Dubai Electricity and Water Authority and the World Green Economy Organisation will organise the 8th World Green Economy Summit (WGES) on September 28 and 29, in conjunction with Wetex and Dubai Solar Show. Photo: Dewa
Dubai Electricity and Water Authority and the World Green Economy Organisation will organise the 8th World Green Economy Summit (WGES) on September 28 and 29, in conjunction with Wetex and Dubai Solar Show. Photo: Dewa
Dubai Electricity and Water Authority and the World Green Economy Organisation will organise the 8th World Green Economy Summit (WGES) on September 28 and 29, in conjunction with Wetex and Dubai Solar Show. Photo: Dewa
Dubai Electricity and Water Authority and the World Green Economy Organisation will organise the 8th World Green Economy Summit (WGES) on September 28 and 29, in conjunction with Wetex and Dubai Solar

UAE to host World Green Economy Summit in September


  • English
  • Arabic

The UAE will hold the eighth World Green Economy Summit at Dubai World Trade Centre next month as the country prepares to host the Cop28 gathering in 2023.

Dubai Electricity and Water Authority and the World Green Economy Organisation will host the summit on September 28 and 29, in conjunction with the Water, Energy, Technology and Environment Exhibition and Dubai Solar Show, it was announced on Sunday.

Apart from promoting a green economy, the summit plays a vital role in supporting the UAE’s efforts on climate action and its commitment to sustainability, the organisers said.

"The WGES aims to change climate work into opportunities for development and economic diversity," said Saeed Al Tayer, vice chairman of the Dubai Supreme Council of Energy, managing director and chief executive of Dewa and chairman of the WGES. "The eighth WGES is especially important as the UAE is preparing to host Cop28 next year at Expo City Dubai."

"The WGES provides the ideal and unique platform for exchanging experiences and aligning efforts that support the regional and global agenda for sustainable development."

The summit comes amid the UAE's efforts to adopt green energy, promote sustainable development and strike a balance between economic growth and the sustainable use of environmental resources. The Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 for Dubai aim to provide 100 per cent of the emirate's total power capacity from clean energy sources by the middle of the century. The UAE aims to achieve net-zero emissions by 2050.

"The World Green Economy Summit is a major supporter of the UAE's efforts and endeavours to achieve a balance between energy and the environment, and to map out the features of a sustainable future capable of transforming challenges into opportunities, in line with the provisions of the Paris Agreement on climate change,” Suhail Al Mazrouei, Minister of Energy and Infrastructure, said.

The UAE has adopted a "comprehensive and balanced" approach to climate action through a "well-thought-out" transformation in the energy sector, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Climate Change Special Envoy, said.

"The World Green Economy Summit is an important platform that supports the UAE’s direction and global efforts to adopt innovative green solutions that contribute to achieving a balance between economic and social growth and the sustainability of natural resources, as well as focus on renewable and clean energy solutions."

The summit contributes to boosting the country’s competitiveness and reaffirming its global leadership in building a green economy, Mariam Al Mheiri, Minister of Climate Change and Environment, said.

"As we gear up to host COP28 in 2023, we are keen to take meaningful steps in our climate action — most importantly, advancing the shift to a green economy," she said.

"WGES is a leading global platform that drives climate and environmental action through convening decision-makers and experts to assess the progress made thus far in the transition to a green economy, explore the next steps, and expedite collective endeavours."

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.”

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

'Skin'

Dir: Guy Nattiv

Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga

Rating: 3.5/5 stars

Updated: August 14, 2022, 11:32 AM