CBUAE revokes licence and registration of Cogent Insurance Broker


ABU DHABI: The Central Bank of the UAE (CBUAE) has revoked the licence of Cogent Insurance Broker (Cogent), an insurance broker operating in the UAE, and struck its name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of 2013 Concerning Insurance Brokerage Regulations.

The administrative sanction is a result of the findings of an examination conducted by the CBUAE, which revealed that Cogent had a weak compliance framework and failed to comply with its regulatory obligations.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance related professionals abide by the UAE laws, regulations and standards adopted by the CBUAE. This to safeguard the transparency and integrity of the insurance industry and the UAE’s financial system.
Source: Emirates News Agency

UAE Ministry of Finance to join G20 Finance Track under Brazil’s presidency


BRASILIA: The UAE Ministry of Finance (MoF) will participate in the Finance Track of the 2024 Group of 20 (G20), following an invitation from the Federative Republic of Brazil who assumed the presidency of the G20 on 1st December 2023, and will host the G20 Summit in Rio de Janeiro on 18-19 November 2024.

Brazil’s invitation is testament to the long-standing bilateral relations between the UAE and Brazil.

The Ministry’s engagement in the Finance Track commences with the G20 Finance and Central Bank Deputies (FCBD) meeting scheduled for 14th to 15th December 2023 in Brasília, which will discuss the G20 Finance Track priorities set by Brazil’s Presidency.

The meeting will be preceded by a Joint Sherpa and Finance and Central Bank Deputies meeting, which will bring together the Sherpa and Finance Tracks to discuss topics related to hunger, climate change, and bioeconomy.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, expressed his gratitude for Brazil’s invitation to participate in the G2
0 Finance Track.

He said, ‘We applaud the Presidency’s agenda of reducing social and economic inequalities around the globe with its motto – building a just world and a sustainable planet. These are critical issues, and it is timely that the international community prioritises them in international forums in the coming year. The UAE Ministry of Finance is aligned with the Finance Track priorities, and we are ready to work on its key issues, such as improving international financial institutions, addressing persistent debt burdens, and effectively mobilising public and private resources towards a more sustainable global economy.’

During the course of its participation in the G20 Finance Track, the Ministry of Finance has consistently advocated for building resilience in global supply chains and multilateral collaboration in the Framework Working Group. As a global hub, the UAE plays a leading role in strengthening international partnerships and promoting international economic and financial cooperation in li
ne with the Ministry of Finance’s objectives set out in its Strategic Plan 2023-2026, and the ‘We the UAE 2031’ vision.

As the COP28 Presidency, the UAE has sought to address the macroeconomic impacts of climate change by building bridges between the G20 and COP28.

The UAE has highlighted issues that affect vulnerable countries such as heavy debt burdens which affects their ability to invest in sustainable development.

In this context, Al Hussaini congratulated Brazil on being selected to host COP30, the first COP ever to be held in the Amazon region.

He extended the UAE Ministry of Finance’s readiness to share its experience to help shape the climate finance-related agenda.
Source: Emirates News Agency

Youth 4 Sustainability Forum empowers youth leadership in climate action


Dubai: Youth 4 Sustainability (Y4S) – the UAE’s premier youth empowerment platform on sustainability – hosted an insightful programme of empowering discussions and speeches at the Y4S Forum at COP28.

Held under the patronage of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the Y4S Forum opened with a Youth Circle with Chairman of the Abu Dhabi Department of Energy Awaidha Murshed Al Marar who encouraged the young audience to reflect on the three major factors affecting energy supply – the environment, affordability and security of supply – and emphasised the importance of balancing these factors.

Masdar Executive Director of Brand and Strategic Initiatives, and Y4S Programme Director Dr. Lamya Fawwaz, said, ‘The Y4S Forum at COP28 played a critical role in promoting meaningful, youth-led sustainable development and climate action. By providing a voice for young people, the Forum showcased the vital role of youth in addressing c
limate change and brought together leading industry speakers and panelists to inspire and empower the next generation of change makers and innovators to become the sustainability leaders of tomorrow.’

The wide-ranging panel discussions included the role of Y4S in climate action, the impact of start ups, and the role of youth as climate policy advocates. Among those speaking at the Y4S Forum, Tom Simmons, CEO of Supplant, described how the company addressed some of the big health and climate issues by taking the most abundant and discarded parts of crops, transforming them into natural replacements for refined sugar and starch.

Esther Wanjiru Kimani, Founder Managing Director at Farmer Lifeline Technologies in Kenya, described how the company had developed the first-ever solar-powered AI-based crop pest and diseases detection devices that can improve farm yields by at least 40 percent.

Shaikha Al Zaabi, Vice President Youth Council, Mubadala, stressed the importance of investing in projects and initiatives
to help build a better future for the planet and find solutions for climate change.

Further panel discussions were devoted to the subjects of investment in green technologies, the circular economy and sustainable practices, concluding with a Sustainable Innovation Workshop and networking event.

Y4S aims to empower young sustainability leaders by connecting them with policymakers, entrepreneurs, and technology pioneers. Y4S will continue leading sustainability-focused events and activities for youth during COP28 and beyond, providing the next generation with education, leadership training, and opportunities to take tangible climate action.
Source: Emirates News Agency

UAE Consensus sends a signal to the world of choosing life and solidarity, says Brazil’s Minister of Environment and Climate Change


DUBAI: Following the historic agreement signed during COP28 in Dubai, Marina Silva, Brazil’s Minister of Environment and Climate Change, emphasised the moment as a strengthening of the world’s multilateral process.

“The issue of loss and damage is a demonstration of all this”, said the Brazilian Minister in an interview with WAM. “This agreement sends a signal to the world of choosing life, choosing solidarity, choosing work because things don’t happen by magic,” Marina Silva added.

