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Dubai Investment Real Estate and Al Mujama unveil 1.2MW solar power plant in Ritaj, Dubai Investments Park

In line with the UAE’s Net Zero by 2050 Target and 2050 Clean
Energy Strategy, Dubai Investment Real Estate (DIR), a leading real estate developer in the
UAE, Al Mujama, a leading Owners Association in the UAE, Yellow Door Energy (“YDE”), the
leading sustainable energy provider for businesses in the Middle and Africa, and Clyde
Engineering, today successfully inaugurated a 1.2 megawatt-peak solar power system.
The solar power system is spread across 9 residential buildings in the premier residential
community of RITAJ, located in Dubai Investments Park. Over 2,000 solar panels have been
installed on the roofs of the buildings, producing 1.9 million kilowatt-hours of clean electricity in
the first year of operation, meeting 30% of the buildings’ energy consumption needs. This is
equivalent to reducing carbon emission by 756,000 kilograms per year. The project operates
under a solar lease, whereby significant cost savings are realized for Al Mujama without
expending its own capital investment.
Mohammed Bin Hammad, Senior Director of Jointly owned Properties at Dubai Land
Department commented: “The Dubai Land Department values the inauguration of a 1.2-
megawatt solar power plant by Dubai Investment Real Estate, Al Mujama, Yellow Door Energy,
and Clyde Engineering. This project aligns with our strategic vision of promoting innovation in
the real estate sector, reflecting the foresight of our wise leadership. By utilizing the sun’s
energy to meet a significant portion of the needs in the RITAJ residential community, this
collaboration between the public and private sectors highlights the importance of joint efforts in
achieving sustainability goals and demonstrates how such partnerships can drive impactful
change. These advanced solutions support the UAE’s Net Zero by 2050 target and the 2050

Clean Energy Strategy, showcasing our commitment to a more resilient future. We commend all
partners for their dedication to environmental stewardship and look forward to more initiatives
that contribute to the progress of our real estate sector."

“Al Mujama is honored to play a key role in advancing the UAE’s sustainable future with the
implementation of the solar power system. This initiative not only highlights the Company’s
unwavering commitment to sustainability but also delivers significant cost savings for the
residents by reducing energy consumption. It sets a new standard for Jointly owned Properties
in driving impactful, eco-friendly change. By generating clean energy, we are fostering a
greener, more affordable living environment that benefits communities today and secures a
healthier, more resilient future for generations to come. Al Mujama is dedicated to leading the
way in environmental stewardship and innovation, and we look forward to continuing to set new
benchmarks in sustainable residential living”, Obaid Salami, General Manager, Dubai
Investment Real Estate.
Dubai Investment Real Estate is the real estate arm of Dubai Investments, a leading investment
company listed on the Dubai Financial Market and Al Mujama is leading the way for Jointly
Owned Property in the UAE to implement solar power in its operations.
Mansoor Serkal, GM of Al Mujama, said, “We are striving to ensure all our communities are
operated in the most cost effective and energy efficient manner to provide best possible value to
the owners. We have been working hard with our solar developer Yellow Door Energy and our
energy consultant Clyde Engineering. To-date, we have already produced savings of over 18%
on our community energy costs. We are dedicated to protecting our environment and are proud
to have 30% of our energy needs at Ritaj provided by solar power.”
Jeremy Crane, Group CEO of Yellow Door Energy, said, “Yellow Door Energy is honored to
partner with Dubai Investment Real Estate and Al Mujama on this solar lease, marking a
significant stride in advancing sustainability efforts in the UAE. This milestone is proudly added
to our rapidly growing portfolio of successful projects in the UAE and internationally, where we
have been awarded 240 megawatts of solar projects. As the leading solar developer in the
Middle East and Africa, we are excited to empower businesses to transition to clean energy,
lower their electricity costs and actively contribute to the UAE’s Net Zero by 2050 Initiative.”
Philip Mills, CEO of Clyde Engineering, said, “Clyde Engineering congratulates the forward-
thinking management of Dubai investment Real Estate and Al Mujama on the successful
completion of the first JOP rooftop solar plant. This project will provide a major improvement in
the carbon footprint at the Ritaj Community. This project was implemented with guaranteed
solar production and zero capital expenditure from the client. Therefore, it is both a win for the
environment and for the owners in Ritaj.”
The inauguration of the solar power plant marks a significant milestone in the journey towards
sustainable development and energy efficiency in the UAE’s real estate sector in alignment with
the UAE’s Net Zero by 2050 target. The collaboration integrates technological innovation and

environmental stewardship to set a precedent for incorporating renewable energy solutions in
residential communities and pave the way for more sustainable projects.

