Dubai’s Museum of the Future partners with pathfinders to rewrite future

Dubai’s Museum of the Future partners with pathfinders to rewrite future
Embossed in Arabic calligraphy on 1,024 stainless steel panels on the museum’s facade is a message of hope for the future. (Shutterstock)
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Updated 09 May 2022

Dubai’s Museum of the Future partners with pathfinders to rewrite future

Dubai’s Museum of the Future partners with pathfinders to rewrite future
  • The modern architectural marvel tells a story of the future through interactive exhibitions

DUBAI: Symbolizing Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum’s futuristic vision and modernity of the UAE, the Museum of the Future is a cultural landmark and a center for future innovations that has turned the heads of all UAE citizens.

In contrast with traditional museums that showcase fragments of the past, the museum provides a window into the future in a scientific attempt to understand its variables, challenges, and challenges to come. The nine-floor building stands out in a city where skyscrapers and long streets surround fast-food chains.

About 77-feet tall, the modern architectural marvel tells a story of the future through interactive exhibitions that invite people to experience never-seen-before technology and humanity’s home in outer space, WAM added.

Embossed in Arabic calligraphy on 1,024 stainless steel panels on the museum’s facade is a message of hope for the future.

“The museum will create a global platform for pioneers, innovators and critical thinkers to exchange ideas, concepts and visions to accelerate sustainable socio-economic development and shape a fair future that works for everyone,” said Mohammad bin Abdullah Al-Gergawi, minister of cabinet affairs and chairman of the Museum of the Future in a statement to WAM.

Strategic partnerships

As part of its mission to be a key laboratory for futuristic and innovative technological solutions that address humanity’s greatest challenges, the Museum of the Future signed strategic partnerships with numerous global brands and national institutions in March.

The museum has partnered with these institutions to generate and test ideas, especially in developing areas related to society’s challenges, including health, education, smart cities, energy, and transportation.

The partners include Dubai’s Roads and Transport Authority, Dubai’s Electricity and Water Authority, Dubai Municipality, Dubai Holding, Emirates airline, Audi, SAP, PepsiCo and Visa.

The partnership between RTA and Audi will contribute to studying the future mobility of cities and communities. Soon, it will offer a range of creative ideas and solutions from around the world to develop smart mobility options.

Through the DEWA partnership, advanced technologies will be tested to produce renewable and clean energy, build low-carbon urban societies, and promote sustainable development.

By partnering with Dubai Municipality, the Museum of the Future identifies advanced technologies to replace traditional practices in urban planning, building infrastructure, developing urban areas, and designing cities that function sustainably using advanced materials, said WAM.

The museum’s partnership with SAP will highlight the company’s technological innovations and expertise, which address environmental, economic, and social challenges for the next generation. To help the world improve people’s lives, these technological advancements aim to provide a brighter future with zero emissions, zero waste, and zero inequality.

Preparing for the future

As part of its new Future Talks series in early March, the museum hosted Prof. Greg Clark, group adviser, future cities and new industries at HSBC Group.

“The main mission of the Museum of the Future is to bring together futurists and people with inspiring and innovative ideas about the future of humanity,” Al-Gergawi said.


Four European nations to build North Sea wind farms

Four European nations to build North Sea wind farms
Updated 7 sec ago

Four European nations to build North Sea wind farms

Four European nations to build North Sea wind farms
  • The EU has pledged to reduce carbon dioxide emissions by 55 percent compared with 1990 levels by 2030, and to get to net zero emissions by 2050

Denmark: Four European Union countries plan to build North Sea wind farms capable of producing at least 150 gigawatts of energy by 2050 to help cut carbon emissions that cause climate change, Danish media reported Wednesday.

Under the plan, wind turbines would be raised off the coasts of Belgium, the Netherlands, Germany and Denmark, daily Danish newspaper Jyllands-Posten said.

The project would mean a tenfold increase in the EU’s current offshore wind capacity.

“The North Sea can do a lot,” Danish Prime Minister Frederiksen told the newspaper, adding the close cooperation between the four EU nations “must start now.”

European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, Dutch Prime Minister Mark Rutte and Belgian Prime Minister Alexander De Croo are scheduled to attend a North Sea Summit on Wednesday in Esbjerg, 260 kilometers (162 miles) west of Copenhagen.

