Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Cop28 President-designate, meets Grant Shapps, the UK's Secretary of State for Energy Security and Net Zero, in London. Photo: Cop28 UAE
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Cop28 President-designate, meets Grant Shapps, the UK's Secretary of State for Energy Security and Net Zero, in London. Photo: Cop28 UAE
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Cop28 President-designate, meets Grant Shapps, the UK's Secretary of State for Energy Security and Net Zero, in London. Photo: Cop28 UAE
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Cop28 President-designate, meets Grant Shapps, the UK's Secretary of State for Energy Security and Net Zero, in London. Photo:

UAE's Dr Sultan Al Jaber agrees to closer climate co-operation with UK ahead of Cop28


Laura O'Callaghan
  • English
  • Arabic

The UAE and the UK have agreed to engage in closer co-operation in the lead-up to Cop28 to keep global warming targets within reach.

Both countries will work together to shape a response to the global stocktake and push forward with a ground-breaking agenda on clean technology solutions at the climate summit in Dubai in November.

During a visit to London, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Cop28 President-designate, met UK Secretary of State for Energy Security and Net Zero Grant Shapps to discuss joint efforts to tackle climate change.

Photos of the meeting were posted on the Cop28 UAE Twitter account, with a message hailing the “productive discussions”.

“They agreed on closer co-operation to advance the Breakthrough Agenda and shape a bold response to the #GlobalStocktake on the road to #COP28UAE,” the message read.

  • Cop28 Director-General Majid Al Suwaidi joined a panel discussion on climate diplomacy and highlighted the UAE’s priorities. All Photos: Cop28 UAE
    Cop28 Director-General Majid Al Suwaidi joined a panel discussion on climate diplomacy and highlighted the UAE’s priorities. All Photos: Cop28 UAE
  • Cop28 Director-General Majid Al Suwaidi stated the need for ambitious partnerships
    Cop28 Director-General Majid Al Suwaidi stated the need for ambitious partnerships
  • Cop28 High-Level Champion Razan Al Mubarak said technology "we already have that’s readily available” can provide 30 per cent of the solution to keeping climate targets alive
    Cop28 High-Level Champion Razan Al Mubarak said technology "we already have that’s readily available” can provide 30 per cent of the solution to keeping climate targets alive
  • Protecting, restoring and sustainably managing nature is a key priority, stressed UN Climate Change High-Level Champion Razan Al Mubarak
    Protecting, restoring and sustainably managing nature is a key priority, stressed UN Climate Change High-Level Champion Razan Al Mubarak
  • Dr Sultan Al Jaber, Cop28 UAE President-Designate and Minister of Industry and Advanced Technology, with Zac Goldsmith, Minister of State for Overseas Territories, Commonwealth, Energy, Climate and Environment
    Dr Sultan Al Jaber, Cop28 UAE President-Designate and Minister of Industry and Advanced Technology, with Zac Goldsmith, Minister of State for Overseas Territories, Commonwealth, Energy, Climate and Environment
  • Cop28 President-Designate, Dr Sultan Al Jaber met with Zac Goldsmith
    Cop28 President-Designate, Dr Sultan Al Jaber met with Zac Goldsmith
  • Minister of Industry and Advanced Technology Dr Sultan Al Jaber had productive discussions with Grant Shapps, UK Secretary of State for Energy Security and Net Zero, and Graham Stuart, Minister for Energy Security and Net Zero.
    Minister of Industry and Advanced Technology Dr Sultan Al Jaber had productive discussions with Grant Shapps, UK Secretary of State for Energy Security and Net Zero, and Graham Stuart, Minister for Energy Security and Net Zero.
  • President-Designate Dr Sultan Al Jaber during the discussions ahead of Cop28 that will be held in Dubai
    President-Designate Dr Sultan Al Jaber during the discussions ahead of Cop28 that will be held in Dubai
  • The UAE and the UK have agreed to engage in closer co-operation in the lead-up to Cop28 to keep global warming targets within reach.
    The UAE and the UK have agreed to engage in closer co-operation in the lead-up to Cop28 to keep global warming targets within reach.
  • Both countries will work together to shape a response to the global stocktake and push forward with a ground-breaking agenda on clean technology solutions at the climate summit in Dubai in November.
    Both countries will work together to shape a response to the global stocktake and push forward with a ground-breaking agenda on clean technology solutions at the climate summit in Dubai in November.

Mr Shapps said that the meeting demonstrated that the UK and UAE were working together to “build the solutions we need” to grow the economy.

