Bertrand Piccard, the co-founder of a project to circumnavigate the world in a solar-powered aircraft. Alex Atack for The National
Bertrand Piccard, the co-founder of a project to circumnavigate the world in a solar-powered aircraft. Alex Atack for The National

Abu Dhabi a symbol of the future, says Solar Impulse co-founder



ABU DHABI // The capital of the UAE is a symbol of the future, the co-founder of a project to circumnavigate the world in a solar-powered aircraft told an audience on Monday.

“Abu Dhabi is an oil producer that is diversifying to clean energy technologies and I think it is the perfect symbol,” said Bertrand Piccard, who was in the capital after being named the first Middle East Solar Industry Association Ambassador.

Solar Impulse 2, the plane onboard which Dr Piccard and his co-pilot and co-founder, Andre Borschberg, are attempting the world first, took off from Abu Dhabi last March.

Next year, the plan is for the plane to finish its journey where it started.

As the team waits to resume the flight, Dr Piccard commended Abu Dhabi for looking ahead.

“The goal is not to attack what exists. The goal is to support new ways of doing in diversification, and I like this approach.”

His aim, he told the audience, was to continue travelling the world – relying exclusively on solar power. With Solar Impulse 2, his personal goals can be met, and the UAE's solar energy plans can be heard.

“Solar impulse is a project that promotes very strong symbols and this was one that we wanted to promote,” he said.

“The goal is, of course, to go around the world. That is the exciting part, but equally important is the goal of spreading the message of clean technology.”

That dream had to be put on hold until next year, after battery damage resulted in the aircraft being grounded at Hawaii's Kalaeloa airport.

One of the other aims of the flight is to improve the reputation of renewable energy, Dr Piccard said, adding that many people “believe that renewable energies are something boring, expensive and threatening our lifestyle, and we want to show that it is exactly the opposite”.

With Solar Impulse 2, the team wants to show the world what can be achieved using solar energy, things that would otherwise be impossible if attempted using fossil fuels.

Dr Piccard also assured the audience that the delay in the journey was not related to solar energy, but to general wear and tear – overinsulation of the battery being the main issue.

“We know it is an experimental project and we had no benchmark and we made the mistake on the thermal insulation of the batteries, and the result was that the batteries overheated,” he said. “The technology of the battery was perfect. We won the first half. Now, we need to win the second.”

With regards to the fixes being made to the plane, Dr Piccard said Mr Borschberg was in charge. “He is the engineer, I am the explorer and the psychiatrist. This is why we work together because we have a very good synergy. Our project is a vision of the future, where we all produce our own energy and consume it ourselves.”

The mission is expected to resume in April, flying from Hawaii to the west coast of the United States. From there it will fly to New York before crossing the Atlantic Ocean to Europe, and completing its journey in Abu Dhabi, where it started out.

nalwasmi@thenational.ae

Politics in the West
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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

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The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

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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.

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“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.”

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Oman beat UAE by five wickets

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Fixtures

Wednesday January 8 –Oman v Namibia

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Saturday January 11 – UAE v Namibia

Sunday January 12 – Oman v Namibia

Our family matters legal consultant

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The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice. 

if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Padmaavat

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