-industrial levels.
The industry represents about 2.5 per cent of global human-induced carbon dioxide emissions, according to Airbus.
“Although aviation is considered one of the harder sectors to decarbonise, meaningful progress can be made if a basket of measures — including both SAF and LCAF — are pursued,” said Tony Douglas, group chief executive of Etihad Aviation Group.
“We believe that a balanced approach is required, exploring future opportunities for SAF while improving the carbon intensity of hydrocarbon-based aviation fuels.
“This partnership between Adnoc, BP, Tadweer and Masdar supports Etihad’s SAF and LCAF strategy as key components to reduce carbon emissions until alternative fuels and technologies become fully viable.”
Adnoc and BP are also conducting a joint feasibility study for a low-carbon hydrogen project in Abu Dhabi.
The companies said they “expect to capitalise on Abu Dhabi’s existing industrial infrastructure, significant gas resources, and proximity to future clean hydrogen demand centres to potentially develop a world-scale, low-carbon hydrogen facility” in the UAE.
Adnoc, BP and Masdar also deepened their collaboration on critical clean energy technology, including smart decision centres to support advanced performance management, methane emission detection platforms and carbon capture, use and storage technology at Adnoc’s Bab field.
Both the UAE and the UK are pivoting to cleaner forms of energy as they aim to reduce emissions and achieve net zero by 2050.
The UAE aims to reduce greenhouse gas emissions by 23.5 per cent by 2030 while the UK aims to achieve 10 gigawatts of low-carbon hydrogen by 2030.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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."
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
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.”
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