In Brussels, the Commission moved Wednesday to jump-start plans for all the 27-nation bloc to abandon Russian energy amid the Kremlin’s war in Ukraine, proposing a nearly 300 billion-euro ($315 billion) package that includes more efficient use of fuels and faster rollout of renewable power.

The investment initiative by the EU’s executive arm is meant to help the bloc’s 27 countries start weaning themselves off Russian fossil fuels this year.

The goal is to deprive Russia, the EU’s main supplier of oil, natural gas and coal, of tens of billions in revenue and strengthen EU climate policies.

“We are taking our ambition to yet another level to make sure that we become independent from Russian fossil fuels as quickly as possible,” von der Leyen said in Brussels when announcing the package, dubbed REPowerEU.

The EU has pledged to reduce carbon dioxide emissions by 55 percent compared with 1990 levels by 2030, and to get to net zero emissions by 2050.

The European Commission has set an overall target of generating 300 gigawatts of offshore energy of by 2050.

Along with climate change, the war in Ukraine has made EU nations eager to reduce their dependency on Russian natural gas and oil. In 2021, the EU imported roughly 40 percent of its gas and 25 percent of its oil from Russia.

At a March 11 summit, EU leaders agreed in principle to phase out Russian gas, oil and coal imports by 2027.


Oil prices rise on China demand recovery expectations, supply concerns

Oil prices rise on China demand recovery expectations, supply concerns
Updated 7 min 59 sec ago

Oil prices rise on China demand recovery expectations, supply concerns

Oil prices rise on China demand recovery expectations, supply concerns
  • The European Union’s failure to persuade Hungary to lift its veto on a proposed embargo on Russian oil is adding price pressure

LONDON: Oil prices rose on Wednesday on expectations that easing COVID-19 restrictions in China will boost demand and as supply concerns grew.

Brent crude was up $1.69 cents, or 1.5 percent, at $113.62 a barrel at 1150 GMT, while US West Texas Intermediate (WTI) crude climbed $2.26 cents, or 2 percent, to $114.66 a barrel, reversing some of the previous session’s losses.

Hopes of further lockdown easing in China boosted expectations for demand recovery. The country’s authorities allowed 864 of Shanghai’s financial institutions to resume work, sources said on Wednesday, a day after the Chinese city achieved a milestone of three consecutive days with no new COVID cases outside quarantine zones.

And China has relaxed some COVID test rules for US and other travelers.

The market also saw support from rising supply concerns. Russian crude output in April fell by nearly 9 percent from the previous month, an internal OPEC+ report showed on Tuesday, as Western sanctions on Moscow following its invasion of Ukraine hit the top oil producer.

The price rise is being capped by reports that the US is planning to relax sanctions against Venezuela and allow Chevron Corp. to negotiate oil licenses with Venezuela’s national producer.

“Though this will bring little relief to the market in the short term, it would nonetheless be a first step toward ensuring that more oil could reach the market in future from currently sanctioned countries,” Commerzbank analyst Barbara Lambrecht said.

The European Union’s failure to persuade Hungary to lift its veto on a proposed embargo on Russian oil is adding price pressure, although some diplomats expect agreement on a phased ban at a summit at the end of May.

The EU intends to mobilize up to 300 billion euros ($315 billion) of investments by 2030 to end its reliance on Russian oil and gas, European Commission President Ursula von der Leyen said on Wednesday.

“In the meantime, the oil market will likely take its cues from today’s EIA update concerning US oil stocks,” PVM analyst Stephen Brennock said.

US crude and gasoline stocks fell last week, according to market sources citing American Petroleum Institute figures on Tuesday.

For the economic outlook, US Federal Reserve Chairman Jerome Powell on Tuesday said the central bank would ratchet up interest rates as high as needed to stifle inflation that he said threatened the foundation of the economy.


MENA Project Tracker: South Korea’s Posco commences work on a green ammonia project in Oman

MENA Project Tracker: South Korea’s Posco commences work on a green ammonia project in Oman
Updated 30 min 36 sec ago

MENA Project Tracker: South Korea’s Posco commences work on a green ammonia project in Oman

MENA Project Tracker: South Korea’s Posco commences work on a green ammonia project in Oman

RIYADH: While South Korea’s Posco has commenced work on a green ammonia project in Oman, UAE’s Emaar has extended the bid deadline for a package regarding the Dubai-based Creak Beach project. Meanwhile, contractors are expected to wait another year until Saudi’s Neom project becomes the region’s largest project by contracts. On another note, Saudi’s Myclinic has been chosen to build, own, and operate Al-Ula hospital project.

