Category: Industry

DUBAI: The World Governments Summit (WGS) Organisation, in a strategic alliance with KPMG, has released the ‘Future of Cities and Urban Economic Growth’ report, which addresses the future challenges faced by cities and the urban economy, and reviews innovative solutions to confront them.

The report advocates for the concept of a ’15-minute city’, promoting easy access to essential services to enhance the quality of urban life.

The ‘Future of Cities and Urban Economic Growth’ report is tailored to equip city leaders and stakeholders with practical insights into the ever-evolving urban landscape. It addresses a spectrum of challenges faced by cities today, spanning rising energy costs, skilled labour shortages, income disparities, as well as climate change, cybersecurity, and others.

The report focuses on important aspects related to the future of cities, including physical infrastructure, low-cost housing solutions, small businesses, and inadequate green spaces. It also reviews several innovative solutions
discussed by the World Governments Summit in its previous editions. These solutions include constructing robust urban identities that attract investment and talent, and the best methods for selecting and deploying smart city technologies to serve community interests.

Mohamed Yousef Alsharhan, Managing Director of the World Governments Summit Organisation, emphasised that the future of cities is a crucial pillar of the WGS Organisation’s agenda. This is due to its significant role in shaping the features of future societies amidst the considerable challenges and rapid changes driven by unprecedented technological and scientific developments the world is currently undergoing.

“The ’15-minute city’ concept represents a fundamental shift in the philosophy of urban design, fostering a community-centric approach where access to vital services and amenities is within a brief walk or bike ride. This model not only enhances convenience but also significantly transforms the way we experience and live in cities,’ Alsh
arhan added.

Chucrallah Haddad, Partner, Head of Advisory, KPMG Lower Gulf, said, “Cities serve as the nucleus of innovation and progress, facing a myriad of challenges that demand complex solutions. The Future of Cities report not only identifies these challenges but also offers actionable strategies for cities to thrive in the face of constant disruption, embracing technological advancements while prioritising the well-being and inclusivity of its inhabitants’.

The ‘Future of Cities and Urban Economic Growth’ emphasises pivotal factors such as the need for innovation, sustainability, and inclusivity in successful city initiatives, along with the significance of fostering vibrant municipal identities to attract investments, businesses, and talent.

A pivotal aspect emphasised in the report is the delicate balance between technology deployment and privacy, advocating for a focus on community access and ethical use of digital tools to avert cybersecurity risks. The integration of “futures literacy” and susta
inability as foundational principles in legislation and business practices is a crucial recommendation, empowering cities to navigate complexity and build resilience against external changes.

The report highlights the leadership of cities in the Gulf region, in spearheading technological innovation. It also underscores the valuable lessons that their advanced experiences offer for cities around the world.

Delving into global case studies, the report also highlights the importance of managing customer expectations in supply chain management, the benefits and costs associated with reshoring and near-shoring, and avenues for financing sustainable supply chains and near-shoring initiatives.

The UAE’s National Food Security Strategy is highlighted as an example of managing supply chain effectively, with innovations such as high-rise vertical farms using hydroponic and aquaponic techniques that can yield 100 times more produce than traditional farms. The UAE aims to increase home-grown food production by 30-40 p
ercent in ten years and become a world-leading hub of innovation-driven food security by 2051.

The “Future of Cities and Urban Economic Growth” emphasises the significance of adaptation and innovation, where successful cities are embracing resilience, sustainability, inclusivity, and emerging technologies as key pillars for their initiatives. Cultivating a strong municipal identity and vibrant cultural environment is spotlighted, serving as a magnet for businesses, investments, and young talent.
Source: Emirates News Agency

KUWAIT: The price of Kuwaiti oil went down by four cents to US$78.91 per barrel on Monday as opposed to US$78.95 pb last Friday, said the Kuwait Petroleum Corporation (KPC) on Tuesday.

According to the Kuwait News Agency (KUNA), the prices of the Brent crude and the West Texas Intermediate both went up by $1.40 and $1.04 respectively, settling each at $77.95 pb and $72.47 pb.
Source: Emirates News Agency

ABU DHABI: Aldar Properties has partnered with Yellow Door Energy, a leading sustainable energy organisation, to bring solar power to 45 properties across the UAE, supporting the UAE Net Zero by 2050 Strategic Initiative and Abu Dhabi’s 2030 Energy Strategy.