He said the two countries would extend co-operation in the run-up to Cop28, which opens on November 30 in Dubai. “Sultan Al Jaber’s visit to London was a key milestone on that mission as we forge stronger ties between our countries,” he said.

The Breakthrough Agenda is an unprecedented international clean technology plan that aims to keep the 1.5C goal in reach.

Dr Al Jaber also met London Mayor Sadiq Khan, chairman of the C40 Cities, a global network of nearly 100 cities that aim to confront the climate crisis and create a future in which all can thrive.

Dr Al Jaber and Mr Khan discussed greater co-operation for sustainable cities as part of their commitment to Cop28.

Majid Al Suwaidi, director general of Cop28, was among those present at the discussions and on Tuesday appeared at a panel event titled Countdown to Cop28 at the Natural History Museum in central London. The event was one of several held across the UK capital to mark London Climate Action Week.

Mr Al Suwaidi said the global community needs to use Cop28 as a moment to “course correct”.

“If leaders don’t know that already, then we have a lot of work to do,” he said.

At the beginning of 2023 many leaders viewed the global stocktake as a “report card” without a “forward-looking component”, he said.

Now their approach is different.

“I would say that the difference that we see in our engagement with leadership from the beginning of the year to now is night and day,” he said.

“We’ve put in a lot of hard work as a presidency to get everybody on track to saying where we’re going forward and what we’re going to do to respond to the global stocktake.”

There are several key moments on the path to Cop28 which will be important spaces for leaders to discuss climate change, he said. He listed the G20 meeting in Delhi in September, the 78th session of the UN General Assembly in September, and the meetings of the World Bank Group and International Monetary Fund in Marrakech in October as examples.

“We as a Cop presidency are going to be convening discussions at each of these events,” he said. “Plus we may have others that help that process.”

Mr Al Suwaidi emphasised the important role the UAE is playing in hosting Cop28, but said whether headway is made in the fight against global warming comes down to world leaders.

“We need to tell our leaders that they need to come up with those solutions,” he told the audience. “This is a party-driven process.

“We as a Cop presidency can provide the platform. We can show the path, but we need your leaders to tell us what they're going to do about the future. And so we are there to help that conversation. We need everybody to come together.

“Certainly in our meetings as we go around the world, that desire is there and that momentum is there and so we feel very excited about that.”

Mr Al Suwaidi said while he was hopeful of change, the needle must move “in a significant way” and touched on the challenges facing the international community ahead of Cop28, including raising capital to tackle global warming.

He said the communal pot must increase from hundreds of billions of dollars to trillions of dollars if the fight against climate change is to be won.

“We know that that can't happen alone from governments. Concessional finance or government support needs to leverage private-sector finance,” he said.

He added that the next seven years will be “critical” in the fight to reverse the effects of climate change and called for solutions to be implemented at pace to get major projects up and running.

Mr Al Suwaidi said investing in green energy “must make economic sense”, highlighting the UAE’s eagerness to invest in eco-friendly energy.

Company%20profile
%3Cp%3ECompany%20name%3A%20Shipsy%3Cbr%3EYear%20of%20inception%3A%202015%3Cbr%3EFounders%3A%20Soham%20Chokshi%2C%20Dhruv%20Agrawal%2C%20Harsh%20Kumar%20and%20Himanshu%20Gupta%3Cbr%3EBased%3A%20India%2C%20UAE%20and%20Indonesia%3Cbr%3ESector%3A%20logistics%3Cbr%3ESize%3A%20more%20than%20350%20employees%3Cbr%3EFunding%20received%20so%20far%3A%20%2431%20million%20in%20series%20A%20and%20B%20rounds%3Cbr%3EInvestors%3A%20Info%20Edge%2C%20Sequoia%20Capital%E2%80%99s%20Surge%2C%20A91%20Partners%20and%20Z3%20Partners%3C%2Fp%3E%0A
Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

'Brazen'

Director: Monika Mitchell

Starring: Alyssa Milano, Sam Page, Colleen Wheeler

Rating: 3/5

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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.”

if you go

The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to ­Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/

The specs: 2019 Jeep Wrangler

Price, base: Dh132,000

Engine: 3.6-litre V6

Gearbox: Eight-speed automatic

Power: 285hp @ 6,400rpm

Torque: 347Nm @ 4,100rpm

Fuel economy, combined: 9.6L to 10.3L / 100km

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Ferrari
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Michael%20Mann%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Adam%20Driver%2C%20Penelope%20Cruz%2C%20Shailene%20Woodley%2C%20Patrick%20Dempsey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Updated: June 28, 2023, 10:29 AM