Food and finance pledges raise ambition at Cop28


John Dennehy
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Landmark announcements on food and finance, along with impassioned calls to act from global leaders, raised the ambition on the second day of Cop28.

At least 134 leaders endorsed a UAE declaration on sustainable agriculture, resilient food systems and climate action, while a separate $30 billion climate finance pledge was made that aims to find solutions to the world's funding challenges.

UAE President Sheikh Mohamed announced the $30 billion drive during his opening speech at Friday’s World Climate Action Summit in Dubai.

“The lack of financing has long been one of the biggest obstacles to advancing climate action globally,” he said.

The UAE also on Friday made a separate pledge of US$200m (Dh735 million) to help climate resilience in vulnerable countries.

A vast, frightening experiment of changing every ecological condition all at once
King Charles on human behaviour

The food initiative included a vow to cut emissions from farming – about a third of the world’s greenhouse gas footprint – by shifting to “more sustainable production and consumption”.

“Today signals a turning point, embedding sustainable agriculture and food systems as critical components in both dealing with climate change and building food systems fit for the future,” said Mariam Al Mheiri, UAE Minister of Climate Change and Environment and Cop28 food systems lead. “Together we will deliver lasting change for families, farmers and the future.”

Gernot Laganda, climate director of the World Food Programme, told The National the announcement was a breakthrough.

“WFP supports the declaration,” he said. “The biggest driver of hunger in the world is still conflict, but climate, I think, is following very closely, especially in places where conflict and climate intersect.”

World leaders also addressed the summit on Friday, taking turns to lament over the state of the planet and urge more action to correct course.

'Praying with all my heart'

King Charles III said he was “praying with all my heart” that Cop28 would be a “critical turning point” in the fight against climate change.

He said the world was carrying out a “vast, frightening experiment of changing every ecological condition all at once”.

The monarch, a lifelong advocate for the environment, seemed to chuckle in frustration at how long he had been talking about protecting the planet and pointed out he had addressed the 2015 Paris Cop that resulted in the landmark deal to try to limit temperatures to 1.5°C above pre-industrial levels.

“The Earth does not belong to us, we belong to the Earth,” he said.

  • Right to left, UAE President Sheikh Mohamed, Surangel Whipps Jr, President of Palau, and UN Secretary General Antonio Guterres line up for a photograph before the opening ceremony of the Cop28 climate summit at Expo City Dubai. Photo: Eissa Al Hammadi / UAE Presidential Court
    Right to left, UAE President Sheikh Mohamed, Surangel Whipps Jr, President of Palau, and UN Secretary General Antonio Guterres line up for a photograph before the opening ceremony of the Cop28 climate summit at Expo City Dubai. Photo: Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Princess Lalla Hasna of Morocco at Cop28. Rashed Al Mansoori / UAE Presidential Court
    President Sheikh Mohamed greets Princess Lalla Hasna of Morocco at Cop28. Rashed Al Mansoori / UAE Presidential Court
  • President Sheikh Mohamed greets Stevo Pendarovski, President of North Macedonia. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Stevo Pendarovski, President of North Macedonia. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed with Sheikh Tamim bin Hamad, Emir of Qatar, centre, and UN Secretary General Antonio Guterres. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed with Sheikh Tamim bin Hamad, Emir of Qatar, centre, and UN Secretary General Antonio Guterres. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Xavier Espot Zamora, Prime Minister of Andorra. Rashed Al Mansoori / UAE Presidential Court
    President Sheikh Mohamed greets Xavier Espot Zamora, Prime Minister of Andorra. Rashed Al Mansoori / UAE Presidential Court
  • President Sheikh Mohamed greets Chandrikapersad Santokhi, President of Suriname. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Chandrikapersad Santokhi, President of Suriname. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed with Gitanas Nausėda, President of Lithuania, and UN Secretary General Antonio Guterres. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed with Gitanas Nausėda, President of Lithuania, and UN Secretary General Antonio Guterres. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Jordan's Foreign Minister, Ayman Safadi. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Jordan's Foreign Minister, Ayman Safadi. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed with US Special Presidential Envoy for Climate John Kerry and the UN Secretary General. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed with US Special Presidential Envoy for Climate John Kerry and the UN Secretary General. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets William Ruto, President of Kenya. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets William Ruto, President of Kenya. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Surangel Whipps Jr, President of Palau. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Surangel Whipps Jr, President of Palau. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed stands for a photograph with Bisher Khasawneh, Prime Minister of Jordan. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed stands for a photograph with Bisher Khasawneh, Prime Minister of Jordan. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Samia Suluhu Hassan, President of Tanzania. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Samia Suluhu Hassan, President of Tanzania. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed speaks with Antonio Guterres, UN Secretary General. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed speaks with Antonio Guterres, UN Secretary General. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Kaja Kallas, Prime Minister of Estonia. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Kaja Kallas, Prime Minister of Estonia. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Umaro Sissoco Embalo, President of Guinea-Bissau. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Umaro Sissoco Embalo, President of Guinea-Bissau. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed looks on as Mohamed Al Menfi, Libyan Presidential Council Chief, shakes hands with the UN Secretary General. Ryan Carter / UAE Presidential Court
    President Sheikh Mohamed looks on as Mohamed Al Menfi, Libyan Presidential Council Chief, shakes hands with the UN Secretary General. Ryan Carter / UAE Presidential Court
  • President Sheikh Mohamed greets John Kerry, US Special Presidential Envoy for Climate. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets John Kerry, US Special Presidential Envoy for Climate. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed greets Gaston Browne, Prime Minister of Antigua and Barbuda. Rashed Al Mansoori / UAE Presidential Court
    President Sheikh Mohamed greets Gaston Browne, Prime Minister of Antigua and Barbuda. Rashed Al Mansoori / UAE Presidential Court
  • President Sheikh Mohamed greets Hakainde Hichilema, President of Zambia. Eissa Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed greets Hakainde Hichilema, President of Zambia. Eissa Al Hammadi / UAE Presidential Court
  • President Sheikh Mohamed speaks with Antonio Guterres, Secretary General of the United Nations. Rashed Al Mansoori / UAE Presidential Court
    President Sheikh Mohamed speaks with Antonio Guterres, Secretary General of the United Nations. Rashed Al Mansoori / UAE Presidential Court