The partnership between Aldar and Yellow Door Energy was signed by Salwa Al Maflahi, Aldar’s Director of Sustainability and Community Outreach and Rory McCarthy, Chief Operating Officer of Yellow Door Energy.

This transition to solar power will prioritise on-site clean energy generation as part of Aldar’s Net Zero Plan, a commitment launched in January 2023 to decarbonise its business and assets by 2050.

To significantly reduce Aldar’s operational carbon footprint requires a successful energy transition based on cross-sector collaboration and responsible investing to create long-term value.

The solar systems used as part of this project will be financed, designed, built, operated, and maintained by Yellow Door Energy across 45 of Aldar’s assets in ret
ail, education, and hospitality for the next 20 years. Using rooftop, carport, and ground-mount solar photovoltaic (PV) applications, the clean energy systems have a capacity of 34 megawatts, contributing to cost savings and operational resiliency.

The transition to solar, which will begin in 2024, will reduce 23,000 tonnes of carbon dioxide (CO2) emissions in its first year, facilitating a 12% reduction in Aldar’s Scope 2 greenhouse gas emissions related to purchased electricity of the assets against its 2022 baseline.

Over the project’s entire lifetime, more than 560,000 tonnes of CO2 will be avoided. Overall, Aldar’s average clean energy consumption will increase by 12% across the whole portfolio, with selected assets benefiting from up to 25%.

Speaking on the occasion, Al Maflahi commented, “The real estate sector plays a critical role in transitioning the power used in properties to be more sustainable. By harnessing solar, one of the UAE’s natural resources, our partnership with Yellow Door Energy su
pports this transition while also reducing energy costs and fostering energy technology in the UAE. At Aldar, we continue to find ways to progress towards our net zero ambition and promote greener places”.

McCarthy said, “For nearly a decade, Yellow Door Energy has been helping leading UAE businesses reduce their energy costs and progress towards their sustainability goals, all without any of their capital investment.

“In line with the UAE Energy Strategy 2050 to triple the contribution of renewable energy, Aldar is committed to using renewable energy in its developments, such as The Sustainable City in Yas Island, which will be powered by clean, renewable energy. The residential development will include solar panels on all parking structures and measures within the community to help reduce carbon emissions, water consumption, energy usage, and waste.”
Source: Emirates News Agency

ABU DHABI: Mubadala Energy today announced a significant gas discovery from the Layaran-1 Exploration well, drilled in South Andaman, about 100 kilometres offshore North Sumatra, Indonesia.

Mubadala Energy is the operator of the South Andaman Gross Split PSC, and this is the first deepwater well operated by the company, drilled to a depth of 4,208 metres in 1,207 metres of water depth.

The well encountered an extensive gas column with a thickness of over 230 metres in an Oligocene sandstone reservoir. A complete data acquisition was conducted, including wireline, coring, sampling and production test (DST). The well successfully flowed over 30mmscf/d of excellent gas quality.

With an 80% working interest in South Andaman, Mubadala Energy is the largest net acreage holder in the area. In line with the company’s gas-biased strategy, the positive outcome from the Layaran-1 discovery will de-risk multi-TCF of prospective gas resources in the area, providing the foundation for future organic growth and additiona
l exploration drilling activities in 2024.

Commenting on this major strategic development, Mansoor Mohamed Al Hamed, CEO of Mubadala Energy, said, “With our strategy to expand our gas portfolio to support the energy transition, this development offers material commercial opportunities and adds momentum to our strategic growth story.

“This is not only a significant development for Mubadala Energy but a huge milestone for Indonesia’s and Southeast Asia’s energy security. We are proud to have achieved this by leveraging our world-class technical and operational capabilities.”

