The UAE government entities in the technology and space sectors have joined to boost collaboration ahead of the Cop28 climate conference in Dubai in November.
The Ministry of Industry and Advanced Technology, the UAE Space Agency and Cop28, through the Office of the UAE Special Envoy for Climate Change, will work together to encourage organisations in those sectors to share their contributions towards climate efforts at the Technology and Innovation Hub at Cop28, the ministry said in a statement on Saturday.
Cop28 is scheduled to be held in Dubai from November 30 to December 12, and is expected to be the most inclusive Cop conference yet.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, is the Cop28 President-designate.
The partnership aims to further contribute to Cop28’s inclusive ecosystem, bringing together major technology companies, global institutions, small and medium enterprises, and space agencies to promote joint action on climate targets, the ministry said.
It will encourage technology and industrial companies from around the world to use the UAE as a base for producing new technologies that can help drive sustainable industrial development, tackle climate change and accelerate decarbonisation.
The three agencies will also facilitate knowledge-sharing to accelerate the development of advanced technology, contributing to Cop28's legacy.
“The advanced technology and space sectors are more than essential facets of national economies. They are engines of innovation and critical enablers of net zero, accelerating the development of technologies that support climate action,” Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, said.
“This collaboration will help mobilise stakeholders of all sizes ahead of Cop28, where MoIAT and UAESA will convene the UAE and global innovation and space ecosystem at the Technology and Innovation Hub.”
The partnership aims to encourage collaboration across areas of mutual interest to further enhance joint efforts, aligning industry and space sector outcomes with Cop28’s objectives.
By fostering co-operation, they seek to accelerate progress towards Paris Agreement goals and strengthen the UAE's position as a global hub for innovation in climate technologies.
“Harnessing technological solutions is the key to fast-tracking the energy transition, to build better and more advanced early warning systems, to support localised adaptation and to strengthen the resilience of cities, of industries and of communities,” said ambassador Majid Al Suwaidi, director general and special representative of Cop28, said.
The UAE’s presidency of Cop28 has also turned to key global players such as Canada and Germany to help achieve the goals of the Dubai climate summit. The two G7 countries have been given the task of ensuring that the rich world keeps its promises to put more financial firepower behind climate action.
Dr Al Jaber has also urged more countries to join a pledge to deliver more sustainable cooling solutions.
The UN Environment Programme and the Cop28 Presidency announced in January the development of a Global Cooling Pledge, which provides incentives to governments and stakeholders to act on sustainable cooling in five areas: nature-based solutions, super-efficient appliances, food and vaccine cold chains, district cooling and National Cooling Action Plans.
More than 20 nations to date have signed up to the pledge.
“The UAE government has committed to making Cop28 an inclusive conference that results in tangible action. The full spectrum of society and economy will be represented at Cop28,” Ms Al Amiri said.
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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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.”
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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