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Abu Dhabi Overtakes Oslo for Sovereign Wealth Fund Capital in Global SWF’s First City Ranking

Today, industry specialist Global SWF published a special report announcing a new global ranking of cities according to the capital managed by their Sovereign Wealth Funds (SWFs). The findings show that Abu Dhabi is the leading city that manages the most SWF capital globally, thanks to the US$ 1.7 trillion in assets managed by its various SWFs headquartered in the capital of the UAE. These include the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), Abu Dhabi Developmental
Holding Company (ADQ), and the Emirates Investment Authority (EIA). Abu Dhabi now ranks slightly above Oslo, home to the world’s largest SWF, the Government Pension Fund (GPF), which manages over US$ 1.6 trillion in assets. Abu Dhabi and Oslo are followed by Beijing (headquarters of the China Investment Corporation), Singapore (with GIC Private and Temasek Holdings), Riyadh (home to the
Public Investment Fund), and Hong Kong (where China’s second SWF, SAFE
Investment Corporation, operates from). Together, these six cities represent two thirds
of the capital managed by SWFs globally, i.e., US$ 12.5 trillion as of October 1, 2024.
For the past few decades, Abu Dhabi has grown an impressive portfolio of institutional
investors, which are among the world’s largest and most active dealmakers. In addition
to its SWFs, the emirate is home to several other asset owners, including central banks,
pension funds, and family offices linked to member of the Royal Family. Altogether, Abu
Dhabi’s public capital is estimated at US$ 2.3 trillion and is projected to reach US$ 3.4
trillion by 2030, according to Global SWF estimates.
Abu Dhabi, often referred to as the “Capital of Capital,” also leads when it comes to
human capital i.e., the number of personnel employed by SWFs of that jurisdiction, with
3,107 staff working for funds based in the city.
Diego López, Founder and Managing Director of Global SWF, said: “The world ranking
confirms the concentration of Sovereign Wealth Funds in a select number of cities,
underscoring the significance of these financial hubs on the global stage. This report
offers valuable insights into the landscape of SWF-managed capital and shows how it is
shifting and expanding in certain cities in the world.”

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AM Best Briefing in Dubai to Explore State of MENA Insurance Markets; Panel to Feature CEOs From Leading UAE Insurance Companies

AM Best will host a briefing focused on the insurance markets of the Middle East and North Africa (MENA) on 20 November 2024, at Kempinski Central Avenue in Dubai.
At this annual regional market event, senior AM Best analysts and leading executives
from the (re)insurance industry will discuss recent developments in the MENA region’s
markets and anticipate their implications in the short-to-medium term. Included in the
programme will be a panel of chief executive officers at key insurance companies in the
United Arab Emirates: Abdellatif Abuqurah of Dubai Insurance; Jason Light of Emirates
Insurance; Charalampos Mylonas (Haris) of Abu Dhabi National Insurance Company
(ADNIC); and Dr. Ali Abdul Zahra of National General Insurance (NGI).
Shivash Bhagaloo, managing partner of Lux Actuaries & Consultants, will his present
his observations in an additional session regarding implementation of IFRS 17 in the
region. The event also will highlight the state of the global and MENA region
reinsurance sectors, as well as a talk on insurance ramifications stemming from the
major United Arab Emirates floods of April 2024. The programme will be followed by a
networking lunch.
Registration for the market briefing, which will take place in the Diamond Ballroom at the
Kempinski hotel, begins at 9:00 a.m. GST with introductory comments at 9:30 a.m.
Please visit www.ambest.com/conference/IMBMENA2024 for more information or to
register.
AM Best is a global credit rating agency, news publisher and data analytics
provider specialising in the insurance industry. Headquartered in the United
States, the company does business in over 100 countries with regional offices in
London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