This newly confirmed discovery is the second consecutive successful well for Mubadala Energy in the Andaman area, coming after the success of Timpan-1 in Andaman-II, which itself came after the success of Cengkih-1 in our SK320 in Malaysia. These discoveries add material contingent volume and provide a platform for continued growth for Mubadala Energy in the region.
Source: Emirates News Agency

ABU DHABI: EHang Holdings Ltd, a Chinese autonomous aerial vehicle technology platform company, announced that it is extending its operations to the UAE. This expansion involves joining the Smart and Autonomous Vehicle Industries (‘SAVI’) Cluster in Abu Dhabi.

Additionally, a long-term strategic partnership has been formed with Wings Logistics Hub, the passenger eVTOLs (smart mobility) and logistics tech subsidiary of Technology Holding Company (‘THC’), being the technology arm of EIH Ethmar International Holding. The aim of this partnership is to collaboratively advance the development of urban air transportation and smart city management in the UAE and the Middle East and North Africa (‘MENA’) region.

The SAVI Cluster, situated in Masdar City and led by the Abu Dhabi Department of Economic Development (‘ADDED’) and the Abu Dhabi Investment Office (‘ADIO’), is dedicated to establishing Abu Dhabi as a key hub for smart and autonomous vehicles.

SAVI provides state-of-the-art facilities and value-added servi
ces within a supportive regulatory framework. This initiative encourages innovation and aids in the commercial application of smart and autonomous vehicle technologies.

EHang, with its cutting-edge autonomous eVTOLs and the world’s first eVTOL type certificate from the Civil Aviation Administration of China (‘CAAC’), has formed a strategic partnership with Wings Logistics Hub. The goal of this partnership is to introduce EHang’s autonomous eVTOLs to the UAE.

As part of the strategic partnership, Wings Logistics Hub and EHang will work together to facilitate local certification and operations of the EH216 series eVTOLs in the UAE. This includes the EH216-S, EH216-L, and EH216-F models, which are designed for passenger transportation, aerial logistics, and firefighting respectively.

Wings Logistics Hub intends to buy up to 100 units of the EH216 series eVTOLs from EHang with initial deliveries set to commence in the first quarter of 2024.

Mohamed Al Dhaheri, board member of Wings Logistics Hub, expressed en
thusiasm about collaborating with EHang to establish their inaugural international operations in Abu Dhabi. ‘Introducing electric aviation to the UAE is anticipated to alleviate congestion with zero emissions and, consequently, attract significant foreign direct investment and generate thousands of jobs in the region over the next decade. We take pride in our participation in the SAVI Cluster and remain steadfast in our commitment to advancing smart and autonomous vehicle technologies for passenger transportation, mobility, logistics, and smart city management in the UAE,’ said by Mr. Mohamed Al Dhaheri.

Huazhi Hu, Founder, CEO and Chairman of EHang, stated, ‘We’re excited to share our involvement in the SAVI Cluster and our strategic alliance with Wings Logistics Hub and EIH as we broaden our reach in the UAE market. As the first company globally to receive a type certificate for an autonomous eVTOL from China’s national civil aviation authority, we’re eager to bring our leading-edge technologies to the UAE
. Our aim is to work with our local partner to enhance safe, intelligent, autonomous, and eco-friendly air mobility in this region.’
Source: Emirates News Agency

BEIJING: The top economic regulator of China stated on Tuesday that the country is well-positioned to achieve its annual economic growth targets for 2023, China Daily.

Li Chao, a spokeswoman for the National Development and Reform Commission (NDRC), said the country has the conditions and capabilities to meet its economic and social development objectives for 2023, as China’s economic recovery continues to gather steam and a series of policies take effect gradually.

During the next step, the NDRC will closely monitor changes in economic operations, strengthen situation analysis and policy research, and intensify macroeconomic regulation. A primary focus will be placed on the forthcoming year’s key growth targets.

Li highlighted the commission’s commitment to reinforcing policy reserves, ensuring a robust arsenal of policy tools to effectively respond to diverse risks and challenges that may arise.

During the national development and reform work conference held from Sunday to Monday, the NDRC said it will
formulate targeted measures to bolster the economy.

According to the recently concluded meeting, the commission will continue to carry out the midterm evaluation of the 14th Five-Year Plan (2021-25), and it has begun its preliminary work for the 15th Five-Year Plan (2026-30).
Source: Emirates News Agency