Category: Industry

DUBAI: Mohamed Karam, Regional Director of InSInkErator, a subsidiary of Whirlpool Corporation, affirmed that the 28th UN Climate Change Conference (COP28) has set itself apart as a global platform that highlights the environmental, economic, and social impacts of climate change, noting its significance in delivering possible strategies and solutions, and clear and effective policies to adapt to climate change and mitigate its impact.

The UAE’s hosting of the event as a major stride in its journey of global excellence and leadership in sustainability and climate action, Karam told the Emirates News Agency (WAM) on the sidelines of COP28, highlighting the country’s unique approach to hosting the event in combining action with innovation and technology.

He noted that COP28, besides gathering industry specialists and leaders to drive collective climate action, enables the exchange of expertise and best practices between countries and organisations, in addition to offering sessions, workshops, and discussions t
hat cover a variety of topics such as innovation in the field of renewable energy, sustainable development strategies, climate finance, and challenges facing local communities and indigenous people.

The InSInkErator Regional Director said that the conference provided their company with an ideal opportunity to showcase its programmes and tools designed to raise environmental awareness among school students and educators, as well as its corporate programmes that target limiting waste and carbon footprints.
Source: Emirates News Agency

ABU DHABI: The UAE and Australia have agreed to launch negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) to enhance trade and investment flows between the two countries. Once concluded, the bilateral trade deal will be Australia’s first with a country in the Middle East and Africa region.

The announcement builds on growing economic relations between the UAE and Australia, with bilateral non-oil trade reaching US$4.5 billion in 2022, an increase of 28 percent as compared to 2021 and almost double the total recorded in 2020. In 2022, the UAE served as Australia’s leading trade partner in the Middle East and its 19th-largest export partner globally.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, ‘As the UAE extends its global trading network, Australia is a natural partner, with a mature, services-driven economy that is benefitting from a growing portfolio of free-trade partnerships with major trading blocs around the world. A UAE-Australia CEPA will create
a host of new opportunities for our private sector, in particular in logistics, food security, tourism, renewable energy and mining, with both nations benefitting from seamless access into important new regional markets.’

Al Zeyoudi noted that Australia has more than 300 businesses operating in the UAE in areas including building, construction, financial services, agricultural supplies and training services, and that a CEPA would enable greater opportunities across the UAE’s dynamic business ecosystem. The CEPA would also help to advance two-way investment into high-growth sectors such as real estate, healthcare, technology and logistics.

For his part, Don Farrell, Minister for Trade and Tourism for Australia, said, ‘A trade deal with the UAE will strengthen our relationship with one of our most important trading and investment partners in the Middle East.’

The UAE’s CEPA programme was launched in 2021 with the aim of doubling non-oil foreign trade to AED4 trillion by 2031. To date, the UAE has concluded d
eals with several major economies such as India, Indonesia and Trkiye, which has led to significant growth in the UAE’s non-oil trade. In H1 2023, the total value exceeded US$337 billion, representing growth of 14.4 percent compared to the same period in 2022 – and 3 percent more than H2 2022.
Source: Emirates News Agency

ABU DHABI: The Central Bank of the UAE (CBUAE) joined the ‘AFAQ’ Payments System, which is operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks.

AFAQ, a system linking payment systems in GCC countries, offers the service of executing financial transactions in local currencies to customers in the GCC countries in real-time with lower fees.

The joining of the CBUAE is in line with its strategic objectives of shaping the future of the UAE’s financial technology and digitisation journey through supporting innovation and payment systems initiatives, to provide secure and instant payment platforms, and enhance integration with the regional payment ecosystem.

Along with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services.

To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined “AFAQ”, in addition to a number of commercial
banks from the Kingdom of Bahrain, the Kingdom of Saudi Arabia and the State of Kuwait. The remaining GCC Central Banks and commercial banks will join in due course, in line with an agreed work schedule.
Source: Emirates News Agency

DUBAI: Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, “ROP Sukuk Trust”, underscoring the exchange’s reputation as the preferred choice for sovereign issuances.

The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due in 2029.

The debut listing solidifies the exchange’s standing as a premier global platform for financial listings and features the Philippines, one of Asia’s most active sovereign debt issuers, reflecting the confidence in Nasdaq Dubai’s advanced platform that focuses on offering a world-class listing venue to leading regional and global issuers.

The total value of sukuk issuances listed on Nasdaq Dubai now stands at US$85.11 billion, marking yet another achievement in Nasdaq Dubai’s journey towards expanding its role as a global centre for sukuk issuances.

Dubai is recognised as one of the world’s largest centres for sukuk issuances, with a total of US$87.61 billion, in alignment with
the government’s vision to become the international hub of the Islamic economy.

