Category: Industry

DUBAI: Dubai Electricity and Water Authority (DEWA) released a thought leadership paper on climate resilience at the Mohammed bin Rashid Al Maktoum Solar Park.

The paper, which was developed by DEWA in cooperation with Marsh, a global risk advisor and part of Marsh McLennan Group, demonstrates the methods and mechanisms implemented by DEWA to ensure continuous climate resilience at the solar park. The methods aim to mitigate the effects of climate change and effectively handle different scenarios and risks that may occur over the following decades.

The paper was released during a discussion session titled ‘Risk to Resilience: Adapting to Climate Challenges’.

During the session, DEWA and Marsh presented the findings of the study and highlighted DEWA’s efforts to ensure the highest levels of readiness and current and future climate risk management. The session also underscored DEWA’s efforts to enhance the resilience of the power and water sectors and constantly develop its proactive risk management capabili
ties. This enhances DEWA’s growth and prosperity and consolidates its position as one of the best utilities in the world.

Saeed Mohammed Al Tayer, MD and CEO of DEWA, said, “We follow the wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to turn challenges into opportunities and realise the National Climate Change Plan of the UAE 2017-2050 to improve the capacity of adaptation to climate change. DEWA is constantly developing its effective risk management capabilities. At DEWA, we adopt the best corporate resilience and agility practices within a comprehensive system of integrated corporate work that covers all activities and operations. This increases efficiency and productivity as well as encourages creativity and innovation.”

‘DEWA is implementing several globally leading projects to accelerate the transition to clean and renewable energy, reduce greenhouse gas emissions, and build a sustainable future in Dubai. This is in line with t
he Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aims to provide 100 percent of the energy production capacity from clean energy sources by 2050. The paper focuses on the most notable of these projects, which is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. The solar park has a planned production capacity of 5,000MW by 2030, using photovoltaic panels and concentrated solar power (CSP), with total investments of AED50 billion. When completed, the solar park will reduce more than 6.5 million tonnes of carbon emissions annually. The total capacity of the solar energy projects commissioned at the solar park has reached 2,627MW,’ Al Tayer added.

Ayman El Hout, Chief Executive Officer, Marsh McLennan UAE, commented, ‘Working with DEWA, Marsh McLennan is proactively assessing climate risks across the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, to help shape fu
ture adaptation plans and turn the challenges of climate change into opportunities for further growth and development. We are confident this work will help build the foundations for an innovative approach to climate resilience, which will enable communities to adapt and thrive in the face of climate change and its direct and indirect impact.”

DEWA pioneered the development of several world-leading standards in cooperation with the British Standards Institution (BSI). These include the Business Agility Concept and Framework (PAS 1000:2019), the first-of-its-kind global guide for business agility. DEWA has also developed the PAS 60518 Enterprise Risk Resilience Management standard for the utility sector, the first of its kind in the world. It is a reference for utilities and a key enabler for advancing risk management and resilience, ensuring business continuity and handling emergencies as competently and efficiently as possible.

In 2020, DEWA developed a comprehensive Climate Change Resilience Plan to ensure
the resilience of the power and water sector of the emirate of Dubai. DEWA’s Climate Change Resilience Plan identifies detailed existing mitigation measures, preventive controls and future resilience actions that address the potential impacts of various climate change drivers on its business and operations.
Source: Emirates News Agency

ABU DHABI: The Abu Dhabi Securities Exchange (ADX) saw two large direct deals executed on the stock of Alpha Dhabi Holding PJSC today.

According to market data, the trade was executed on 139.1 million shares worth AED3.597 billion at a price of AED25.86 per share.

Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company’s stock or the price index. They also do not affect the highest and lowest prices that were executed during the session and during the last 52 weeks.
Source: Emirates News Agency

ABU DHABI: Abdulla bin Touq Al Marri, Minister of Economy, and Martin Kocher, Austrian Minister of Economy and Labour, chaired the UAE-Austria Joint Economic Committee, which was attended by several representatives from both countries’ government and private sectors.

Abdullah Al Saleh, Undersecretary of the Ministry of Economy, and Florian Frauscher, Director General of Economic Affairs, Innovation, and International Policy at the Austrian Ministry of Economy and Labour, signed the minutes of the session.

