Author: OBG Admin

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Bright spot: Energy mix diversification opens the door for new solar facilities

Posted OBG AdminPosted in Uncategorized

  The world’s largest single-site solar photovoltaic (PV) plant began commercial operations in Abu Dhabi, near the town of Sweihan, in late April 2019. The 1177-MW Noor Abu Dhabi solar plant features 3.2m solar panels spread across 8 sq km. Constructed with an investment of Dh3.2bn ($871m), the joint venture between Abu Dhabi Power Corporation (ADP ower) and a consortium of China’s Jinko Solar Holding and Japan’s Marubeni Corporation will provide enough power to meet the demand of 90,000 households. Upon completion, it will also offset Co emissions by 1m tonnes per year, a level equivalent to taking 200,000 cars off the road. Several engineering

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Nuclear future: New plant to introduce emissions-free energy source

Posted OBG AdminPosted in Uncategorized

  In February 2020 the operating licence for the first unit of the civilian Barakah Nuclear Energy Plant was issued by the Federal Authority for Nuclear Regulation (FANR) to the plant’s operator, Nawah Energy Company, the operations and maintenance subsidiary of the Emirates Nuclear Energy Corporation (ENEC). The facility is the first of its kind in the Arab world and one of the largest nuclear plants under development. The 60-year licence followed an assessment that reviewed the plant’s layout and the design, cooling system, security arrangements, emergency preparedness and radioactive waste management for the reactors. FANR will have regulatory oversight of the reactor, and has

Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Done deal: Innovative financing brings more people into the market

Posted OBG AdminPosted in Uncategorized

  Faced with challenging conditions in the real estate market, some property developers in the UAE have devised a number of incentives in order to attract buyers. Some are offering loan-repayment schemes to new buyers to facilitate purchases, such as rentto-buy options that enable people to make smaller down payments. Rent-to-buy schemes have a legal basis in Islamic finance jurisprudence and are regarded as a form of ijara (leasing). The government is also stepping in with financing solutions, offering grants and attractive loans for Emirati citizens to boost home ownership rates. Loan Arrangements The growth of rent-to-buy finance schemes is, in part, a reaction to

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Expat oasis: Freehold regulations expand ownership options for expatriates

Posted OBG AdminPosted in Uncategorized

  In recent years Abu Dhabi introduced a number of legal changes designed to make the real estate market more attractive for expatriates. It is hoped that, in turn, a more established foreign population will increase foreign direct investment and boost the economy further. In April 2019 Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE and ruler of Abu Dhabi, issued an amendment to the emirate’s 2005 real estate law allowing foreign nationals of countries outside the GCC to purchase freehold land within investment zones. The legal change followed a series of meetings between the Abu Dhabi Executive Committee, investors and real estate

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Key to success: Affordable housing projects, lifestyle developments and sales to foreigners boost home ownership rates

Posted OBG AdminPosted in Uncategorized

  At a time of downward pressure on sale and rental prices for residential flats and villas, potential buyers and tenants have an opportunity to explore new housing options. According to Statistics Centre – Abu Dhabi, housing costs including utilities fell by 3.7% in 2019. This came as the real estate sector contracted by 1.1% in current prices in 2019, compared to a contraction of 17.4% in 2018. Despite lagging expansion, the year 2019 recorded 8663 mortgage transactions worth Dh37.4bn ($10.2bn) and 10,155 property transactions

Chartsiri Sophonpanich-President-Bangkok Bank

Collaborative efforts: The expansion of the emirate’s seaports has been strengthened by international partnerships

Posted OBG AdminPosted in Uncategorized

  Abu Dhabi’s maritime transport segment is making significant advances, with the volume and value of trade passing through its terminals expanding significantly in early 2019. While previous forecasts for near-term growth will likely be slowed by the drop in trade flow triggered by the Covid-19 pandemic – indeed, the World Health Organisation forecast in April 2020 that global merchandise trade for the year could be down 13-32% – seaports will continue to play an important geostrategic role. Key Partnerships Abu Dhabi Ports owns and

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Grand opening: New terminal and low-cost carriers support expansion

Posted OBG AdminPosted in Uncategorized

  After almost a decade of construction work, the Midfield Terminal Building (MTB) at Abu Dhabi International Airport (AUH) is in the final stages of development. The 742,000-sq-metre structure will significantly increase the airport’s capacity, serving as the gateway to Abu Dhabi for tens of millions of passengers each year. Designed by US architecture company KPF, the building’s illuminated interior will be visible from the motorway over 1500 metres away. Inside the new structure, passengers will pass through a departure hall with a 52-metre-high ceiling supported by long-span leaning arches. From the air, approaching aircraft will see an x-shaped structure with stands placed along four

Pham Hong Hai-CEO-HSBC Vietnam

Customised learning: The growing number of applications of artificial intelligence and machine learning continue to shake up teaching methods

Posted OBG AdminPosted in Uncategorized

  As part of the emirate’s wider digitalisation drive, Abu Dhabi is investing in artificial intelligence (AI) in education and expanding the use of technology in schools. AI has the potential to transform the emirate’s economy; a 2018 report by PwC estimated that the technology could contribute $320bn to the MENA region’s GDP by 2030. The report forecast that AI will have the most significant impact in the UAE, accounting for 14% of the country’s GDP. AI focuses on mimicking human thinking and creating automatic

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Grassroots innovation: Research and development efforts are finding solutions to the challenges posed by the natural environment

Posted OBG AdminPosted in Uncategorized

  New steps are being taken to enhance domestic agricultural production and food security in Abu Dhabi through innovative practices. Technology, and research and development (R&D) will be key to expanding the agriculture sector and making it more resilient and sustainable. With a rising global population, accelerating food demand, scarcity of agricultural land and a growing need for rapid reforestation to reduce greenhouse gases, there is a strong case for the application of technology for agricultural development on marginal lands such as those found in

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

In the zone: Free zones offer an advantageous base for a variety of industries

Posted OBG AdminPosted in Uncategorized

  Leveraging its location at the confluence of over 200 air routes, 150 shipping lanes, thousands of kilometres of road networks and a developing rail system, Abu Dhabi offers global and local businesses a range of industrial and free zones closely linked to these avenues. This dovetails with the emirate’s long-term development strategies, the Abu Dhabi Economic Vision 2030 and the Abu Dhabi Plan, where industry is a key part of future diversification, job creation and the development of a more innovation-based economy. Indeed, Abu Dhabi’s free zones have a wide portfolio, ranging from high-tech, renewable energy outfits at Masdar City, to aluminium businesses at