To commemorate the issuance, Secretary Benjamin E. Diokno of the Republic of the Philippines’ Department of Finance and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the market opening bell at Nasdaq Dubai.

Secretary Benjamin E. Diokno of the Republic of the Philippines’ Department of Finance said, “The listing of the ROP’s maiden sukuk issuance in Nasdaq Dubai affirms the Philippine Government’s commitment to further its ties with the Gulf Cooperation Council.

This marks a significant step towards enhancing the Islamic finance market in the Philippines, bearing in mind its importance in unlocking the potential of Southern Philippines and deepening economic ties with the Arab world.”

Hamed Ali, CEO of Nasdaq Dubai and DFM, said, “This issuance not only serves as an opportunity to deepen our ties with the Philippines but also marks a key milestone in our joint efforts to broaden Islamic capital markets.

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At Nasdaq Dubai, we focus on offering a world-class listing venue to leading regional and global issuers. We remain dedicated to streamlining the listing process for our issuers, ensuring it is seamless and efficient. Capitalising on a substantial and diverse investor base, Dubai’s capital markets offer unique exposure and access to both regional and international investors. We are committed to extending this partnership further to collectively achieve the full potential of our collaboration.”

With a total debt issuance value of US$127.41 billion, comprising US$42.30 billion in bond listings and US$85.11 billion in sukuk issuances, Nasdaq Dubai cements its position as a leading exchange for fixed-income listings.
Source: Emirates News Agency

DUBAI: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, called for approaching this COP with a different mindset and to be cooperative.

‘We have a text, and we need to agree on the text. The time for discussion is coming to an end. And there is no time for hesitation. The time to decide is now,’ COP28 President told representatives of all the countries that are signatories (or ‘Parties’) to the UNFCCC.

‘Yesterday I called the Change-makers Majlis and there was a new tone in the room and a new spirit of collaboration, openness, engagement, cooperation, and positivity. And I saw a new level of commitment, a new energy, and a new sense of commitment. I also saw a new sense of urgency.’

‘I saw people starting to come out of their comfort zones, and I saw them really engage with each other,’ he said, adding that ‘we must still close many gaps. We don’t have time to waste. We must deliver an outcome that respects the science and that keeps 1.5 within reach.’

‘When
I stood here in front of you as the newly elected president,’ he said, adding ‘I asked you to approach this COP with a different mindset and to be cooperative. And I also asked everyone to be flexible. You showed exactly that mindset and that flexibility by taking the historic step of operationalising the Loss and Damage on day one.’

Together, he continued ‘we have the opportunity to deliver history again. We can send a signal to the world that multilateralism does actually work, that this process can respond to what the science is telling us, that it can deliver for the most vulnerable, and keep 1.5 within reach.’

Dr. Al Jaber underscored the need for everyone to focus on closing out the toughest issues that continue to remain. ‘I need all parties to show even more flexibility to get us to the finish line. The world is watching. Let’s not rest until we get this done.’

He emphasised that progress has been made. ‘But we still have a lot to do. You know what remains to be agreed. And you know that I want you
to deliver the highest ambition on all items, including on fossil fuel language. If I can help, my door remains wide open to all of you. You have already shown what a different mindset and a flexible approach can deliver.’

He called for working much faster, much smarter. ‘We have no option but working together. We must work collaboratively, and we must work together. And we shouldn’t allow for anything to get in between the fact that we have all decided that we will stay laser-focused on our North Star. Let’s keep that focus on our North Star of keeping 1.5 in reach.’
Source: Emirates News Agency

DUBAI: Karen Ellemann, Secretary-General of the Nordic Council of Ministers, shared her expectations on a strong COP28 outcome after an ambitious and positive beginning.

The European official told the Emirates News Agency (WAM) on the sidelines of COP28 events that the outcome and initiatives of the past few days were encouraging, including operationalising the Loss and Damage Fund, adding that ‘there is still a lot of work to be done’.

She praised the inclusion of food security on the COP28 agenda, underscoring the importance of keeping all related topics on the discussion table at all times.

Nordic countries have a large environmental footprint, and therefore all Nordic governments have set very ambitious specific goals to allocate public funding, in cooperation with the private sector, for further advancements in the science and technology sectors, Ellemann explained.

She pointed out that the Nordic Pavilion at COP28 provided a platform to meet, exchange views and ideas, discuss, and gain knowledge.

T
he Nordic Council of Ministers and the Nordic Council are the main forums for official Nordic co-operation, which involves Denmark, Finland, Iceland, Norway, Sweden, the Faroe Islands, Greenland and Åland.
Source: Emirates News Agency