While billion-dollar clean energy deals and ambitious climate funds took centre stage at the Cop28 climate conference in the UAE, several regional and global companies also took the opportunity to announce initiatives aimed at boosting sustainability and lowering their carbon footprint.
At Cop28, the UAE pledged to establish a $30 billion climate-focused fund, while the World Bank, the largest multilateral development bank, committed to raising its climate finance target to $40 billion by 2025, allocating 50 per cent to mitigation and the remainder to adaptation.
Here is a round-up of the announcements made by some of the major companies on the sidelines of the UN summit:
MasterCard
Global payments company MasterCard said that 80 per cent of its cards in the UAE market issued from 2025 would be sustainable, ahead of the company’s global target of 2028.
e&
The UAE's technology conglomerate e& announced the launch of the Sustainability Consultancy Programme in the UAE and Saudi Arabia.
The company will provide a free sustainability consultancy, leading to a greenhouse gas assessment of their businesses, to the first eight organisations who wish to be part of the programme and meet the qualification criteria.
To further extend the programme’s impact, other 15 companies will be selected and offered preferential rates.
The company also announced a partnership with World Wide Generation, a British sustainability FinTech company, to launch the “world's largest” global sustainability exchange platform.
Red Sea Global
Saudi Arabia's Red Sea Global, the developer of mega-tourism projects on the kingdom's west coast, announced a “coral commitment”, vowing to protect and regenerate corals in the Red Sea and other regions.
Enec
The Emirates Nuclear Energy Corporation signed an initial agreement with X-energy, a US-based developer of small modular nuclear reactors, to partner on the advancement of nuclear energy technologies.
The company also signed preliminary deals with nuclear energy companies Moltex FLEX and Ultrasafe Nuclear Corporation to advance the development of small modular reactor technologies.
Enec teamed up with Terrestrial Energy, a nuclear plant developer, to “expedite and centralise” the UAE’s approach to using nuclear technology.
Tadweer
Abu Dhabi Waste Management Company, also known as Tadweer, announced the launch of an Integrated Textile Circularity Initiative across the UAE to increase consumer awareness and foster collective efforts among public-private partners throughout the entire value chain.
Beeah Group
Sharjah-based environmental management company Beeah Group, Peec Mobility and the Sharjah Research, Technology and Innovation Park launched a partnership to advance the electrification of major vehicle fleets in the emirate.
Tabreed
The National Central Cooling Company, better known as Tabreed, closed its inaugural Dh600 million ($163.3 million) green revolving credit facility in partnership with First Abu Dhabi Bank as the green co-ordinator, alongside Abu Dhabi Commercial Bank and Emirates NBD.
The financing agreement, which spans five years, is designed to introduce “highly efficient” cooling solutions into the GCC market.
Emirates NBD
Emirates NBD, Dubai's biggest lender by assets, arranged a bilateral loan for Chalhoub Group, making the UAE-based luxury retailer’s first sustainability-linked loan.
The short-term loan facility has a tenure of one year with the option of being rolled over at maturity.
First Abu Dhabi Bank
First Abu Dhabi Bank, the UAE’s largest lender by assets, launched its first ESG-orientated fund for its private banking clients.
The fund, managed by FAB Private Bank, aims to capture long-term investment opportunities that address the world’s major social and environmental challenges, as defined by the UN Sustainable Development Goals.
Enoc
Emirates National Oil Company and Japan’s heavy-industry manufacturer IHI Corporation announced the start of a feasibility study for a green ammonia production project.
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
UAE currency: the story behind the money in your pockets
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
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- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
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- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