The Joint Economic Committee was held in Dubai, to strengthen cooperation and forge partnerships between the two countries in the fields of trade, investment, tourism, AI, technology, green energy, logistics, infrastructure, and vocational training in the near future.

Bin Touq affirmed that the bilateral relations between the UAE and Austria are strategic, marked by continuous development on various fronts. This can be attributed to the forward-thinking vision of both leaderships to continually develop th
e bilateral partnership by capitalising on emerging opportunities.

The Minister of Economy said, “The UAE-Austria Joint Economic Committee is a new milestone in strengthening our bilateral economic ties and fostering collaboration across mutually beneficial sectors. It also aims to explore promising opportunities in both countries’ markets. The convening of this session aligns with the UAE’s strategic plans to boost economic openness and enhance its economic standing in international markets following the ‘We the UAE 2031’ vision to make the country a global partner and an attractive, influential economic hub.”

During the committee meeting, the UAE side highlighted key economic developments and policies in the country, including amendments to the Commercial Companies Law and updates to residency systems aimed at boosting and supporting the private sector, enhancing the competitiveness of the business environment, and expanding its growth prospects.

In this regard, Bin Touq invited the Austrian private sect
or to explore the UAE’s markets and take advantage of the benefits and incentives provided by its business environment.

In return, the Austrian delegation invited the UAE side to attend the ‘Invest in Austria’ conference, scheduled to be held in February 2024, encouraging Emirati companies to benefit from the investment opportunities it offers and learn about the vital sectors in the Austrian markets.

The committee deliberated on new strategies to sustain collaborative efforts and bolster economic cooperation at both the governmental and private sector levels. It underscored the crucial role of the private sector in enhancing economic cooperation between the two nations, ensuring comprehensive support for exporters and importers to facilitate the expansion and diversification of trade in both goods and services.

Additionally, it discussed the establishment of new communication channels between the Emirati and Austrian business communities to solidify the economic and commercial ties between the two countri
es.

The UAE is Austria’s top GCC trading partner and the second largest in the Arab world, accounting for 43 per cent of Austria’s trade with GCC countries and 16 per cent with Arab nations. Moreover, Austria ranks 10th among the UAE’s trading partners in the EU.

Other high-level officials who attended the JEC from the UAE side include Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Sector at the Ministry of Economy.

Eva Landrichtinger, Secretary-General of the Austrian Ministry of Economy and Labor; Paul Rockenbauer, Head of the Office of the Austrian Minister of Economy and Labor; and Daniel Kreuzhuber, Senior Advisor for European Union and International Affairs to the Austrian Minister of Economy and Labor, also attended the session.
Source: Emirates News Agency

DUBAI: DIFC Innovation Hub, home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, concluded its annual flagship Investor Day, with over 500 people attending the event, including key figures from the investor community and finalists of the ninth edition of the FinTech Accelerator Programme and the seventh edition of AccelerateHer.

The event was attended by Essa Kazim, Governor, DIFC, and Arif Amiri, Chief Executive Officer, DIFC Authority, who actively engaged with speakers, investors and entrepreneurs.

Delivering the opening keynote, Mohammad AlBlooshi, Chief Executive Officer, DIFC Innovation Hub, said, ‘The FinTech Accelerator Programme has a phenomenal track record of empowering start-ups by helping them to transform their ideas into products and offerings unique to the financial market. The solutions showcased this year are some of the best we have seen within the industry and we congratulate these pioneers on successfully completing the
ir programmes. We have numerous success stories to share, with over 200 start-ups graduating from our programme that have collectively raised over USD 600mn in funding. In 2023, the programme also saw a record-breaking number of participants with over 700 applicants for a single cohort, out of which 19 start-ups graduated. We wish them every success as they continue to innovate and push boundaries.’

The keynote was followed by a panel discussion on the ‘Future of Investment: Tech Investment Trends in the Region’ including industry thought leaders such as Sharif Elbadawi, CEO of Dubai Future District Fund, Khaled Talhouni, Managing Partner of Nuwa Capital, Khaled Lababidi, Operating Partner at Arbor Ventures, moderated by Saqr Ereiqat, Co-founder Crypto Oasis.