·      South Korean steel making company Posco Group has announced that it has started work on a green ammonia project in Oman, MEED reported. With a potential capacity of 4 GW, the project is part of at least 10 hydrogen and green ammonia projects that are being planned in the country. 

·      Emirati multinational real estate development company Emaar has pushed the bid deadline for the package to work on the third phase of its Creek Beach development located in Dubai until May 23, MEED reported. The package includes the building of 14 medium-rise buildings accommodating an estimated 900 residential units. The project is one of 24 plans that the real estate firm is currently either designing or tendering.

·      Contractors might have to wait another year before Saudi’s Neom project to be the region’s largest project in terms of contracts, MEED reported. This comes as the project currently has contracts worth $1.8 billion at the tender stage and other contracts amounting to $875 million at the prequalification stage. 

·      Saudi Arabian clinics operator Myclinic has been awarded the build, own, operate, and transfer contract for the $100 million Al-Ula hospital project, MEED reported. The duration of the contract extends to 10 years, after which the asset will be handed over to the Royal Commission.

 


Egyptian pound devaluation boosted dollar revenues by 30%, CBE governor says

Egyptian pound devaluation boosted dollar revenues by 30%, CBE governor says
Updated 18 May 2022

Egyptian pound devaluation boosted dollar revenues by 30%, CBE governor says

Egyptian pound devaluation boosted dollar revenues by 30%, CBE governor says

RIYADH: Egypt boosted its dollar revenues by about 30 percent after it devalued its own currency in March, according to the governor of the country’s Central Bank.

Tarek Amer described the move as a “correction” at the time, as the Egyptian pound dropped to 18.17-18.27 against the dollar, having previously traded at around 15.7 pounds to the dollar since late 2020.

Speaking at the Arab Banking Conference in Cairo, Amer said the move has led to an increase in dollar revenues, although he did not clarify what these are, Asharq reported.

He added that the foreign currency liquidity’s rate of increase has reached 67 percent. 

The ratio of loans to deposits in the Egyptian banking system is currently around 48 percent, Amer said 

The devaluation of the pound came after weeks of pressure on the currency as foreign investors pulled out billions of dollars from Egyptian treasury markets following Russia’s invasion of Ukraine.


Texas-based electric motor maker Infinitum secures $80m to ramp up production: NRG matters

Texas-based electric motor maker Infinitum secures $80m to ramp up production: NRG matters
Updated 18 May 2022

Texas-based electric motor maker Infinitum secures $80m to ramp up production: NRG matters

Texas-based electric motor maker Infinitum secures $80m to ramp up production: NRG matters

RIYADH: On a macro level, the energy sector remains unstable as a result of the Russia-Ukraine war. Carbon emissions are anticipated to increase drastically should Europe replace all Russian gas imports.

On the other hand, the Czech Republic is still trying to find alternative sources of supplies in case Russia stops flows.

On a micro level, the UK’s Drax Group Plc is planning to double its capacity at a plant in Scotland. 

Meanwhile, Texas’ Infinitum Electric has received a significant investment from major energy firms that will help it ramp up production.

Looking at the bigger picture: 

·Should Europe replace 100 percent of Russian gas imports, up to 800 million tons of carbon dioxide equivalent could be released into the atmosphere over the span of one year, Reuters reported. This comes as such a decision will mean that coal will make a comeback consequently causing an increase in emissions. 

·The Czech republic’s industry ministry has announced that it intends to launch a new state energy trader in an attempt to strengthen energy security in the country as it drifts away from Russian supplies, Reuters reported. This comes as Russia halted supplies to Bulgaria and Poland which raised concerns about other European countries.

Through a micro lens:

·UK-based power generation business Drax Group Plc has announced that it plans to double its capacity at a plant in Scotland by adding a new hydropower station there, Bloomberg reported. The firm intends to make room for the new station by excavating part of a mountain residing in Scotland.

·Texas-based electric motor maker Infinitum Electric has secured $80 million in investments from multiple energy giants, Bloomberg reported. 

The amount will be utilized in helping the firm bolster its production. This comes as motors are projected to drive an estimated 30 percent of industrial electricity demand growth by 2040, according to analysts from UK’s multinational professional services network Deloitte.