Sustainability Arab Coordination Group announces $50bn for Africa The Arab Coordination Group, made up of regional and international development institutions, has allocated $50 billion to advance sustainable development in Africa through to 2030. The funding was announced at the Saudi-Arab-African Economic Conference in Riyadh and further discussed at a panel arranged by the Saudi Fund for Development on Sunday on the sidelines of […] December 11, 2023
Agriculture Agriculture investment fund doubles since Cop27 to $17bn Investment in a UAE and US-led global agriculture and food initiative has reached $17 billion, as the Cop 28 conference saw a slew of developments in the sector. The Agriculture Innovation Mission for Climate (Aim for Climate) aims to address climate change and global hunger through increased investment in “climate-smart agriculture and food systems innovation” […] December 10, 2023
Oil & Gas Europe stands firm on fossil fuel phase-out deal at Cop28 The European Parliament is heading into the final days of negotiation at the Cop28 climate summit in Dubai with a clear mission to see the absolute end of fossil fuels. At a press conference on Friday, European Parliament member Peter Liese told journalists that the delegation is demanding the “tangible phase out of fossil fuels” […] December 8, 2023
Renewable Energy Acwa Power plans a bold investment future in Africa Saudi Arabia-listed Acwa Power is targeting future investments in Africa as part of the clean energy company’s plan to triple in size by 2030. “Africa needs that energy transition. But there aren’t enough developers going there and asking questions,” said Raad Al-Saady, vice chairman and managing director of Acwa Power, during a panel discussion at […] December 6, 2023
Sustainability Tadweer unveils plan to decarbonise waste industry Abu Dhabi Waste Management Company (Tadweer) is spearheading an initiative to address rising emissions in its industry. The company launched its global Waste to Zero programme at the Cop28 climate conference in Dubai on Wednesday. “The initiative invites governments, private players, technologies, education institutions and the public to join hands, start looking at the challenge […] December 6, 2023
Construction US Green Building Council to launch new ratings system The US Green Building Council is launching a new ratings system to measure structures against tough sustainability targets. It is the first time in 10 years that the organisation has updated its policy, with the industry largely relying on the Leadership in Energy and Environmental Design (Leed) green building system. According to the US Green […] December 6, 2023
Video length: 06:23 EXCLUSIVE Banking and Finance Mashreq will ‘follow science’ for fossil fuel fund phase-out The UAE’s Mashreq Bank will “follow the science” when it comes to phasing out funding for fossil fuel companies, according to a senior executive. Mashreq is one of the top contributors to the UAE Banks Federation’s AED1 trillion ($272 billion) pledge to boost their green financing. The bank has committed to facilitating AED110 billion in […] December 6, 2023
Tech US robot maker in talks over Abu Dhabi factory Gecko Robotics, a US maker of robots that inspect the infrastructure of buidings, vehicles and other physical assets, is in talks to open a factory in Abu Dhabi. The company has also raised $100 million as part of a Series C funding round. Gecko, which uses AI-powered software and advanced robotics, set up its international […] December 6, 2023
Energy John Kerry unveils US roadmap for nuclear fusion John Kerry, the US special envoy on climate, has unveiled his country’s roadmap for international collaboration on nuclear fusion. Speaking on the sidelines of the Cop28 summit on Tuesday, Kerry said he believed fusion could provide abundant clean energy without the harmful emissions of traditional sources. “Fusion can be a critical piece of the energy […] December 5, 2023
Energy Improving energy efficiency key to 1.5C target, says expert The world will miss its target to limit global warming to 1.5C if it does not prioritise energy efficiency in the decarbonisation process, a renewables expert has warned. “We always say that energy efficiency is the lowest-hanging fruit,” said Dr Nawal Al Hosany, vice chair of the Global Council on Energy Efficiency. “However, it’s like […] December 5, 2023
