Environment

Zayed Future Energy Prize committee whittles down submissions

Next year's edition, the seventh, has been the most popular, with a record 597 submissions and 514 lifetime achievement nominations. “The high calibre of entries has made it very hard to develop a shortlist this year,” said Saif Al Nasseri, chairman of the review committee.

The National staff

September 06, 2014

ABU DHABI // The Zayed Future Energy Prize is one step closer to choosing the winners in 2015 after completing the second phase of its evaluation process.

The applications committee has drawn up a shortlist of 59 submissions — including 10 for the Lifetime Achievement Award — after two days of deliberations last week.

Next year’s awards, the seventh, have been the most popular, with a record 597 submissions and 514 lifetime achievement nominations from 106 countries, compared with 552 submissions from 88 countries for this year’s prize.

“The high calibre of entries has made it very hard to develop a shortlist this year,” said Saif Al Nasseri, chairman of the review committee.

“As the Prize has grown in global recognition, we have seen an increase in key global players from the fields of renewable energy and sustainability bidding for this year’s award. Having a diverse panel of expertise has enriched the committee’s discussions on each submission. It will certainly make challenging work for the Selection Committee.”

The prize was created to honour companies and individuals that show innovation in the fields of renewable energy and sustainability.

The next step, where the shortlist of submissions will again be reduced, takes place September 16 and 17. The remaining entries will then be sent to a panel of judges, including Ólafur Ragnar Grímsson, Iceland’s President and Chair of the Prize Jury, with winners chosen next month.

There are five categories: Large Corporation, Small and Medium Enterprise, Non-Governmental Organisation and Global High Schools and Lifetime Achievement Award.

In 2014, prizes worth US$4 million (Dh14.6m) were handed out to the winners.

The review committee includes delegates from Abu Dhabi National Oil Company, the International Renewable Energy Agency, the Ministry of Energy, Masdar and government and academic bodies.

newsdesk@thenational.ae

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Killing of Qassem Suleimani
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Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

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10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

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16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

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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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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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