The UAE will invest Dh600 billion ($163 billion) until 2050 to meet the growing energy demand and ensure the sustainable growth of the economy, said the Dubai Electricity and Water Authority (Dewa) in a new report.
The UAE has taken early steps to bid farewell to the last barrel of oil, and achieve a balance between development and maintaining a clean, healthy, and safe environment. The UAE Energy Strategy 2050 aims to achieve an energy mix that combines renewable and clean energy sources to balance economic requirements and environmental goals.
The Dubai Clean Energy Strategy 2050
Dubai has become an international pioneer in developing the clean and renewable energy sector. It has developed a number of techniques and practices to enhance the efficiency of the energy sector while rationalising consumption and finding alternative solutions to conventional energy. This supports the sustainable development of the Emirate.
The Dubai Clean Energy Strategy 2050, which was launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to provide seven per cent of Dubai’s total power output from clean energy by 2020. This target will increase to 25 per cent by 2030 and 75 per cent by 2050. Dubai is the only city in the region to have launched such a promising strategy, with set goals and timelines that map the future of energy until 2050. The strategy consists of five main pillars: infrastructure, legislation, funding, building capacities and skills, and having an environment-friendly energy mix. The infrastructure pillar includes initiatives such as the Mohammad bin Rashid Al Maktoum Solar Park, which is the largest single-site solar energy project in the world, with a planned total production capacity of 5,000 megawatts (MW) by 2030, and a total investment of Dh50 billion.
Dubai to be the city with the lowest carbon footprint in the world by 2050
“We are working to achieve the ambitious vision of our wise leadership within the framework of federal and local strategies, including the UAE Vision 2021, the UAE Centennial 2071, and Dubai Plan 2021. Our strategies and business plans are inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Rule of Dubai, for the Emirate to be the city with the lowest carbon footprint in the world by 2050,”said Saeed Mohammed Al Tayer MD & CEO of Dewa.
The Mohammed bin Rashid Al Maktoum Solar Park is one of the key projects to achieve this vision. Since its launch, the solar park’s projects see considerable interest from international developers, reflecting the confidence of international investors in the projects that are supported by Dubai Government,” he added. “We are proud that the solar park, which bears the name of an exceptional personality who is leading the sustainable development of Dubai, was recognised as one of the UAE Pioneers, an achievement that the late Sheikh Zayed bin Zayed Al Nahyan would have been proud of. “Naming the solar park as one of the UAE pioneers drives us to continue our efforts to achieve the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, which guides us in all our projects and initiatives and achieve the objectives of the Dubai Clean Energy Strategy 2050, which aims to produce 75 per cent of Dubai’s total power output from clean energy by 2050,” Al Tayer concluded.
The number of millionaires in the UAE increased
last year and this trend will continue over the next five years as growing
investment opportunities will generate more millionaires locally as well as
political and economic stability will also woo rich individuals and families
from foreign countries, say researchers and analysts.
According to the latest report released by global
consultancy Knight Frank, the number of millionaires, or high net worth
individuals, in the UAE expanded 3 per cent to 53,798 last year from 52,344 in
the previous year. The numbers are projected to grow 14 per cent to 61,292 by
2023. Similarly, the number of ultra-high net worth individuals (UHNWIs) – who
own more than $30-million wealth – in the UAE grew from 672 in 2017 to 693 last
year and will reach 799 by 2023.
The study predicted that the number of UHNWIs in
Dubai and Abu Dhabi will increase from 440 last year to 511 in 2023 and from
192 to 223, respectively.
Issam Kassabieh, senior financial analyst at
Menacorp, believes that the ultra-rich will continue to flock to the UAE in
“At the moment, Dubai is attractive for
foreigners. Now, it is a place not just for good investments returns but also
to stay for long term. Government is focusing on key sector so that the cash
comes in and stays in the country through different measures such as longer
visas and ease of doing business initiatives,” Kassabieh said.
“The UAE is an attractive place for foreign
investors – financial markets are at an early stage and have a long way to go.
Real estate was the first to anchor the economy and that brought foreign
investors here. Going forward, the focus will be on more diverse sectors. Also,
the ease of doing business chart shows the UAE is first in the region and also
competitive globally,” he added.
