Sustainability Cop28 and UN to draft climate finance framework United Nations economists, the Cop28 leadership and other institutions including the World Bank and International Monetary Fund, have agreed to draw up recommendations to reform climate finance. The planned changes come amid concerns that the billions pledged by developed nations to tackle global warming are falling short. The recommendations – to be shared and discussed […] August 21, 2023
Cop28 Cop28 and Coursera launch UAE climate literacy drive UAE education providers will offer online courses on climate change mitigation, adaptation, finance and other topics through a partnership between e-learning provider Coursera and Cop28‘s organising body. A curated programme of more than 100 courses in climate literacy will be offered in the run-up to and beyond the United Nations conference in Dubai later this […] August 11, 2023
Transport Profit down 31% at Dubai toll road operator Salik Dubai toll road operator Salik saw its net profit shrink 31 percent in the second quarter, to AED272.6 million ($74.2 million), from AED393.6 million a year earlier. The company said the fall was due to it incurring “new costs, such as concession fees, rent, amortisation, transitional service expenses, as well as finance costs”. These followed […] August 11, 2023
Oil & Gas Mubadala Energy cuts CO2 by 41% in low carbon drive The oil and gas unit of Abu Dhabi sovereign wealth fund Mubadala Investment Company said it reduced its carbon emissions by 41 percent between 2021 and 2022, mainly by expanding its lower-carbon gas operations. Mubadala Energy – previously known as Mubadala Petroleum – which had a portfolio that was almost two-thirds natural gas as of 2021, […] August 10, 2023
Sustainability Al Suwaidi: time to deliver on $100bn climate pledge Developed countries must stump up their agreed $100 billion a year to tackle climate change as the world is a long way off from meeting the targets set in the Paris Agreement, Cop28’s director general said in Brazil this week. “We need to invest across the board in every kind of solution that is going […] August 9, 2023
Renewable Energy France’s Engie ramps up Middle East renewables push French utilities firm Engie is closing in on several opportunities in the Middle East as it looks to the region to help it hit targets to double renewables generation to 80 gigawatts by 2030. “We are trying to identify the best geographies for renewables and clearly the Middle East is one of those,” said Frédéric Claux, […] August 7, 2023
Infrastructure GCC needs 1,127 new schools by 2027 as enrolment rises The Gulf will need over a thousand new schools by 2027, according to a new report published on Wednesday. The prediction is based on the total number of students in the GCC growing by 1.6 percent annually to reach 14.2 million by 2027. Growth in student enrolment numbers at K-12 (kindergarten to 12th grade, or […] August 2, 2023
Agriculture UAE’s farming task force clinches $136m supply deal Farms in the UAE have provisionally agreed to supply food and agricultural products totalling AED500 million ($136 million) over five years to some of the country’s biggest public sector institutions. The deal is the first to be struck by the National Farm Sustainability Initiative (NFSI) task force, a government group set up by the UAE’s […] August 2, 2023
Energy Gulf must ‘bridge gap’ between oil and renewables GCC oil producers will play a crucial role in the global transition to a lower carbon future if they can help bridge the historic disconnect between hydrocarbons and clean energy. That is according to Joseph McMonigle, secretary general of the International Energy Forum (IEF), a Riyadh-headquartered think tank. “There is growing recognition that the oil […] August 1, 2023
Construction UAE-UK Business Council targets building emissions Decarbonising the built environment should be a key aim for the UK and UAE as they work to accelerate the energy transition, the head of the UAE-UK Business Council has told AGBI. The council’s executive director Bradley Jones said the two countries had “a great deal of expertise in retrofitting existing buildings and developing alternative, […] August 1, 2023
Energy Adnoc shaves five years off net zero deadline Abu Dhabi National Oil Company (Adnoc) has brought forward its deadline to reach net-zero carbon emissions by five years to 2045, citing its “industry-leading” progress on targets to date as the reason for the change. Sheikh Khaled bin Mohmed, Crown Prince of Abu Dhabi, approved the state oil company’s plan to bring the net-zero deadline […] July 31, 2023
