• Landmark deal to transition away from fossil fuels agreed
  • Al Jaber says 'everyone united, everyone acted - and everyone delivered'
  • First time firm action on fossil fuels agreed at Cop summit
  • UN's Stiell urges nations to act as climate crisis looms
  • Sheikh Mohamed says UAE will work towards sustainable future

Latest from the climate summit in Dubai

Green Zone at Cop28 opens to public

World leaders gather for Cop28 in Dubai

President Sheikh Mohamed meets delegation heads at Cop28

December 1 and 2: World Climate Action Summit

Heads of state and world leaders gather to discuss concrete actions and plans aimed at climate action with leaders from civil society, business, youth, Indigenous Peoples’ organisations, frontline communities, science and other sectors.

This summit will be a platform for major announcements and typically provides momentum and guidance to the remainder of the Cop.

At Cop28, this will have added significance because it is the first “global stocktake” of progress in limiting climate change and the urgency of the situation faced will be presented. The Cop Presidency will seek accountability from the highest levels of global governance on a way forward.

December 3: Health / Relief, Recovery and Peace

In a first for Cop, a day will be dedicated to discussing health and its relationship with climate change.

The Cop will explore ways to provide relief to those affected by climate change and aim to build consensus on priority actions for the health system’s response to climate change, paired with financing.

From the quality of the air we breathe to the water we drink and the places that provide us with shelter, climate change is already affecting human health arounds the world.

Cop28 two week thematic program
Cop28 two week thematic program

It is also a major cause for the displacement of vulnerable communities, leading to increased fragility that can compromise peace.

The day's second theme – Relief, Recovery and Peace – will focus on accelerating adaptation, preventing and addressing loss and damage, including in fragile and conflict-affected areas that face severe barriers to accessing climate finance and strengthening climate action.

The two themes aim to boost policies and investments that protect lives and livelihoods and support community resilience and stability.

December 4: Finance / Trade / Gender Equality / Accountability

The first theme on the fifth day will address the transformational change needed for finance and trade systems if the world is to meet its climate goals.

Neither global financial systems that control and affect access and affordability of climate finance nor international trade networks are working effectively and equitably.

It is widely acknowledged that leaders of the global institutions and countries that govern these systems must accelerate and be accountable for an overhaul.

The Gender Equality Day theme will focus on gender-responsive policy making and better access to finance to achieve a just transition that advances gender equality and allows for the full, equal, and meaningful participation of women and girls in climate action.

The programme will also examine accountability mechanisms that help to turn promises and pledges into tangible results while boosting transparency.

December 5: Energy and Industry / Just Transition / Indigenous Peoples

The world needs to decarbonise rapidly while continuing to progress economically. It is critical that this development happens sustainably and inclusively to support lives and livelihoods while protecting the planet. This day will focus on how the world can accelerate the energy transition while ensuring it is a just transition.

The energy needed for day-to-day life must remain affordable but become cleaner and jobs must be retained but expand as green technologies emerge and provide increased and equitable access to opportunities.

The day will look at several proposed solutions, from using renewable energy at scale and how hydrogen can support this, to decarbonising the energy of today through carbon-capture technologies and rapidly reducing methane emissions from oil and gas.

It will also focus on heavy-emitting industries including steel, cement and aluminium.

Indigenous Peoples are stewards of 80 per cent of the world's biodiversity and this day will recognise the importance of their intergenerational knowledge, practices, and leadership in climate action.

The day will also strengthen their role in the just transition, reinforcing the urgency of a fully inclusive, all-of-society approach.

December 6: Multilevel Action, Urbanisation, and Built Environment / Transport

This day will provide a rare opportunity for mayors and governors, ministers and parliamentarians and global business and civil society leaders to work together to accelerate climate action solutions across society in every form.

This will include exploring how greener urban mobility systems can be designed to withstand and adapt to climate change while supporting the transition to low carbon built environments and infrastructure, and redesigning our systems of production and consumption to minimise waste.

In addition, this day will show how all of these solutions contribute to safer, healthier and greener cities for current and future generations.

December 7: Rest Day

Cops traditionally incorporate a day of rest in the middle of the programme for participants to reflect and recharge ahead of the second week.

December 8: Youth, Children, Education and Skills

The Cop28 presidency will welcome the largest group of young delegates yet assembled at the summit on this day, which seeks to empower children and and provide them with clear, defined, accessible opportunities to be a leading part of the solutions proposed at every level.

The day will look at equitable representation, stronger engagement mechanisms and resource allocation across the Cop themes and policy tracks.

Focuses will include investment in youth-led innovation and entrepreneurship, inclusion in policymaking processes, capacity-building, and transforming education to close the skills gap for green jobs aligned with climate action.

December 9: Nature, Land Use and Oceans

The sustainability of nature, land use, and oceans is integral to achieving the Paris Agreement’s goals.

The world’s climate and its biodiversity are inextricably interconnected, one cannot exist without the other. Mitigating both crises must therefore be integrated.

Cop15 to the Convention on Biological Diversity in December led to the signing of a historic biodiversity agreement to protect at least 30 per cent of the planet's land and water by 2030.

Cop28 will focus on delivering climate and nature co-benefits through a range of financing mechanisms and packages, co-designed with local and Indigenous Peoples, to sustainably manage and conserve natural carbon sinks and biodiversity hot spots.

The day will also seek to accelerate private sector commitments to nature-positive accountability frameworks.

December 10: Food, Agriculture and Water

Climate change is creating severe pressure and risks for the food, agricultural and water systems that ensure human wellbeing.

At the same time, these systems are also key contributors to climate change – one third of all human-made greenhouse gas emissions derive from agri-food systems, and 70 per cent of fresh water consumed worldwide is used for agricultural production.

This day will focus on how to fix this, from increasing regenerative agriculture and water-food systems that support habitat restoration and conservation and increase food security, to implementing stronger, fairer integrated governance between states and corporations, farmers and producers.

December 11 and 12: Final Negotiations

The last two scheduled days of the summit have been left clear for final negotiations, which have been known to overrun in the past.

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
UAE currency: the story behind the money in your pockets

SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net

UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 

West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Fourth-round clashes for British players

- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)

- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)

The 10 Questions
  • Is there a God?
  • How did it all begin?
  • What is inside a black hole?
  • Can we predict the future?
  • Is time travel possible?
  • Will we survive on Earth?
  • Is there other intelligent life in the universe?
  • Should we colonise space?
  • Will artificial intelligence outsmart us?
  • How do we shape the future?
Updated: August 08, 2024, 8:53 AM