“Dubai offers a full package – good quality of
life, healthcare, education and investment opportunities. All these complement
each other and attracts high net worth individuals to this country. In addition
to that, diversity of population plays a big role in this,” said
Knight Frank data revealed that Dubai and Abu Dhabi
will witness higher growth in UNHWIs as compared to Manama and Riyadh.
Raju Menon, chairman and managing partner, Kreston
Menon, said the number of millionaires will undoubtedly continue growing in the
UAE in coming years.
“Whatever the business challenges or revenue
decline the companies are facing today, it is temporary. We need to look at
long-term of 5 to 10 years. Millionaires should grow here in the UAE because
money is available here so the investment avenues will be opened. The UAE’s
economy offer big opportunities,” he said.
Menon believes that most of the new millionaires
will be homegrown mainly in retail, trading, healthcare, real estate, services
and shipping sectors.
Iyad Abu Hweij, Managing Director of Allied
Investment Partners, said the UAE, home to over 9.4 million residents, remains
an attractive destination for HNWIs in the region.
With investor and business friendly policies, world
class infrastructure and a stable outlook, HNWIs are expected to continue to
grow in numbers in the country over the next coming years. Such policies and
initiatives have played an important role in bolstering the confidence of
investors and attracting Foreign Direct Investments in the UAE, which in turn
creates jobs for a highly talented workforce,” Abu Hweij said
Additionally, the UAE, viewed as a regional startup
hub and a digital leader, continues to boast more startups than any other
country in the region. Naturally, such startups attract more venture capital
and private equity investments locally than anywhere else regionally, he added.
“The UAE continues to provide solid investment
opportunities for investors locally and globally, which, along with a rapidly
developing financial services sector, has played a catalyst like role for the
growth of HNWIs in the country.”
The number of millionaires in the Middle East with
wealth below $30 million grew three per cent from 446,384 in 2017 to 459,937
last year. The number is projected to grow 18 per cent to 541,311 by 2023.
Similarly, the ultra-high net worth individuals with more than $30m assets grew
four per cent year-on-year to 8,301 last year. It’s estimated that the number
will grow 20 per cent over the next five years to 9,997.
According to Knight Frank forecast, the number of
billionaires in the region will grow from 89 last year to 99 by 2023.
Globally, the number of millionaires with less than
$30 million assets are projected to expand from 19.6 million in 2018 to 23.4
million by 2023, an increase of 19 per cent. While ultra rich will increase 22
per cent during 2018 to 2023 from 198,342 to 241,053.
The UAE, after first announcing its intent back in July, has unveiled a $1.5 billion wholesale Dubai Food Park (DFP) to be spread over an area of about 4.5 million m². And it will be the first destination totally dedicated to serving the food sector in the Middle East. The DFP will feature a central wholesale market and will also provide food safety and inspection together with various other related governmental services. It is mainly aimed at meeting the demand of the food sector of not only the UAE but of all the Gulf region.
Dubai where up to 80% discounts at its usual summer Big Clearance Sale could be grabbed as per Khaleej Times in not only its streets shops and numerous malls but in Three expansive halls of its World Trade Centre.
We republish this article published on July 12, 2017 by Al Bawaba for a further spread of Dubai’s entrepreneurial dynamism and enthusiasm. Trade and retail have always been the engine of the UAE’s since its inception but still is tied to its hydrocarbons products exports related revenues. The volatility elements of these are perhaps the underlying factors that are the root cause of not only the future introduction of taxation but also of whipping this retail and wholesale alike in the country.
The Dubai Food Park will occupy around 48 million square feet and play a vital role in supporting food security in the UAE. (WAM)
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has launched the Dh5.5 billion ($1.5 billion) Dubai Food Park to be developed at Dubai Wholesale City.
Sheikh Mohammed attended a briefing by Abdulla Al Habbai, chairman of Dubai Holding, and senior officials from Dubai Holding. The briefing highlighted key features of the park that is positioned as an attractive environment for business operators and investors in the food sector to facilitate access to new markets and global investments.