SPECIAL REPORT Infrastructure After stops and starts, GCC rail is back on 2030 timetable In the same week that Dubai announced a 30km extension of its metro network, Kuwait revealed that its $20 billion four-line metro project is to be cancelled. If anything sums up the difficulties associated with connecting the GCC countries by rail, then it is this. Kuwait’s metro hit the buffers as a result of “significant […] December 5, 2023
Sustainability UAE pledges $150m for Mena water security A $150 million commitment from the UAE at Cop28 to fund water security solutions in vulnerable countries is a step in the right direction but more must be done to address the issue, say experts. Speaking at a panel discussion at the climate change conference in Dubai, Ramadan Assi, executive adviser for strategic partnerships at […] December 5, 2023
Energy Al Jaber promises Cop28 is focused on ‘the science’ Dr Sultan Al Jaber defended his work as president of Cop28 on Monday, after criticism of remarks he made about climate science. “Everything this presidency has been working on, and continues to work on, is focused and centred around the science,” he told reporters in a press briefing at the UN summit. The Guardian newspaper […] December 4, 2023
Energy No transition without fossil fuels, says GCC energy chief As Cop28 negotiators tussle over the future of fossil fuels, a senior GCC official has suggested there will be no energy transition without them. Dr Mohammed Al Rashidi, director of energy and economic affairs at the GCC’s general secretariat, told AGBI at the climate summit: “If fossil fuels were gone from tomorrow, everything would shut […] December 4, 2023
Health Climate funding for health needs to scale up tenfold Levels of climate funding directed towards global health must be multiplied tenfold in order to address the “devastating” risks associated with global warming, according to Maria Neira, director for environment, climate change and health at the World Health Organization (WHO). Currently just 0.5 percent of climate funds are reaching the health system, despite pollution claiming […] December 3, 2023
Sustainability World leaders unite after UN secretary general’s warning United Nations general secretary António Guterres has issued a call to arms for hydrocarbon producers across the world and appealed for them to “lead the transition to renewables”. In his address at the opening ceremony of the UN Cop28 in Dubai on Friday morning, Guterres likened the climate challenge to a sickness that only global […] December 1, 2023
Sustainability BlackRock targets ‘repair and prepare’ climate investments BlackRock, one of the largest fund managers in the world, has identified investment opportunities in companies that are preparing for or repairing climate-related damage. UAE President Sheikh Mohammed Bin Zayed has also announced that the government is to launch a $30 billion climate-related investment fund with asset management companies BlackRock, TPG and Brookfield announced as inaugural […] December 1, 2023
Renewable Energy Emissions-only focus will ‘fail’, clean energy expert says Efforts to tackle the climate challenge will be a “failure” if they continue with an emissions-only focus, delegates were told at the opening panel discussion at this year’s Cop28 in the UAE. Dennis Pamlin, a Swedish senior adviser at clean energy think tank Mission Innovation, said focusing solely on carbon emissions was a decades-old view […] November 30, 2023
Construction Atlantis may expand further in Palm Jumeirah Resort group Atlantis Global is “looking at different options” to expand its Dubai footprint further, despite president Tim Kelly predicting a drop in room rates across the emirate. The company operates the Atlantis The Palm resort at the tip of Palm Jumeirah, and opened the neighbouring Atlantis The Royal property in February this year, at […] November 30, 2023
Markets Abu Dhabi IPO Fund plans up to four listings by 2024-end Abu Dhabi can expect up to four further listings of private companies by the end of 2024, according to Bassel Khawaja, advisory head of the Abu Dhabi IPO Fund. Speaking on the sidelines of Abu Dhabi Finance Week (ADFW), Khawaja told AGBI the fund is currently assisting three unnamed companies with their IPO readiness. He […] November 29, 2023
Energy Politicians lack will for climate action, says ex-chancellor Former UK chancellor Sajid Javid has suggested that Western politicians lack the will to follow through on climate commitments – because the costs of energy transition can be unpopular with voters. Speaking in the UAE just three days before the Cop28 summit begins in Dubai, Javid said the cost of living crisis had pushed climate […] November 29, 2023
Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
