Imagine a world where summers are relentlessly hot, droughts are commonplace and coastal cities face rising sea levels. This is not a distant future, but a reality based on recent climate data.
Statistics from Nasa show 2023 was the hottest year on record, with temperatures around 1.2 degrees Celsius warmer than the 19th-century average.
The world energy consumption curve is trending upwards, and we expect to see more people using more electricity. If, like most experts estimate, the world will need to triple the amount of electricity people consume by 2050, it will need to innovate regarding how to cleanly generate this electricity, and how to move and store it efficiently and affordably.
Building a robust clean energy network will not happen overnight but global gatherings can open opportunities
Today, fossil fuels continue to play a prominent role in the planet’s energy systems, producing more than 60 per cent of global electricity in 2023. With hydrocarbon use contributing to air pollution and climate change, experts see accelerating the energy transition – the shift from carbon to renewables – as a crucial factor to securing a sustainable future.
At last year’s climate summit Cop28 in Dubai, the UAE Consensus was a major breakthrough in which 198 countries agreed to “transition away from fossil fuels in energy systems, in a just, orderly and equitable manner”. Additionally, the International Energy Agency (IEA) has called for governments to commit to tripling global renewable capacity by 2030. This mandate was about securing a sustainable and liveable future for generations to come.
According to a report last month in the Global Electricity Review, the impact of tripling renewable energy could almost halve power sector emissions in the next six years, with a 37 per cent reduction in fossil power generation while renewables would help meet the electricity demand growth with a 32 per cent increase, compared to 2022.
Furthermore, an agreement was made at Cop28 with more than 100 governments – including the UAE – signing the Global Renewables and Energy Efficiency Pledge in line with the IEA’s call for action.
To achieve this goal, it is imperative to recognise that increasing renewable energy capacity will help diversify the energy mix away from fossil fuels. By relying more on renewable sources such as hydrogen, solar, wind, hydro and geothermal, countries can significantly reduce their carbon footprint and mitigate the adverse effects of climate change. Additionally, some renewable energy sources are more affordable. According to the IEA, solar power is between 20 to 50 per cent cheaper today than last year, depending on the region.
In 2023, $1.7 trillion was invested in global clean energy, including nuclear, grids and low-emission fuels. The size of these financial funds – the equivalent of Amazon’s market value – can enhance energy security and reduce dependence on imports.
The expansion of renewable energy capacity also opens several job opportunities. According to the International Renewable Energy Agency, 40 million jobs could be created by 2050 with more than half (55 per cent) based in Asia, while Europe would account for 14 per cent. Additionally, research shows the demand for qualified energy engineers and wind turbine technicians is expected to continue rising.
The UAE is already embarking on its own journey, having recognised the importance of transitioning to a more sustainable energy system with the UAE Energy Strategy 2050 fundamental to tripling the contribution of renewable energy. Over the next six years, the government is set to invest up to Dh200 million, with the target of producing 44 per cent clean energy by 2050.
To help achieve the target, the UAE has implemented various projects and initiatives, such as the Mohammed bin Rashid Al Maktoum Solar Park, one of the world’s largest. The development will have a total capacity of 5,000 MW or five million kilowatts, and will reduce carbon emissions by 6.5 million tonnes every year when completed in 2030. This is just one slice of the Dh147 billion earmarked for investment into clean energy sources over the last 15 years.
Hydrogen will be crucial to building a sustainable future. The global hydrogen market is expected to be worth $410 billion by 2030, while an average of $136 billion per year is required across the hydrogen value chain until 2050.
During my time at the National Experts Programme, I had the privilege of being mentored by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology. Under his guidance, I worked on a phase-by-phase capstone project to develop an integrated approach to the UAE’s hydrogen strategy. It aims to maximise value creation and boost the country’s global positioning in the hydrogen sector by combining all key national players' institutional strengths.
The strategy’s first phase has already been implemented, with key national energy players such as Adnoc, Mubadala and Taqa joining forces to lead the green hydrogen projects at Masdar. Produced through the electrolysis of water powered by renewable energy sources such as solar or wind power, green hydrogen can be used for commercial, domestic, mobility or industrial purposes. Furthermore, green hydrogen is also a promising solution for decarbonising hard-to-electrify industry sectors such as marine shipping or aviation, all of which would require cost-effective zero-carbon fuels.
By funding renewable energy initiatives at home and in emerging markets, the UAE can achieve transformative outcomes, fostering economic growth and development, and alleviating energy poverty. It will improve living standards and empower communities while enhancing the UAE's diplomatic and soft power influence on the global stage.
Reflective of this, the UAE has invested almost Dh165.6 billion in renewable energy projects around the world – at a time when the UN Trade and Development World Investment Report revealed that developing nations require $1.7 trillion a year to fund their clean energy sectors. However, only $544 billion worth of foreign investment was secured in 2022.
It is a momentous challenge, but to ensure countries have access to clean energy requires a collective effort from several governments and follow the UAE’s example of financial contribution.
The foundations have already been laid to drive further progress in 2024. September will see the UN General Assembly and Cop29 in Baku in November will provide another opportunity for high-level government ministers and experts to evaluate and develop strategic frameworks to help accelerate the renewable energy transition.
Building a robust clean energy network will not happen overnight but vital global gatherings can open opportunities for more funding and agreements, leading to a greener economy and sustainable future for all.
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
CREW
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Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
All or Nothing
Amazon Prime
Four stars
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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.”
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