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Future of Automotive Mobility 2024: UAE Leads the Charge in Embracing Digital Car Purchases and Alternative Drivetrains

-UAE scores show highest percentage among the region in willingness to purchase a car
completely online
– Openness to fully autonomous cars has grown to 60% vs previous 32%.
– More than half of UAE respondents in the survey intend to move to hybrid cars during
next car purchase, while less than 15% intend to move to fully electric car.
– UAE sees strong use of new mobility services such as ride-hailing (Uber, Careem, Hala
Taxi)
– The perceived future importance of having a car is not only increasing in UAE but is
higher than any other major region globally, even China

Arthur D. Little (ADL) has released the fourth edition of its influential Future of Automotive Mobility (FOAM) report, presenting a detailed analysis of current and future trends in the automotive industry. This year’s study, with insights from over 16,000 respondents across 25 countries, includes a comprehensive focus on the United Arab Emirates (UAE). The report examines car ownership, electric vehicles,
autonomous driving, and new mobility services within the UAE.

“The UAE is at the forefront of automotive innovation and consumer readiness for new mobility
solutions,” said Alan Martinovich, Partner and Head of Automotive Practice in the Middle East
and India at Arthur D. Little. “Our findings highlight the UAE’s significant interest in
transitioning to electric vehicles, favorable attitudes towards autonomous driving technologies,
and a strong inclination towards digital transactions in car purchases. These insights are critical
for automotive manufacturers and policymakers navigating the evolving landscape of the UAE
automotive market.”
Key Findings for the UAE:
1. Car Ownership:
o Over half of UAE respondents perceive that the importance of owning a car is
increasing, with the study showing the increase higher than any other major
region, including China.
o Approximately 80% of UAE respondents expressed interest in buying new (as
opposed to used) cars, above Europe and the USA which have mature used
vehicle markets

2. Shift to Electric and Hybrid Vehicles:
o While a high number of UAE respondents currently own internal combustion
engine (ICE) vehicles, more than half intend that their next vehicle have an
alternative powertrain, with significant interest in electric and plug-in hybrid
(PHEV) options. Less than 15% plan to opt for pure battery electric vehicles
(BEVs).

3. Emerging Mobility Trends:

o Ride-hailing services are the most popular new mobility option among UAE
residents, with higher usage rates than traditional car sharing and ride sharing.
The study indicates a strong openness to switching to alternative transport modes
given the quality and service levels available today.

4. Autonomous Vehicles:
o UAE consumers are among the most open globally to adopting autonomous
vehicles, with a significant increase in favorable attitudes from 32% in previous
years to 60% this year versus approximately 30% in mature markets. Safety
concerns, both human and machine-related, remain the primary obstacles to
broader adoption.

5. Car Purchasing Behavior and Sustainability:
o The internet has become a dominant channel for UAE residents throughout the car
buying process, from finding the right vehicle to arranging test drives and closing
deals. UAE car buyers visit dealerships an average of 3.9 times before making a
purchase, higher than any other region in the world, emphasizing the need for
efficient integration of online and offline experiences.
o Upwards of 53% of respondents from the region would prefer to ‘close the deal’
and complete the purchase of their car online, which is the highest for any region
in the world.
o Sustainability is a key factor cited by UAE consumers as influencing car choice.
The UAE scored among the top half of regions, highlighting the importance of
environmental considerations.

“Our study confirms the promising market opportunities for car manufacturers (OEMs) and
distributors in the UAE” commented Philipp Seidel, Principal at Arthur D. Little and co-Author
of the Global Study. “Consumers in the Emirates show a great and increasing appetite for cars
while being among the most demanding globally when it comes to latest vehicle technologies
and a seamless purchase and service experience.”
The comprehensive report, “The Future of Automotive Mobility 2024” by Richard Parkin and
Philipp Seidel, delves into global automotive trends and their impact on various regions,
including the UAE. This study is an invaluable tool for industry stakeholders seeking to navigate
and leverage the dynamic changes driving the future of mobility.

 

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