The private sector in the UAE has intensified its efforts in support of the nation's circular economy agenda, the programme's governing body has said.
A variety of projects and initiatives, which include circular design, eco-friendly manufacturing practices and waste management innovations, have been undertaken across a number of sectors, the UAE Circular Economy Council said, state news agency Wam reported.
The council, in its review of UAE Circular Economy Landscape Report 2023, also highlighted the acceleration of the strategy's implementation across the four key sectors it is focusing on – manufacturing, food, infrastructure and transport.
The review was held in a meeting chaired by Mariam Al Mheiri, Minister of Climate Change and the Environment, and attended by Abdulla bin Touq, Minister of Economy, and other council members.
The meeting discussed main developments pertinent to authorities, including the Ministry of Climate Change and Environment, the Ministry of Industry and Advanced Technology, the Ministry of Economy, and the Ministry of Energy and Infrastructure.
In addition, the proposed Emirates Circular Economy Laboratory was reviewed, as well as a recommendation to host the Circular Economy Forum during the Cop28 climate change conference next month.
“The UAE is committed to promoting the circular economy and identifying solutions that contribute to sustainable growth through the co-operation of all key stakeholders including the private sector," Ms Al Mheiri said.
The council also said it was planning to share "these experiences" with the global community at Cop28, which is scheduled to be held in Dubai from November 30 to December 12.
"The council underpins the continued collaboration of all partners in strengthening the framework of the national circular economy. This is part of the UAE’s comprehensive approach to achieving net zero by 2050," she said.
A circular economy is a 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 such principles could deliver $26 trillion in economic benefits by 2030, the Global Commission on Economy and Climate had said.
The UAE will focus on developing a circular economy as it aims to double its economic growth by 2031, Mr bin Touq said in May.
Last year, the UAE approved 22 policies aimed at accelerating the country's transition to a circular economy, as part of its push towards sustainable economic development.
“Creating an environment that actively encourages circularity at every point in the value chain is integral to the responsible use of our resources," said Ahmed Ismail, chief executive of Majid Al Futtaim Holding.
"The measure of our collective success hinges on our ability to bring sectors and society together, united by legislation and the regulatory frameworks that serve as the foundation for the creative ecosystem in which a circular economy may thrive.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