Reflecting on the details of the COP28 outcome, the Minister states that the final accord allows for thinking about sustainable development. “The decisions made here, as a starting point, are the basis for initiating investments that will be incomparably more enduring because they are aligned with nature,” explained the Minister.

Marina Silva also praised the work of the COP28 presidency, classifying it as “unifying’. The Minister highlighted the collaboration between the United Arab Emirates and Brazil in organising climate co
nferences, as the COP30 will be held in 2025 in the Brazilian city of Belém, in the Amazon region.

Looking ahead, Brazil’s Minister of Environment and Climate Change explained what she expects from the event. “I think COP30 will set ambitions, NDCs [Nationally Determined Contributions], according to the Mission 1.5, and an issue that no one talks about, it is not just adapting, it is not just mitigating, it is also transforming. And we leave here with this strong signal to governments, the productive sector, investors that what we are doing here is a great transformation,” expressed Marina Silva.

As host of COP30, the Brazilian Minister said that Brazil is already advancing in its goals to curb climate change. “What I would like to see, let’s say we are already doing it, obviously, is to have a zero-deforestation agenda by 2030 – currently in the process of achieving this goal — as we are already doing now, with a 50 percent reduction in the eleven months of President Lula’s government,” said Silva.

For B
razil’s Minister of Environment and Climate Change, the climate crisis is urgent, and responses to curb global warming need to happen immediately. “After thirty years, there is no more postponing actions. After thirty years, beyond ambitions, it is necessary to make it clear what our commitments are. What will make a difference is the commitment,” Marina Silva affirmed.

“I think humanity is capable of surprising itself when faced with extreme situations. And we have reached the extreme point of the climate crisis, and we are certainly leaving here with the hope that, even if it’s the foundation, we will build something grand on these foundations,” concluded the Brazilian minister.

GLOBAL FIGURE

As COP28 ended, Nature Magazine, the world’s leading science journal, first published in 1869, named Marina Silva one of the ten people who helped shape science in 2023. The magazine calls Marina the Amazon Protector, “the Brazilian politician who turned the tide on deforestation” – as it highlights the simple origi
ns of Marina, born in 1958 in the heart of the Amazon region in a low-income family of 11 children.

Nature explains that Marina Silva delivered a hopeful message last August in a year with bad environmental news – such as record global warming, heatwaves and fires. “Brazil’s environment and climate-change Minister announced that there had been a 43 percent drop in deforestation alerts on the basis of satellite images of the Amazon rainforest between January and July 2023, compared with the same period in 2022.” The announcement, says Nature, marked a sharp shift from the previous four years, which had registered a rise in such alerts.

Last November, Time Magazine chose Marina Silva as one of the 100 Most Influential Climate Leaders in Business for 2023. The publication also highlighted Marina Silva’s work in building climate resilience and limiting deforestation.
Source: Emirates News Agency

Green and sustainable financing on upward trajectory: UAE Banks Federation Director-General


DUBAI: Jamal Saleh, Director-General of the UAE Banks Federation, said that the total amount of green and sustainable finance in the country will grow significantly by the end of this year, with increased demand for financing large and innovative projects in the sustainability sector across the UAE and the region.

In a statement to the Emirates News Agency (WAM), Saleh noted that the financing provided by UAE banks is not limited to local projects, but also includes sustainable projects in other countries.

He explained that last year, green financing provided by 6 UAE banks exceeded AED 190 billion, allocated to fund a variety of projects in renewable energy, waste-to-energy, and green technology.

Saleh explained that the strong growth in sustainable financing is the product of initiatives and directives from the Central Bank of the UAE (CBUAE) to promote green and sustainable financing, with sustainability set as one of its strategic priorities. It has also launched a number of initiatives that define the
frameworks to ensure compliance with environmental, social, and governance (ESG) standards, he continued.

He explained that under CBUAE’s directives and general policies, the UAE Banks Federation is working to support the banking and financial sector in its drive to develop sustainable banking solutions in line with the UAE’s strategy to reduce emissions and achieve net zero by 2050, and the UN Sustainable Development Goals.
Source: Emirates News Agency

ADCB announces sale of 80% stake in Abu Dhabi Commercial Properties to Nine Yards Plus Holding


ABU DHABI: Abu Dhabi Commercial Bank (ADCB) has signed an agreement to divest 80 percent stake in its wholly owned property management subsidiary Abu Dhabi Commercial Properties (ADCP) to Nine Yards Plus Holding, a real estate subsidiary of EIH Ethmar International Holding (EIH).

The transaction values Abu Dhabi Commercial Properties at AED 591 million and the Bank will register a gain of approximately AED 490 million subject to closing conditions before the end of December 2023.

The sale of the majority stake, while unlocking significant value for shareholders, aligns with ADCB’s strategy to focus on the expansion of its core banking businesses and provides a strong strategic platform for further growth of ADCP.

ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.

Ala’a Eraiqat, Group Chief Executive Officer of ADCB, commented, ‘ADCB is proud to have built ADCP into a major property management services provider. This transa
ction unlocks substantial value for ADCB shareholders, while ensuring that ADCP is well positioned to achieve further growth through our strategic partnership with Nine Yards Plus. I would like to take this opportunity to express appreciation to ADCP’s clients, employees and business partners for supporting the continued success of the company.’

Ali El Gebely, Managing Director and Group Chief Executive Officer of EIH, added, ‘We are delighted to announce the acquisition of a majority stake in ADCP, a market leader in property management services in Abu Dhabi. ADCP will complement the ambition of Nine Yards Plus to be at the forefront of shaping future lifestyles in the UAE and wider region. We look forward to continuing our partnership with ADCB to further develop this platform to create further value and provide premium service to our clients.’

Source: Emirates News Agency