Manufacturing Borouge profit down 50% as merger talks continue Petrochemicals company Borouge saw its net profit slide 53 percent year on year to $231 million in the second quarter, attributed to a decline in average sales prices for its products. The business said in a filing to Abu Dhabi Securities Exchange, where its shares are traded, that total revenues fell by 25 percent to […] July 28, 2023
Business of Sport Green light for Manchester City stadium upgrade Manchester City FC has won planning permission to expand and upgrade its stadium, meaning the $384 million project can get under way. The English footbal club is majority-owned by Abu Dhabi United Group. It unveiled proposals earlier this year to increase the size of the Etihad Stadium’s North Stand by 7,700 people, to accommodate a […] July 28, 2023
Sustainability Al Jaber calls on G20 to double climate risk finance Cop28 president Sultan Al Jaber and United Nations climate executive secretary Simon Stiell urged the G20 this week to increase funding known as “adaptation finance”, for communities at risk of facing climate change-related hazards. “The G20 must affirm its commitment to [mobilising] the fund and funding arrangements. Those at the frontline of climate change need […] July 28, 2023
EXCLUSIVE Tourism Aseer province is Saudi’s next untapped tourism hotspot The mountainous region of Aseer is Saudi Arabia’s next target for tourism investment, according to one of the kingdom’s most prominent industry leaders. Developing Aseer and encouraging repeat visits will be key to helping the kingdom meet its tourism goals, said Salman Gassim, government advisor and chief executive of Riyadh-headquartered Swiss Hospitality Company. Gassim, whose […] July 24, 2023
Analysis Agriculture Saudi’s wealth fund enters $7.3bn camel dairy market Saudi Arabia’s Public Investment Fund has established a company to produce and distribute camel milk and other dairy products. Named Sawani, the company is intended to help PIF grow the kingdom’s camel farming industry, in line with Vision 2030 goals to expand the food and agricultural sectors. The global camel dairy market was estimated to […] July 20, 2023
Renewable Energy Masdar and Adnoc agree trio of green hydrogen deals Abu Dhabi renewable energy company Masdar has agreed a deal with two Japanese energy and chemicals firms to explore production of commercial-scale polypropylene made from carbon dioxide and green hydrogen in the UAE. Masdar has teamed up with Japan’s Mitsubishi Chemical Group Corporation and Inpex Corporation, a Japanese oil and gas company. They have signed […] July 18, 2023
Analysis Sustainability Huge gap in sustainability funding for developing countries Developing countries including those in the Middle East face a combined annual $2.2 trillion investment shortfall in meeting sustainability and energy transition goals set by the United Nations. The UN Conference on Trade and Development (Unctad)’s World Investment Report 2023, published this month, says that globally an annual $4 trillion of investment is needed to […] July 17, 2023
Energy PIF and Engie to collaborate on green hydrogen French utilities firm Engie and Saudi Arabia’s Public Investment Fund have signed an initial agreement to develop green hydrogen projects in the kingdom, building on Gulf ambitions to become a world leader in the fast-growing renewable energy segment. Under the memorandum of understanding signed this week, Engie and PIF will explore opportunities to jointly develop […] July 13, 2023
Infrastructure Chinese telco enters Gulf with Zain Omantel tie-up One of China’s biggest wireless mobile network operators will make its GCC debut through a connectivity agreement with Zain Omantel International. State-owned China Telecom Global (CTG) signed the deal with Zain Omantel International (ZOI), a joint venture formed in May by Kuwait’s Zain Group and Oman’s Omantel. The deal with CTG is a “strategic subsea […] July 12, 2023
Banking & Finance Schools operator Taaleem enjoys profit rise of 35% Taaleem, the Dubai-listed schools operator, posted a surge in net profit for the nine months up to 31 May, driven by a strong increase in student enrolment. The company also benefitted from unrealised gains from its initial public offering (IPO) last November. Net profit rose 35 percent year on year to AED199.8 million ($54 million) […] July 11, 2023
Economy Foreign investment in UAE surges to record $23bn The UAE attracted 60 percent of the total $37 billion of foreign direct investment into the GCC in 2022, helped by inflows from Austria and South Korea in particular. According to the World Investment Report 2023 by the UN Conference on Trade and Development (Unctad), foreign direct investment (FDI) flows into the UAE jumped 10 […] July 6, 2023