The event served as a ‘graduation day’ for 19 start-ups from the FinTech Accelerator Programme – with a record-breaking 20+ proof-of-concepts created – and 10 women financial services professionals from AccelerateHer who showcased their business plans
and enhanced skillset, having been mentored by some of the region’s leading banks and insurance companies.

This year, AccelerateHer participants received endorsement and mentorship from Dubai Islamic Bank, whereas the FinTech Accelerator Programme was supported by Abu Dhabi Islamic Bank (ADIB), Abu Dhabi National Insurance Company (ADNIC), Emirates NBD, Emirates Post Group (EPG), HSBC, Mauritius Commercial Bank (MCB), Visa and Zurich.

DIFC is home to over 800 FinTech and Innovation companies who are unlocking the future of finance. Innovative start-ups including, Norbloc, Sarwa, Tarabut gateway and Zywa have graduated from accelerator programmes by the DIFC Innovation Hub.
Source: Emirates News Agency

DUBAI: The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) announced today a partnership aimed at exploring how to further develop policy and regulatory responses to support and enable climate finance in the Middle East and Asia.

Building on the long-standing relationship between the Dubai International Financial Centre (DIFC) and the HKMA, this new partnership aims to bolster cross-border collaboration to advance sustainable finance across the two regions and contribute to the net-zero transition.

The DFSA and the HKMA have collaborated on numerous fronts, including fostering and supporting innovation in their respective markets. In December 2017, the DFSA signed a Cooperation Agreement with the HKMA to collaborate on financial innovation.

The flagship initiative of this partnership is the upcoming Joint Climate Finance Conference, set to take place in Hong Kong in autumn 2024. This event will explore common opportunities and challenges in accelerating the flow of tra
nsition financing in the Middle East and Asia. Discussions are expected to focus on the role of supervisors and central banks in facilitating sustainable capital flows, how best to leverage frameworks and existing and innovative green financing solutions (ranging from debt to carbon markets), and the importance of robust international cooperation to effect climate action globally.

The Joint Climate Finance Conference will align with the commitments driven by the UAE’s Presidency of COP28 and leverage Hong Kong’s role as a leading green and sustainable finance hub in Asia.

Ian Johnston, Chief Executive of the DFSA, said, ‘The DFSA is delighted to strengthen our cooperation with the HKMA, reinforcing our shared commitment to promoting sustainable finance across the Middle East and Asia. This strategic partnership will continue to support our efforts to enable a thriving sustainable financial centre in the DIFC and to support the UAE’s focus on sustainable development and ongoing net-zero transition.’

Eddie Y
ue, Chief Executive of the HKMA, added, ‘Climate change knows no boundaries. It requires joint actions across regions and sectors to tackle. We are excited about this new project with the DFSA, which provides a platform for more regular knowledge sharing and collaboration between the Middle East and Asia on the important subject of sustainable finance.’

The joint effort between the DFSA and the HKMA stands as a beacon of commitment to sustainable finance, poised to make a lasting impact on the financial landscape of the Middle East and Asia. Together, both regulatory bodies forge ahead, championing a future marked by responsible financial practices and a global transition to a net-zero economy.
Source: Emirates News Agency

DUBAI: In a pivotal development at the 2023 United Nations Climate Change Conference (COP28), the Global Stocktake on December 13 emphasized the critical role of nature and ecosystems in the global strategy against climate change. This landmark decision, championed by Razan Khalifa Al Mubarak, the UN Climate Change High-Level Champion for COP28, marked a significant turning point in the inclusion of biodiversity and natural environments in climate action discussions.

The decision marks a pivotal moment, solidifying a global consensus on the integral role of nature in climate action. It underscores the need to harness the inherent power of ecosystems, such as forests, oceans, mountains, and the cryosphere, in mitigating climate impacts and enhancing resilience. This approach aligns with the concept of ‘living in harmony with nature’, a principle deeply rooted in the practices and beliefs of Indigenous Peoples and local communities worldwide.