UN Secretary General Antonio Guterres, who has just visited Antarctica to see melting ice scientists believe is linked to climate change, said keeping the 1.5°C threshold was only possible if the world stopped “burning all fossil fuels”.

The UN has warned that this year could be the hottest ever, and it also cautioned before Cop28 started that the world could be on track for warming of 3°C which would have devastating consequences for the lives and livelihoods of billions of people.

“Not reduce, not abate,” said Mr Guterres. “Phaseout – with a clear time frame aligned with 1.5°C.”

Jordan's King Abdullah II warned climate change will exacerbate the impact of war, amid a worsening humanitarian crisis in Gaza, while Indian Prime Minister Narendra Modi said the world didn’t have much time to correct “mistakes of the past century” while also stating India would seek to host Cop33.

The second day of the summit sought to continue the momentum of the opening day where the contentious loss and damage fund was capitalised after a fraught year-long process over its operation. But delegates still face a tough few days ahead when the future of fossil fuels is set to be debated further.

A first draft of an agreement on the global stocktake published in the early hours of Friday did include fossil fuels but it was a very early text and subject to change. The global stocktake is the first assessment of how the world is doing against the goals of the Paris deal and is a critical part of Cop28.

The opening and leader speeches injected a sense of urgency and occasion into the often dry world of UN negotiations, with the opening event featuring traditional UAE music and, after Sheikh Mohamed ended his speech, his father and UAE Founding Father – the late Sheikh Zayed bin Sultan Al Nahyan – appeared in a 3D hologram with a backdrop of rolling dunes and stars.

One of the most impassioned speeches of the day came from Brazil’s President Luiz Inacio Lula da Silva, who sounded a note of caution about the challenges ahead. Since he became president a year ago, Lula has brought Brazil back to the centre of the climate fight and eased destruction of the vital Amazon rainforest. Cop30 takes place there in 2025.

Mr Lula rebuked those who were not following through on their commitments and were spending a fraction on climate compared with weapons.

“The world is already convinced of the potential of renewable sources of energy,” he told attendees, his voice thundering through the auditorium.

“Now is the time to face the debate about the slow-motion pace of the decarbonisation of the planet, and to work towards an economy that will be less reliant on fossil fuel. We have to do it, and in a way that is urgent and fair.”

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
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Apple Watch Series 4
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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

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  • Priority access to new homes from participating developers
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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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The years Ramadan fell in May

1987

1954

1921

1888

Left Bank: Art, Passion and Rebirth of Paris 1940-1950

Agnes Poirer, Bloomsbury

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Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Updated: December 02, 2023, 5:58 PM