A first-of-its-kind in the region, the Dubai Food Park will occupy around 48 million square feet and play a vital role in supporting food security in the UAE. It will benefit from Dubai’s world-class infrastructure in land, marine and air transport and establish the emirate’s position as a leading regional hub for food trade and re-export of foodstuffs.
The park will offer all categories of food-related services, including modern infrastructure and ancillary services. Food trade makes up 11 percent of the UAE’s gross domestic product, with estimates for the food industry to grow by 70 percent to Dh23 billion by 2030.
The park will provide a range of government services, including customs, clearance, licensing, food safety and supervision all under one roof. Providing a full suite of services will help boost the growth of food companies and reduce supply chain costs.
Al Habbai said the development projects by Dubai Holding support Dubai’s economic diversification. “The Dubai Food Park has been established to meet the growing demand of the food sector in the UAE and the region, triggered by population growth and development of the tourism sector,” he said.
“There is an increased need for specialised logistical services that ease supply chain costs, as well as for more dedicated spaces to accommodate the fast-growing operations of food companies in Dubai,” he added.
The Dubai Food Park includes a central wholesale market that serves the retail, hospitality and food service sectors, a logistics area, an area for complementary services such as packing, repacking and processing, and a dedicated area for handling packaged goods. It will also host employees’ accommodation, in addition to hotels, financial services, a centre for integrated government services and recycling organic waste.
Dr. Amina Al Rustamani, group CEO of Tecom Group, said the Dubai Food Park is set to bolster Dubai’s status as a regional hub in the food sector.
“These services will reduce paperwork and allow companies to focus on providing quality products at par with global standards, benefiting from 11 million sqft as a free zone for re-export activities. The park will also play a pivotal role in enhancing food security and revitalising the growth of the food sector in the region and the world.”
Abdulla Belhoul, CEO of Dubai Wholesale City, said the park is designed to meet the highest global standards to ensure efficiency of operations and ease of procedures. He said the park will be a model one-stop destination for governmental, administrative and logistical services related to the food sector.
“Through the development of the Dubai Food Park, we seek to provide an advanced infrastructure that meets the current and future needs of this sector.”
Dubai Holding said it is currently in final stages of negotiations with leading international food companies headquartered in Dubai that are seeking further growth and expansion. The aim of these negotiations is to facilitate these companies’ plans to join the Dubai Food Park.
Currently, food trade makes up 11% of the UAE’s GDP and the food industry is estimated to grow by 70% to $6.3-B by Y 2030. The sector supports 18,400 blue-collar and 4,600 white collar workers and 2,500 businesses, according to government figures.
It is also hoped to support global food security and foster innovation across the sector.
“DFP has been established to meet the increased need for specialized logistical services to reduce supply chain costs,” said Mr. Belhoul.
“The park will be a one-stop destination for government, administrative and logistical services related to food wholesale, import, export and re-export.”
The wider Dubai Wholesale City is the largest wholesale hub in the world, occupying 550-M sqf that will take shape over a 10-year frame at an estimated cost of $8.2-B.
According to Global Risk Insights, the MENA region saw over 2 GW of new solar capacity tendered in 2016, and 2017 looks to easily surpass this level as hundreds of billions of Dollars begin to flow into green energy in the Arab world.
On April 6th, Middle Eastern nations announced an ambitious energy project to establish an Arab Common Market for electricity.
More recently Dubai like everyone in the GCC being increasingly worried about the seemingly definitive loss of the benefits of all pricey oil related revenues are therefore trying to alleviate any potential future losses with investing heavily into the latest renewables. The Bloomberg’s article goes deeper into this latest move of Dubai’s that could be perceived as a sure sign of the end of billion Dollar grossing hydrocarbons based economy.
Solar plants that supply electricity at competitive prices after the sun goes down are about to become a reality in the Middle East, according to one of the region’s biggest developers of power plants.
ACWA Power International Chief Executive Officer Paddy Padmanathan confirmed his company is the low bidder on a $1 billion project that will feed electricity to the grid for the Dubai Water & Electricity Authority between 4 p.m. and 10 a.m. More such plants are likely to follow because Chinese companies will start driving down the cost of equipment, he said.
