Category: Industry

DUBAI: Representatives from 197 countries, in addition to the European Union, at the COP28 on Wednesday approved the historic “The UAE Consensus” on climate change, which puts the world on the right track to protect humanity and the planet.
Source: Emirates News Agency

ABU DHABI: RESET, a UAE-based company specialising in energy and water-saving solutions through energy performance contracts and a subsidiary of International Holding Company (IHC), has forged a partnership with Mismak Properties for the Rimmal residential towers in Jaddaf, Dubai.

This collaboration marks a significant milestone in advancing sustainability efforts in the region and gathering momentum for sustainable urban development.

Scheduled for completion in Q2 2024, the project will engage RESET’s to affect a comprehensive overhaul of air-conditioning and swimming pool systems in the two towers, which include 336 apartments. This revamp will significantly reduce energy consumption and operational costs.

The company aims to achieve 18% energy savings through reduced electricity consumption, with a payback of around two years. The Rimmal residential towers have been operational since 2019.

Frederic Cantin, General Manager of RESET, said, “Our collaboration with Mismak Properties is a pivotal move in ou
r target to deliver over AED15 million in savings to our UAE-based clients over the next 12 months. This partnership also underscores our commitment to – and pursuit of sustainability and energy efficiency. As global concerns about climate change intensify, the demand for innovative energy-saving solutions is on the rise. Our tailored offerings bring commercial viable action, reflecting our dedication to creating a more sustainable future for the region.”

Jasim Ali Ali, CEO of Mismak Properties, said, “Our partnership with RESET to achieve substantial energy savings in our Rimmal residential towers presents us with an opportunity to contribute to the sustainability efforts in the UAE, bring value for stakeholders, and help build a greener tomorrow.”
Source: Emirates News Agency

DUBAI: The ‘Light + Intelligent Building Middle East’ exhibition for lighting, electrical engineering, and building technology will return from 16th-18th January at the Dubai World Trade Centre with 350 exhibitors, an 88% increase from last year.

Organised by Messe Frankfurt Middle East, the event is part of the international Light + Building brand and will be held under the theme, ‘Enlightened Futures: How responsibility will guide the future of buildings’.

Construction projects worth US$2.3 trillion are currently being planned or under development in the GCC region, which has led to significant growth in the lighting sector. Additionally, the region’s intelligent building market has grown considerably due to the increased demand for smart technologies, the emergence of 5G technology, and government initiatives.

‘The MENA region is witnessing a surge in demand for intelligent buildings, driven by growing awareness of the need for efficient and sustainable energy use and the reduction of CO2 emissions. At
the same time, the lighting sector in the region is experiencing considerable growth due to the booming construction industry in the Middle East,’ said Dishan Isaac, Show Director of Light + Intelligent Building Middle East.

The event will span three exhibition halls and cover 14,633 sqm, a 75% growth in exhibition space from last year. During the show, attendees can explore over 1,000 brands across six product sections, which include: ‘Technical Lighting’, ‘Electric Lamps and Components’, ‘Decorative Lighting’, ‘Architectural Lighting’, ‘Electrical Engineering’ and ‘Smart Home and Building Automation’.

Light + Intelligent Building Middle East will be held in conjunction with Intersec, the world’s leading trade fair for emergency services, security and safety, to create the MENA region’s leading trade fair for the building services industry.
Source: Emirates News Agency

DUBAI: Chris Bowen, Minister for Climate Change and Energy of Australia, confirmed that the 28th UN Climate Change Conference (COP28) culminated in a remarkable agreement to tackle climate change, congratulating the COP28 President on the achievement.

In a statement to the Emirates News Agency (WAM) on the sidelines of COP28, which saw the announcement of ‘The UAE Consensus’, Bowen highlighted the importance of this COP edition describing it as a step forward for the world.

He noted that the UAE can be very proud of the role it played in hosting COP28.
Source: Emirates News Agency

ABU DJABI: The Ministry of Economy (MoEc) held a media briefing to review the most prominent developments in legislation and policies designed to support and develop the UAE’s national economy.

These include the issuance of Federal Decree Law No. 15 of 2023, amending some provisions of Federal Law No. 6 of 2018 on arbitration, which aims to boost sustainable development in light of the objectives of the ‘We the UAE 2031′ vision.

Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, stated that the UAE government continues to develop the country’s economic legislation by establishing flexible and more efficient, progressive laws that enhance the attractiveness of its business environment. Thus, these efforts increase investor confidence in the local economy and enhance the UAE’s position as a permanent hub for trade and investment.

Al Saleh explained that the announcement of the issuance of Federal Decree Law No. 15 of 2023 amending some provisions of the Federal Law No. 6 of 2018 on arbitration is
a result of concerned efforts by all partners at the federal and local levels and partners from the various arbitration bodies in the country.

The Undersecretary said, “The Ministry of Economy recognises that the development of the economic regulatory and legislative environment; strengthening of the business environment and its governance; and the consolidation of innovation practices based on flexibility, proactiveness and future preparedness are the basic tools for enhancing the overall competitiveness of the UAE economy and supporting its prestigious position among the strongest economies in the world.”

He added, “The amendments to the Arbitration Law is one of these tools through which the Ministry aims to bring about a qualitative shift in the country’s business environment and support its knowledge-based economic model powered by new economy sectors. This will be achieved by developing an arbitration mechanism that boasts the highest levels of responsiveness, resilience, and economic and business dis
pute resolution in accordance with global best practices. It will support the sustainable growth of the national economy while ensuring the highest standards of transparency and fair competition.”

He noted that while preparing the draft amendment to certain provisions of Federal Law No. 6 of 2018 on arbitration, the Ministry of Economy took into account the views and observations of relevant stakeholders, including arbitration centres and institutions in the country, as well as arbitrators, who are key partners supporting the UAE’s development journey. This was done to develop an integrated legislation that addresses all challenges that stand in the way of creating an attractive environment for business and investments.

The Undersecretary of the Ministry of Economy highlighted the most prominent provisions and items addressed by the amendment, which are as follows:

Allows all arbitration work to be conducted through modern technological means or in tech communities as compared to the previous law, which l
imited the handling of modern technological means to meetings only.

Allows the appointment of an arbitrator who is a member of the Board of Directors or Trustees of the arbitration institution handling the case in accordance with regulations guaranteeing integrity and impartiality and avoiding conflicts of interest.

The regulations and conditions referred to therein require the arbitrator to not be a member or president of the arbitral tribunal, that the regulations of the arbitral institution concerned do not preclude this, and that the appointment, removal, recusal, and work of the arbitrator be regulated.

Introduces legal action against the arbitral institution and the arbitrator if the governance conditions referred to are violated, beginning with the invalidity of the arbitral award and civil compensation for the wronged.

Allows confidentiality of arbitral work unless otherwise agreed by the parties, as compared to the previous text, which restricted confidentiality to meetings only and does not
extend to the full coverage of arbitral works.

Authorises the parties’ agreement to arbitral proceedings, including subjecting these proceedings to the rules of any arbitral organisation or institution in or outside the country and granting the arbitral tribunal jurisdiction to determine them in the absence of an agreement that contradicts the fundamental principles of litigation and international conventions to which the country is a party.

Establishes arbitral institution’s discretion, which is not contrary to public order concerned with determining the rules of evidence to be followed in the absence of an agreement and the absence of evidence from the applicable law.

Grants the arbitral tribunal greater discretion in respect of statements, whether in terms of acceptance or assessment of their association with any fact, opinion, experience, time, method, or form for the exchange of such statements between the parties and how they are submitted to the arbitral tribunal.

He added that the amendments to
the Arbitration Law are in response to the request of the country’s arbitration institutions and centres to address a number of existing challenges that hinder the recruitment of competent international arbitrators and the formation of partnerships with international arbitral institutions, especially the permission to appoint the arbitrator as a member of the arbitral tribunal handling the case in the same arbitral institution or centre where the arbitrator is a member of the board of directors, board of trustees, or judgement.

In conclusion, the Undersecretary affirmed that these amendments are a new milestone in the economic, legislative structure designed to boost inward domestic and foreign investment flows and keep pace with the latest international trends in arbitration.

He pointed out that it will promote the UAE’s ranking as a leading hub in adopting forward-looking legislation, especially after permitting all arbitration work to be conducted via modern technological means or in tech communities.
So
urce: Emirates News Agency

DUBAI: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, lauded the success of the parties in delivering a comprehensive response to the Global Stocktake and all the other mandates, and finding a new way.

