Sustainability UN calls for more in pre-Cop28 climate progress review More action is needed to make progress in the fight against climate change, the United Nations has said in the lead up to Cop28. The UN Framework Convention on Climate Change (UNFCCC) analysed 195 commitments outlining the steps countries plan to take to cut their greenhouse gas emissions and adapt to climate change. By current […] November 14, 2023
Sustainability EU to kickstart ‘loss and damage’ fund at Cop28 The European Union and its member states are preparing to announce a “substantial financial contribution” to the long-awaited United Nations fund to help vulnerable countries recover from climate-caused damage. The EU’s contribution to the “loss and damage fund” is expected to be announced during the Cop28 climate change summit starting later this month. The handout […] November 13, 2023
DUBAI AIRSHOW Aviation Saudi Arabia and UAE drive air travel recovery Flight bookings to Saudi Arabia and the UAE for the last quarter of this year are up by as much as 70 percent on pre-pandemic levels, new figures reveal. Data compiled exclusively for AGBI by the travel intelligence company ForwardKeys shows that as of early October, Saudi Arabia led the region for growth in seat […] November 13, 2023
EXCLUSIVE Renewable Energy Download our exclusive report on the Gulf’s path to net zero As the world shifts towards cleaner sources of energy, the GCC’s oil and gas-producing nations find themselves faced with the dual threat of environmental and economic crisis. What are they doing about it? In this special report published as the UAE prepares to stage the United Nations’ Cop28 climate change summit, AGBI examines the Gulf’s […] November 8, 2023
Sustainability Cop28 and UN near deal on $100bn climate damage fund The UAE’s Cop28 presidency, the United Nations and its partners have moved a step closer to setting up a fund to help vulnerable countries recover from damage caused by climate change. The plan to create a climate “loss and damage” fund was hailed as a breakthrough for developing country negotiations at Cop27 in Egypt last […] November 6, 2023
Sustainability Emerging markets need more ‘climate-responsive’ projects There is an “alarming shortage” of projects working to reduce the negative effects of climate change in emerging markets, a new study by the Tony Blair Institute for Global Change has found. The report noted that the number of “climate-responsive” projects in emerging markets funded by the private sector has been decreasing by around 10 […] November 3, 2023
Employment Zurich Middle East plots growth on needs of expats Zurich International Life, the Middle East division of Switzerland’s Zurich Insurance Group, is expanding its core business in response to rising demand from expatriates. With expats staying in the region for longer, there is a growing need for products and services such as life insurance, workplace savings plans and critical illness cover. There is also […] November 3, 2023
Sustainability Pope and King Charles III to attend Cop28 The Pope and the UK monarch are due to attend the Cop28 climate change summit in Dubai next month, according to statements. King Charles III will attend the opening ceremony of the World Climate Action Summit at Cop28 on December 1 at the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan and at […] November 1, 2023
Sustainability Businesses urged to sign up to UAE’s Cop28 charter The Cop28 presidency has drawn up a Net-Zero Transition Charter to which private sector businesses can sign up to give greater credibility to their net zero strategies. The aim is to encourage the private sector to take “bolder action on climate change and commit to greater accountability in their net-zero emissions pledges,” according to a […] November 1, 2023
EXCLUSIVE Economy RAK free zone chief predicts influx of tech and hotel suppliers Technology and hospitality companies are set to flock to Ras Al Khaimah to work on Wynn Al Marjan Island, a $3.9 billion resort now under construction, the chief executive of RAK’s largest business free zone has told AGBI. Ramy Jallad, chief executive of Ras Al Khaimah Economic Zone (Rakez), said the Wynn development had “a […] November 1, 2023
Sustainability Investment in Mena climate tech hits record $270m in 2022 Venture capital funding into climate tech startups across the Middle East, North Africa (Mena) and Turkey reached a record $270 million in 2022, although investments have been lower in the year to date, a study shows. Climate tech VC in the region was up 50 percent annually compared to 2021, said the report by CE […] October 31, 2023
