The UAE will allocate $1 billion to support the development of the energy sector in Yemen, which is facing an electricity crisis exacerbated by civil war.
The UAE’s support was revealed at the National Energy Conference in Yemen, state news agency Wam reported.
Attending the event, Mohammed Al Zaabi, the UAE’s ambassador to Yemen, stressed that the Emirates was keen to support the development of sustainable energy, Wam reported.
He also highlighted the need to boost partnerships between the public and private sectors, and explore investment opportunities.
Yemen’s Prime Minister Salem bin Braik said he appreciated the UAE’s continued support for the country.
Last month, President Sheikh Mohamed met the Yemeni leader in Abu Dhabi, where they discussed the close ties between the two countries and ways to strengthen co-operation.
Yemen has been struggling with an electricity crisis, having been mired in conflict for more than a decade. A fragile truce that was enacted in 2022 has since expired.
As of June this year, Aden’s power grid was delivering less than four hours of electricity a day, with 85 per cent of neighbourhoods experiencing blackouts lasting up to 20 hours, the UN Office for the Co-ordination of Humanitarian Affairs said.
Widespread damage to infrastructure, including the country’s electricity grid, has “plunged millions into darkness, and crippled access to essential services like healthcare, education and clean water”, the UN said. Many households and businesses rely on expensive generators for energy, which further strains an already dire economic situation.
Also on Wednesday, UAE-based Global South Utilities said it would implement energy projects worth $1 billion in Yemen.
The portfolio will include solar and wind energy projects, advanced battery energy-storage solutions, and the development of distribution networks, the company said.
“We are investing in real, reliable energy capacity that opens a new cycle of growth, reduces production costs and enables hospitals, schools and essential services to operate with stability,” said Ali Alshimmari, GSU’s managing director and chief executive.
In August, the company inaugurated a 53-megawatt solar power project in Ataq City in the Shabwah governorate, to supply 330,000 households with electricity.
GSU also said at the time that it would double capacity at the Aden solar PV plant, “Yemen’s first and largest solar power facility”, to 240MW after the second phase began.
RESULTS
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Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
COMPANY%20PROFILE
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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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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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
Which honey takes your fancy?Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
UAE currency: the story behind the money in your pocketsUAE currency: the story behind the money in your pockets