In his statement at the closing plenary of the 28th UN Climate Change Conference (COP28), Dr. Al Jaber said, ‘Together, we have confronted realities, and we have set the world in the right direction. We have given it a robust action plan to keep 1.5 within reach. It is a plan that is led by the science. It is a balanced plan, that tackles emissions, bridges the gap on adaptation, reimagines global finance, and delivers on loss and damage. It is built on common ground. It is strengthened by inclusivity. And it is reinforced by collaboration.’

He was referencing the landmark text named ‘The UAE Consensus’, to which the Parties agreed and which sets out an ambitious climate agenda to keep 1.5°C within reach. The UAE Consensus calls on Parties to transition away f
rom fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.

‘We have travelled a long road together in a short amount of time. Over the last two weeks, we have worked very hard to secure a better future for our people and our planet. We should be proud of our historic achievement. And the United Arab Emirates, my country, is rightly proud of its role in helping you to move this forward,’ the COP28 President continued. ‘It is an enhanced, balanced, but, make no mistake, historic package to accelerate climate action. It is the UAE Consensus.’

He added, ‘Many said this could not be done. But when I spoke to you at the very start of COP, I promised a different sort of COP. A COP that brought everyone together, private and public sectors, civil society and faith leaders, youth and indigenous peoples
. Everyone came together from day one. Everyone united, acted and delivered. We operationalised loss and damage and started to fill the fund. We mobilised more than US$85 billion in new financial commitments. We launched ALTÉRRA, the world’s largest catalytic private investor that is 100 percent focused on solutions to climate change. And we delivered world first after world first.’

‘A global goal to triple renewables and double energy efficiency. Declarations on agriculture, food and health. Many more oil and gas companies stepping up for the first time on methane and emissions. And we have language on fossil fuels in our final agreement. All of these are world firsts. And all of these are crucial actions that will help shape a better, cleaner world with greater, more equitable prosperity. And then we became the first COP to host a change-makers Majlis. And I felt that that was the turning point in our negotiations. You reconnected with your spirit of collaboration, you got out of your comfort zones and sta
rted speaking to each other from the heart. That… made the difference,’ Dr. Al Jaber affirmed.

“Now, we can truly say that we united, we acted, and we delivered. Friends, here let me sound a word of caution. An agreement is only as good as its implementation. We are what we do, not what we say. We must take the steps necessary to turn this agreement into tangible action. If we unite in action, we can have a profoundly positive effect on all our futures.

“And I mean all our futures. Because inclusivity has been the beating heart of this conference. It kept us going during the difficult days. You never gave up on the process, a process that was driven by solidarity, transparency and a willingness to listen. And everyone has been heard, from indigenous peoples, to global youth, to the Global South. As a result, we have delivered a paradigm shift that has the potential to redefine our economies.”

“We have reframed the conversation around climate finance. We have integrated the real economy into climate action.
And we have moved to a new mindset, where solutions to the climate challenge become the drivers of a new economic age.

‘It has been a personal privilege for me to have the opportunity to guide this conference. I am humbled by the commitment I have seen and the unwavering efforts I have witnessed. I would like to express my deepest gratitude to all who made this happen. To every country who came and made this COP a success, I say thank you. To every single participant, everyone I met in this special place, I say thank you. You have come in record numbers, you care deeply about the future of this wonderful planet… and so do I. And to you, the delegates, who met me at 4 and 5 am, I also say thank you. And allow me to take this opportunity to express my deepest respect and gratitude to President His Highness Sheikh Mohamed bin Zayed Al Nahyan. I am deeply grateful for his confidence, guidance and constant support. I hope we made you proud.’

The COP28 President noted that the UAE has shown that it can deliver on
the global stage for the benefit of the planet and its people.

‘We have helped restore faith and trust in multilateralism,’ he said. “And we have shown that humanity can come together to help humanity. Our task was to build on the foundations that others have laid for us. And I tell you, what we have built together will stand the test of time. Future generations may not know your names, but they will owe every single one of you a debt of gratitude.

‘We leave Dubai with our heads held high. And our work goes on. In unity and solidarity, we will walk the new path that the UAE Consensus has set for the world. Together, we will follow our North Star. We will follow it from here to Baku and from Baku to Belem. And together, we will secure the future of this beautiful planet for the many generations to come.’

‘And let me finish by saying this. I hope that the spirit of partnership, inclusivity and peace that has welcomed you here in the UAE goes with you from this place, and lives on for the good of all humanity
,’ Dr. Al Jaber said, in conclusion.
Source: Emirates News Agency