Masdar to lead Gulf in clean energy network



ABU DHABI // The Masdar Institute has been chosen to lead the Gulf region in establishing a clean-energy research network for collaboration with the European Union.

The EU-GCC Clean Energy Network, financially backed by the European Commission, has chosen Masdar over other institutions in the region that had expressed interest in the role, including the King Abdulaziz City for Science and Technology in Saudi Arabia and Sultan Qaboos University in Oman.

The National Technical University of Athens will be Masdar's counterpart in Europe.

The network is meant to encourage collaboration on projects related to energy efficiency, carbon capture and storage, smart-grid systems and market integration.

"This gives us the legitimacy to co-ordinate research and activities related to clean energy, in the UAE and in the region," said Dr Scott Kennedy, the dean of research at Masdar.

"This puts Abu Dhabi on the map as a gateway to joint projects and a leader in the clean energy domain."

While officials are still defining the role Masdar will play once the network is established, the institute will work closely with other universities, research institutions and experts in the private sector related to clean energy, Dr Kennedy said.

It will facilitate publication of articles in scientific journals, co-ordinate joint demonstrations and pilot projects and provide better dialogue and collaboration on research and policy in energy and technology.

The Gulf Research Centre in Dubai is currently the point of contact in the region for the project, and will continue to be involved in building a network, said Oskar Ziemelis, the director of the science and technology research programme.

"This will be an important network that brings together stakeholders from a broad variety of fields: academic, commercial, decision makers, and so on," he said.

"This is a pan-Gulf initiative, and a good way to make the region a focal point in renewable energy capabilities."

The announcement follows great efforts by Masdar, less than two years old, to establish a reputation as a leader in clean energy.

It hosted the World Future Energy Summit this year and has been chosen to house the headquarters for the International Renewable Energy Agency (Irena).

"This is a big deal in that it shows recognition of Masdar and Abu Dhabi's status, achieved regionally and I believe globally in a short time," said Dr Marwan Khraisheh, Masdar's dean of engineering.

"This will provide a platform of collaboration that addresses a very serious and global issue. This cannot be handled by one institute from one country."

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Who has won what so far in the West Asia Premiership season?

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles

West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles

Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens

Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins

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World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
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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.

“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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