Video length: 01:45 VIDEO Sustainability AGBI: Your gateway to Cop28 This year’s Cop28 in Dubai marks another giant leap forward for the UAE and the wider Gulf region. As the voice of Middle East business, AGBI is the go-to platform for exclusive news, insight and opinion on the Cop28 United Nations climate change conference and the transition to net zero. October 24, 2023
Video length: 03:41 Sustainability Your guide to Cop28: news, views and analysis from AGBI At the end of November, the world’s biggest climate change conference – the United Nations’ annual Conference of the Parties, better known as Cop28 – will begin in the UAE. More than 80,000 delegates, 5,000 journalists and 140 heads of state are expected to attend the 14-day summit at Dubai’s Expo site. The host nation, […] October 24, 2023
Giga-projects Warning over climate impact of Saudi giga-projects Saudi Arabia’s vast giga-projects could have a damaging impact on the environment if they are not managed properly, a report from a Saudi university has found. “While diversifying the economy, giga-projects will increase the number of people living or visiting coastal areas, placing an additional burden via waste generation and disposal, water desalination and energy […] October 23, 2023
Sustainability Just 12% of Mena businesses have net zero target Businesses in the Middle East and North Africa (Mena) “lag behind” their global peers in terms of net zero targets, according to a report by the World Economic Forum and US consultancy Bain & Company. WEF evaluated the disclosure and sustainability measures of around 200 publicly listed and private companies across Mena’s nine biggest economies. […] October 20, 2023
Agriculture Dubai’s Expo City to open ‘urban farm’ at Cop28 Expo City Dubai plans to open an urban farm at Cop28, demonstrating agricultural technologies being adopted in the UAE. The farm – more details of which will be unveiled in the coming weeks – is one of several decarbonisation initiatives planned for the climate change summit and beyond, Matt Brown, Expo City’s sustainability chief, told […] October 17, 2023
Sustainability Cop28 and UN unveil $72 billion ocean conservation plan The UN, Cop28 and the International Union for Conservation of Nature (IUCN) have jointly launched a $72 billion initiative to protect at least 30 percent of the world’s oceans. The Oceans Breakthrough strategy was announced by Razan Al Mubarak, president of the IUCN and one of the UAE’s UN climate change champions for Cop28. As […] October 13, 2023
Analysis Tech Gulf accelerates longevity push with AI and healthtech The Gulf is establishing itself at the forefront of the world’s fast-growing “longevity” sector. Saudi Arabia and the UAE in particular are making strides in the global race to prolong life, investing in health technologies that can predict medical risk and help develop medicines. They are investing in healthtech, building laboratories to support research and […] October 12, 2023
Energy Energy-hungry data centres present net-zero hurdle Soaring demand for GCC data centres is creating a headwind against the region’s decarbonisation efforts, and energy use will accelerate if no interventions are made, experts say. “With expected digital growth in the GCC, new data centres will need to be built, increasing energy usage,” said Ziad Al Bawaliz, president of Turkey, Middle East & […] October 9, 2023
Exclusive Energy FAB says it has traded $84m of carbon credits since May First Abu Dhabi Bank (FAB), one of the UAE’s largest lenders, has traded around €80 million ($84 million) of carbon credits since launching its carbon trading desk five months ago. The bank told AGBI it wants to develop the carbon trading market in the Middle East and North Africa (Mena). This is an emerging type […] October 6, 2023
Leisure & Hospitality Dubai hotelier’s $350m green bond to fund Ibiza expansion Hospitality group Five Holdings has listed a $350 million green bond on Dubai’s Nasdaq. A spokesperson for Five told AGBI the company would use the proceeds of the bond to fund its acquisition of Ibiza’s Universo Pacha, which owns the famous Pacha nightclub, as well as Destino Hotel and El Hotel Pacha on the Spanish […] October 5, 2023
Sustainability Cop28 launches hub to help Mena SMEs cut carbon The Cop28 presidency has set up a dedicated programme to help small and medium-sized enterprises in the Middle East and North Africa (Mena) to cut their carbon emissions. The team behind the climate conference, which is being held this year in Dubai, has joined forces with the global not-for-profit SME Climate Hub and the We […] October 4, 2023