The 200-megawatt Dubai contract, which runs for 25 years, will harness a two-decade old technology called concentrated-solar, or solar thermal. Unlike photovoltaics, which generate a charge directly from the sun’s power, thermal plants use mirrors to concentrate heat on water, turning it to steam to drive a turbine. The heat can be stored in molten salt to be used later. The technology to date has slipped behind PV on cost but is quickly becoming more competitive, the executive said.
“I expect concentrated-solar power, within 18 months, to be head to head with combined-cycle gas, if not more competitive,” Padmanathan said in an interview in London. “The focus has been on PV and batteries, but there’s a limit on how long they can hold a charge for. We’re proving that CSP can work through the night.”
Since it can retain heat, the plant can keep working after dark. The sun’s energy in some cases can heat molten salt to 490 degrees Celsius (914 degrees Fahrenheit), which allows operators to predict when electricity will flow.
While solar thermal plants are becoming cheaper, PV costs are falling too, raising questions whether the Dubai project really will be as attractive as ACWA expects, said Jenny Chase, head of solar analysis at Bloomberg New Energy Finance.
“This plant in Dubai is for delivery by 2021,” Chase said. “By then, we’re expecting solar PV and batteries to be in the same order of magnitude for cost and will be a lot more flexible than a solar thermal plant. Also, a lot of these projects are operating below what they’re meant to, such as the entire Spanish fleet and some in India as well.
There are 319 gigawatts of photovoltaic panels installed worldwide, compared to about 5 gigawatts of solar thermal, according to BNEF data. The mass deployment has driven down costs of solar panel equipment by about 70 percent since 2010, with the latest record set in Abu Dhabi at 2.45 cents per kilowatt-hour. In comparison, solar thermal was around 15 to 18 cents per kilowatt-hour until recently.
China hosts 80 percent of the world’s PV solar manufacturing industry. The nation’s expertise at mass production is credited with making solar panels more affordable, although companies are now reviving work on thermal technology.
“There are currently just two suppliers in solar CSP,” Padmanathan said. “The others have gone bankrupt. I know of at least five Chinese companies that are starting to enter the market.”
ACWA, which is based in Riyadh, Saudi Arabia, bid 9.45 cents per kilowatt-hour, almost cutting in half the cost of concentrated-solar power. Each of the bidders were also asked to submit an alternative tender. The offtaker will choose between the bid and the alternative bid, so the price may be even lower.
ACWA has also built similar projects in Morocco’s Noor solar complex and South Africa’s desert. One in each nation are operating, with two more in Morocco and one in South Africa currently under development. ACWA is also seeking to build two more projects in Morocco in the Midelt area, which will have a joint capacity of 350 megawatts.
“I’m also hoping to build one in Saudi,” Padmanathan said. “Right now they’re tendering for solar PV and wind, but I think they’ll want a CSP project as well, especially when they see how cost competitive it can be.”
Of all the achievements that Dubai could claim to have realised since or after the formation of the United Arab Emirates, is this semi-loony $1 billion project of Dubai’s Largest Indoor Theme Park that is not really such a loony one. It may however seem so at first glance but at a closer look, the city has dramatically changed since dredging of what is called its “creek”, that is a finger of the Gulf sea water coming into the desert shore land. What followed after that is a succession of more and more amazing developments as decidedly helped by the unprecedentedly ginormous inflow of petrodollars and the accompanying expatriates to service them.
When it comes to building the world’s ‘firsts’ buildings, hotels, or artificial islands, trust Dubai to be ahead of the game, all the damn time!
For Dubai is now home to the globe’s first largest indoor theme park – IMG Worlds of Adventure. Sprawled across 1.5 million square feet with a capacity to hold 30,000 visitors at a time, the $1 billion theme park threw open its doors on August 31, 2016, reports The Independent.
IMG WORLDS OF ADVENTURE
The size of the theme park equals 28 American football fields which also houses a 12-screen cinema complex with IMAX screen. Its opulence is Dubai’s yet another promise of becoming the country’s entertainment capital.
And by 2019, IMG Worlds of Adventures is expected to see a rise in its revenues by 78% to $837 million!