Razan Al Mubarak, the UN Climate Change High-Level Champion for COP
28 emphasised, “COP28 has been instrumental in cementing the role of nature in our climate change discourse. The inclusion of nature in the outcomes of the Global Stocktake is not only a testament to our collective understanding of nature’s dual role as a victim and a vital solution to climate change but also signals a major shift towards embracing and actioning nature-based solutions. By protecting, conserving, and restoring our natural ecosystems, we are taking a decisive step towards a sustainable and resilient future.’

Adding to this, Grethel Aguilar, IUCN’s Director General, stated: “IUCN welcomes the strong recognition of the contribution of nature in the formal outcomes of the Global Stocktake. We believe that alongside a rapid and just energy transition, investing in healthy ecosystems and nature-based solutions is critical to keeping the 1.5°C goal alive. Nature will deliver powerful adaptation and mitigation benefits provided we take ambitious action towards decarbonizing our economies and societie
s.”

The Global Stocktake also referenced the Kunming-Montreal Global Biodiversity Framework, emphasizing the importance of conserving biodiversity and ensuring social and environmental safeguards. This acknowledgment reinforces the need for enhanced support and investment in halting and reversing deforestation and forest degradation by 2030, in line with the Paris Agreement and the objectives of the Kunming-Montreal Framework.

Manuel Pulgar-Vidal, former COP20 President and the Champion for the Action Agenda for Nature as part of the Convention on Biological Diversity, remarked: “The Global Stocktake’s integration of the Kunming-Montreal Global Biodiversity Framework is a momentous step in recognizing the inseparable bond between biodiversity and climate health. As the former COP President and Champion for the Action Agenda for Nature, I see this as a pivotal alignment in our global efforts to address the twin crises of climate change and biodiversity loss, driving forward a whole of society agenda that res
pects and harnesses the power of nature in our climate action strategies.”

The Stocktake acknowledges the urgent need to address climate change and biodiversity loss in tandem, aligning these efforts with the Sustainable Development Goals. It highlights the vital importance of nature and ecosystems in effective and sustainable climate action.

This Global Stocktake notably aligns with the COP28 Joint Statement on Nature, Climate and People, a landmark joint declaration by the United Arab Emirates, in its role as the UNFCCC COP28 Presidency, and the People’s Republic of China, serving as the CBD COP15 Presidency. This collaborative statement, signed by 18 countries, highlights the urgent need to address the intertwined challenges of climate change, biodiversity loss, and land degradation. It underscores the profound risks these issues pose to ecosystems and livelihoods across the globe, reaffirming commitments to integrated approaches across key international frameworks. Focused on sustainable land and ocean
management, the Statement stresses these as crucial factors in bolstering climate resilience and promoting sustainable development. This partnership exemplifies a united front, reinforcing our global determination to enhance the effectiveness of climate action through robust partnerships and coalitions.

Further, the decision emphasizes the conservation, protection, and restoration of nature and ecosystems, including through efforts to halt and reverse deforestation and forest degradation by 2030. It also recognizes the role of terrestrial and marine ecosystems as carbon sinks and reservoirs and the importance of conserving biodiversity.

In addition, the decision invites Parties to preserve and restore oceans and coastal ecosystems and to scale up ocean-based mitigation actions where appropriate. This reflects a growing awareness of the oceans’ role in climate regulation and the need to protect marine biodiversity.

This decision, encouraged by Razan Al Mubarak’s advocacy and supported by organizations like
IUCN and leaders such as Manuel Pulgar-Vidal, represents a significant step in integrating nature-based solutions into global climate action, reflecting a growing understanding of the interdependence of ecological health and climate stability.

On December 2, at the start of the COP28 World Climate Action Summit, Ms. Al Mubarak announced a groundbreaking financial commitment of US$2.5 billion in Nature Conservation Finance. This funding is a testament to the global community’s dedication to integrating nature conservation with climate action strategies, focusing on the preservation and restoration of forests, mangroves, land, and ocean ecosystems. As part of this, the United Arab Emirates pledged US$100 million in new finance for nature-climate projects. This pledge includes an initial US$30 million investment in Ghana’s ‘Resilient Ghana’ plan, highlighting the UAE’s commitment to championing nature-based solutions for climate resilience and biodiversity preservation.
Source: Emirates News Agency