The UAE has approved 22 policies aimed at accelerating the country's transition to a circular economy, as part of its push towards sustainable economic development.
The UAE Circular Economy Council's policies will focus on four main sectors: manufacturing, food, infrastructure and transport, the government said on Sunday.
“Our current linear economy consumes valuable materials and resources without being able to benefit from them after use, which represents waste in the modern concept of sustainability,” said Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security.
“Our approach seeks to protect our environment and to ensure the long-term economic and social prosperity of our country.”
The UAE, which has pledged to reach its net-zero carbon goal by 2050, has announced measures to drive sustainable economic growth and work towards its climate change targets.
A circular economy is an economic system that focuses on reducing the extraction of natural resources, minimising waste and regenerating natural systems. Raw materials, components and products keep their value for as long as possible, while renewable energy sources are used to fuel economic activity.
Adopting circular economy principles could deliver $26 trillion in economic benefits by 2030, according to the Global Commission on Economy and Climate.
Last week, the Abu Dhabi government said it would invest Dh10 billion ($2.72bn) to double the size of its manufacturing sector by 2031. To support this, it will develop a new circular economy regulatory framework to ensure that the industry is operating on a sustainable basis.
The UAE Circular Economy Council approved the 22 policies during its second meeting this year.
During the meeting, the council highlighted eight relevant trends, including waste-to-resource, reuse, artificial intelligence, remanufacturing, bio-based materials and repair work.
It also identified at least 16 circular economy activities that open opportunities for businesses, such as upcycling textile waste into new products, developing artificial intelligence-enabled waste management solutions and remanufacturing electronic waste.
“Many key stakeholders in the UAE have already started to embrace circular economy principles,” the minister said.
Efforts are also being exerted to establish a circular economy database, in addition to offering incentives to encourage the private sector to shift towards clean production methods, thereby enhancing the UAE’s competitiveness as one of the leading circular economies regionally and globally
Abdulla bin Touq Al Marri,
Minister of Economy
With 45 per cent of global greenhouse gas emissions resulting from manufacturing cars, clothes, food and other products used daily, the circular economy has great potential to reduce emissions and mitigate the climate crisis, she said.
The committee continues to implement the UAE Circular Economy Policy 2021-2031 through programmes and projects that are set to attract investments to this field, said Abdulla bin Touq, Minister of Economy and head of the council’s Circular Economy Policies Committee.
“Efforts are also being exerted to establish a circular economy database, in addition to offering incentives to encourage the private sector to shift towards clean production methods, thereby enhancing the UAE’s competitiveness as one of the leading circular economies regionally and globally,” he said.
Approved in January 2021, the UAE Circular Economy Policy identifies the best approach to the country’s transition to a circular economy. Its objectives include building a sustainable economy and promoting efficient use of natural resources. It also encourages the private sector to shift to cleaner industrial production methods by using AI and other advanced technologies.
The UAE Circular Economy Council comprises 17 representatives of federal and local government entities, private sector businesses and international organisations.
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Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Uefa Nations League
League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands
League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey
League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania
League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Background: Chemical Weapons
Sholto Byrnes on Myanmar politics
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7.40pm Maiden Dh165,000 (D) 1,600m
8.15pm Handicap Dh190,000 (D) 1,600m
8.50pm Handicap Dh175,000 (D) 1,400m
9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
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7.05pm Rayig
7.40pm Torno Subito
8.15pm Talento Puma
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More from Neighbourhood Watch
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.”