IMG WORLDS OF ADVENTURE
The park is divided into four zones – MARVEL, Cartoon Network, Lost Valley – Dinosaur Adventure, and IMG Boulevard. There are 22 rides and attractions including the Velociraptor roller-coaster that speeds up to 100 km/h in 2.5 seconds.
IMG WORLDS OF ADVENTURE
IMG WORLDS OF ADVENTURE
Apart from this, visitors can check out 25 shops and 28 restaurants and bars with prices soaring through the sky. Imagine buying a pen worth 115,000 dirhams, i.e., $31,300!
A land that also sees soaring temperatures, this indoor theme park is both a respite and a delight.
Shopping generally in the Middle East in 2016 statistics showed despite all predictions, an unabated upward trend and is now being taken fairly seriously by the countries of the GCCs leadership in their drive towards diversification of their respective economies. In the shopping infrastructure and profusely omnipresent throughout the numerous malls and most exclusive Shopping Centers in the GCC are the top notch locally franchised brands of imported luxury range of clothing, jewelry, shoes, etc. mainly from Europe.
Dubai, for instance has over the years become the ultimate champion city in the range and variety spread of facilities starting with its airport Duty Free area and culminating with its planned Expo 2020.
Meantime, more retail space is being provided in Dubai as well as throughout the GCCs like these shown here below as the newest 9 malls that were developed and / or completed last year. These are listed according to their size.
Mall of the World, Dubai,
To be fully completed before 2020
Nakheel Mall, Dubai
To be completed this year
Mall of Saudi, Riyadh,
To be completed in 2022
Al Diriyah Festival City Mall, Riyadh
Completion date not known to date.
Mall of Qatar, Doha
Already completed in 2016 and open to the public
Doha Festival City Mall, Doha
Completed and open to the public in 2016
Mall of Oman, Muscat
To be completed in 2020
City Center of Ishbiliyah, Riyadh
To be completed in 2018
The Pointe Mall, Dubai ,
Completed in 2016
An article of TradeArabia of 4 days ago, gives a good account on the latest in the domain and is rpublished here below.
London may have recently been named as the world capital for luxury store openings in 2016, but when it comes to a place that is vying to be the ultimate destination for luxury shopping tourism, the Middle East is set to take this crown.
Despite cities such as Paris, London and New York, the UAE has established itself as luxury shopping paradise with more than 50 shopping mega malls, regular shopping festivals, and leading designer goods, available tax-free.
And thanks to the latest tourism figures, with Dubai alone pulling in 14.9 million visitors in 2016 and Dubai International Airport still being the world’s busiest airport, with expectations of traffic at over 89 million in 2017, this surge of travellers in the region is cementing its appeal as a luxury shopping haven.
And other destinations are also rising up the ranks. In Abu Dhabi – the capital of the UAE – guest stays were up by 8 per cent in 2016, with over 4.4 million tourists clocking up a staggering 12 million guest nights, with the UK ranking number one in terms of the amount of tourists visiting from Europe. This increase in foreign tourists represents a new record for the capital of the UAE.
In addition to a long list of luxury brands and a wide variety of retail choices, the UAE’s shopping centre’s have also been globally recognised for their distinctive amenities such as one-of-a-kind ski slopes and their proximity to the iconic Burj Khalifa, the tallest building in the world. This also includes Yas Mall, which has been built on an island, and is home to the Yas Marina Circuit which sees record numbers of international visitors attend for the Formula One every year.
And when it comes to retailers, it seems the market is also booming. The UAE, is perceived as a key long-term entry market for companies, with many entering the market or expanding their stores in the region, resulting in more intensified competition on the international global shopping stage.
With an expertise spanning six decades, one of the leading player’s in the world of beauty, fashion and gifts, The Chalhoub Group, is helping to lead this retail evolution for luxury shopping tourism globally. Its specialty department store, TRYANO in Yas Mall, bears testament to this.
With over 20,000-sq-ft of retail space and a collection of over 250 coveted international and local brands, shoppers visiting the store, which runs across three levels, experience a ‘Sculpture Garden’, a deconstructed ‘Greenhouse’ and the ‘Fountain of Youth’, an interactive digital fountain that comes to life in streams of dancing LED lights that glitter and pulse to echo visitors’ movements