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UAE, Italy, And Albania Forge $1B Deal For Subsea Renewable Energy Link Across The Adriatic

by THEFUTURE.TEAM

January 20, 2025

A landmark agreement worth $1 billion has been signed between the UAE, Italy, and Albania to construct a subsea interconnection that will facilitate the transfer of renewable energy across the Adriatic Sea.

The Clean Energy Agreement

The deal, which was signed by COP28 President Sultan Al Jaber, Italy’s Environment Minister Gilberto Pichetto Fratin, and Albanian Deputy Prime Minister Belinda Balluku, was announced during Abu Dhabi Sustainability Week. It represents a strategic collaboration aimed at advancing cooperation in renewable energy and energy infrastructure across the Mediterranean.

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The agreement outlines significant projects, including large-scale renewable energy initiatives in Albania, focusing on solar photovoltaics, wind, and hybrid systems with potential for battery storage. The clean energy produced will be transmitted to Italy, marking a significant milestone in energy collaboration. The deal will also include the creation of a cross-border electricity interconnection linking Albania and Italy.

Leveraging Resources For Sustainable Development

Al Jaber highlighted that the deal will combine UAE’s expertise in renewable energy, Albania’s rich natural resources, and Italy’s advanced energy market to facilitate the development and sharing of renewable energy across the region.

The signing ceremony took place in the presence of UAE President Mohamed bin Zayed Al Nahyan, Italy’s Prime Minister Giorgia Meloni, and Albanian Prime Minister Edi Rama. This partnership aims to enhance energy security, foster sustainable development, and accelerate the transition to clean energy in the Mediterranean region.

A Step Toward Energy Cooperation In The EU

This agreement strengthens Italy’s collaboration with Balkan nations, aligning with EU energy goals. According to Balluku, Albania’s abundant natural resources are expected to not only contribute to the green energy transition but also create long-term economic opportunities and job growth.

The deal follows the establishment of a joint venture (JV) between Masdar and Albania Power Corporation last November at COP29, focused on the development of renewable energy projects in Albania. These projects will feature solar, wind, and hybrid energy solutions with integrated battery storage.

Further Strategic Partnerships And Investments

In related news, last December, Emarat Petroleum and Lootah Biofuels, both UAE-based companies, signed a Memorandum of Understanding (MoU) aimed at reducing greenhouse gas emissions and advancing the UAE’s National Biofuels Policy. The partnership focuses on expanding the collection network for used cooking oils to be processed into biodiesel, with Emarat’s retail stations serving as collection points.

Meanwhile, Masdar announced plans for a $6 billion project to build a solar and battery energy facility capable of generating 1 gigawatt (GW) of clean energy. This project, in collaboration with the Emirates Water and Electricity Company, will feature 5 GW of solar capacity and 19 GWh of storage, ensuring a steady supply of 1 GW of electricity.

This $1 billion subsea renewable energy deal marks a significant step forward in the global transition to clean energy, reinforcing cooperation between the UAE, Italy, and Albania in addressing climate challenges and driving sustainable economic growth.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

by THEFUTURE.TEAM

March 13, 2025

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

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Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.