DUBAI // Five Dubai Municipality cars have been kitted out with compressed gas engines, making them the first local government fleet to test out the greener energy option.
The initiative, launched yesterday, is expected to reduce carbon emissions from each converted car by about 70 per cent.
"The project will achieve an estimated fuel saving of about Dh2.3 million a year if we convert 400 vehicles," said Hussain Nasser Lootah, the director general of Dubai Municipality. "It will also have a significant environmental benefit by reducing the rate of carbon emissions by 70 per cent in each vehicle when using natural gas."
The municipal vehicles will work on a hybrid basis, combining both petrol and compressed natural gas (CNG) options. The five vehicles will be tested in the first phase of the initiative, but almost 500 vehicles will be converted eventually, according to officials.
Worldwide, at least 12 million cars run on CNG engines, and that number is expected to climb to 50 million by 2020.
The municipality believes residents will be encouraged to follow suit, because the change is safe and allows motorists to save both money and the environment.
Conversion to CNG can cost between Dh7,000 and Dh10,000, depending on the size of the cylinder installed, said Sharun Viswanathan, a project engineer at Compressed Gas Technology (CG Tech).
CG Tech is the gas company helping the municipality with the technical aspects of the conversions. To date, they have converted 200 vehicles in the Emirates to CNG engines. The company uses conversion kits bought from suppliers in Europe, but says future projects may make it possible to manufacture CNG engines in the country.
Hesham Ali Mustafa, the general manager of Emirates Gas, is hoping to introduce a CNG refill facility at service stations.
"We have a very robust plan on how we want to introduce the engine infrastructure in Dubai," said Mr Ali Mustafa, adding that he hoped to offer the refill service to taxi companies and the Roads and Transport Authority.
"We will also introduce it more heavily around the community and raise awareness of the financial incentives," he said.
Nassir Arzamkhan is a partner at Air Engine, a company which claims to have introduced the first compressed air engine. He said the CNG conversion was a positive step, but "CNG is still a non-renewable energy source".
"CNG vehicles are less polluting than gasoline vehicles, but they still pollute," he said. "Our air engine does not cause any pollution at all."
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
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Explained
RESULTS
Time; race; prize; distance
4pm: Maiden; (D) Dh150,000; 1,200m
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Winner: Ejaaby, Jim Crowley, Doug Watson
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Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili
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Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The Two Popes
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Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
The Lowdown
Kesari
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Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
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The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
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Power: 170hp @ 6,000rpm
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
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Guide to intelligent investing
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
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Hachette Books
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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.”
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BMW%20M4%20Competition
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Engine: 2.5-litre in-line four-cylinder
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Power: 220 and 280 horsepower
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Transmission: eight-speed automatic
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The specs
AT4 Ultimate, as tested
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Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now