The Private Office of Sheikh Ahmed Dalmook Al Maktoum has launched a new entity called Blue Carbon to advance “nature-based solutions” in climate change mitigation initiatives.
Blue Carbon will focus on investments in coastal ecosystems, such as mangroves, which can store three to five times more carbon than terrestrial forests.
Interest among businesses in the ecosystems' environmental potential is “growing” as they work towards complying with the existing regulations, said Blue Carbon.
Sheikh Al Maktoum, chairman of the newly-launched company, said Blue Carbon will enter into bilateral agreements with governments and private entities to boost investments in “green” and “blue” carbon projects.
Green carbon is found in living vegetation and soil in forest ecosystems, while blue carbon is stored in coastal and marine ecosystems, such as mangroves.
“The world will require an estimated average of $5 trillion a year until 2050 of climate-related investments to reach net-zero goals,” said Josiane Sadaka, chief executive of Blue Carbon.
“We at Blue Carbon will further these initiatives using methodologies that can better forecast demands that will emerge as we transition to a decarbonised economy.”
The Private Office has a portfolio of privately held group companies that focus mainly on infrastructure development, energy projects, LNG terminal development and water desalination.
The 28th session of the Conference of the Parties, or Cop28 as it is informally known, will be held in the UAE next year. The meeting, which will follow on from Cop27 in Egypt in November, will try to find solutions to the threats posed by climate change.
The UAE, Opec's third-largest oil producer, aims to become carbon neutral by 2050 and is focusing on the development of clean energy projects.
The country has Dh600bn worth of clean and renewable energy investments planned over the next three decades.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
