Prince Abdulaziz bin Salman, Saudi Arabia's Energy Minister, addresses a session in Sharm El Sheikh. AP
Prince Abdulaziz bin Salman, Saudi Arabia's Energy Minister, addresses a session in Sharm El Sheikh. AP
Prince Abdulaziz bin Salman, Saudi Arabia's Energy Minister, addresses a session in Sharm El Sheikh. AP
Prince Abdulaziz bin Salman, Saudi Arabia's Energy Minister, addresses a session in Sharm El Sheikh. AP

Saudi Arabia to host Mena Climate Week in 2023


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Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has announced that the kingdom will host the Mena Climate Week in 2023.

At a panel discussion at the Saudi Green Initiative (SGI) event taking place on the sidelines of the Cop27 climate conference in Egypt, the minister set out the kingdom's growing role in climate change talks within the region.

“We have been talking with the UNFCCC [United Nations Framework Convention on Climate Change] secretariat and we will be hosting in 2023 the Mena Climate Week,” he said on Sunday. Saudi Arabia is working on setting up the Knowledge Centre for the Carbon Economy, due to open at the beginning of next year, he said.

Prince Abdulaziz also announced three new projects and a greenhouse gas credit scheme to launch next year.

“The entire government is working in unison to deliver the Saudi Green Initiative," he said. "Next year, we will be finalising the plans for developing 10 more renewable energy projects and connecting an additional 840 megawatts of solar PV power to our grid. Today, we are announcing that we will launch a GHG [greenhouse gas] crediting and offsetting scheme at the beginning of 2023 to support and incentivise efforts and investments in emission reduction and removal projects in all sectors in the kingdom.

“Saudi Arabia is working with the UN Economic and Social Commission for Western Asia to establish a regional centre to advance emissions reduction.

"This centre will provide opportunities for regional collaboration to accelerate emissions reduction and facilitate the implementation of the CCE."

The centre will serve as a powerful platform to represent regional voices, influencing global narratives and developing a road map to lower emissions, a Saudi Press Agency statement said.

'A leading role'

Adel Al Jubair, Saudi Arabia's envoy for climate affairs, said climate change does not recognise borders, genders or religion.

"Saudi Arabia is the world’s largest exporter of petroleum and so we also have a responsibility in that sense … we have to take a leading role," Mr Al Jubair said.

"We all inhabit this planet together. What happens in one part of the world affects other parts of the world — we can’t escape that."

  • A man wears a face mask that reads "no climate justice without human rights" during a protest at the COP27 UN Climate Summit in Sharm El Sheikh, Egypt. AP
    A man wears a face mask that reads "no climate justice without human rights" during a protest at the COP27 UN Climate Summit in Sharm El Sheikh, Egypt. AP
  • A presentation at the American University in Cairo Pavilion. Reuters
    A presentation at the American University in Cairo Pavilion. Reuters
  • Egyptian artist Bahia Sheha stands inside her installation "Heaven & Hell in the Anthropocene." AFP
    Egyptian artist Bahia Sheha stands inside her installation "Heaven & Hell in the Anthropocene." AFP
  • Akihiro Nishimura, minister of the environment of Japan, reviews notes with others at the COP27. AP
    Akihiro Nishimura, minister of the environment of Japan, reviews notes with others at the COP27. AP
  • US Special Presidential Envoy for Climate John Kerry, right, and Xie Zhenhua, China's special envoy for climate greet each other at the COP27 UN Climate Summit in Sharm el-Sheikh, Egypt. AP
    US Special Presidential Envoy for Climate John Kerry, right, and Xie Zhenhua, China's special envoy for climate greet each other at the COP27 UN Climate Summit in Sharm el-Sheikh, Egypt. AP
  • Brazilian president-elect Luiz Inacio Lula da Silva poses for a group photograph with representatives of his country's indigenous people. AFP
    Brazilian president-elect Luiz Inacio Lula da Silva poses for a group photograph with representatives of his country's indigenous people. AFP
  • People attend the COP27 UN Climate Summit in Sharm El-Sheikh. EPA
    People attend the COP27 UN Climate Summit in Sharm El-Sheikh. EPA
  • Activists dancing during a discussion on leaflets at the Cop27 climate conference, taking place in Sharm El Sheikh, Egypt. AFP
    Activists dancing during a discussion on leaflets at the Cop27 climate conference, taking place in Sharm El Sheikh, Egypt. AFP
  • An activist wears a polar bear outfit as part of campaigning. AFP
    An activist wears a polar bear outfit as part of campaigning. AFP
  • From left, Rakia Amandou of Niger, Ba Aminata of Burkina Faso, Kenyan Rosemary Nenini, Fatima Mustafa Ahmed from Sudan and Djeneb Dicko from Burkina Faso at the Indigenous Peoples Pavilion. AP
    From left, Rakia Amandou of Niger, Ba Aminata of Burkina Faso, Kenyan Rosemary Nenini, Fatima Mustafa Ahmed from Sudan and Djeneb Dicko from Burkina Faso at the Indigenous Peoples Pavilion. AP
  • Abdulla Nasser Musallam Al Rahbi, Oman's Ambassador to Egypt and Permanent Representative to the Arab League, speaks at the COP27 climate conference in Egypt's Red Sea resort city of Sharm el-Sheikh. AFP
    Abdulla Nasser Musallam Al Rahbi, Oman's Ambassador to Egypt and Permanent Representative to the Arab League, speaks at the COP27 climate conference in Egypt's Red Sea resort city of Sharm el-Sheikh. AFP
  • Climate activists demonstrate in the designated protest zone. AP
    Climate activists demonstrate in the designated protest zone. AP
  • Sheikh Abdullah, Director General of Environment at the Public Authority of Kuwait, speaks at Cop27. AFP
    Sheikh Abdullah, Director General of Environment at the Public Authority of Kuwait, speaks at Cop27. AFP
  • Visitors at the Sharm El Sheikh International Convention Centre. AFP
    Visitors at the Sharm El Sheikh International Convention Centre. AFP
  • A display outside the convention centre. AFP
    A display outside the convention centre. AFP
  • A fountain in the green zone at the International Convention Centre at sunset. AFP
    A fountain in the green zone at the International Convention Centre at sunset. AFP
  • Mohamed bin Daina, right, Bahrain's Special Envoy for Climate Affairs and Chief Executive at the Supreme Council for Environment, at the conference. AFP
    Mohamed bin Daina, right, Bahrain's Special Envoy for Climate Affairs and Chief Executive at the Supreme Council for Environment, at the conference. AFP
  • Members of Extinction Rebellion stage a protest at the Glencairn tidal pool outside Cape Town, South Africa to mark Cop27's 'Water Day'. AP
    Members of Extinction Rebellion stage a protest at the Glencairn tidal pool outside Cape Town, South Africa to mark Cop27's 'Water Day'. AP
  • From left, Fahad Al Maskari of the Khalifa University, Frank Hartmann, Ghaleb Al Breiki of the UAE University, and Mouna Maroun of the University of Haifa, sign an agreement at Cop27. AFP
    From left, Fahad Al Maskari of the Khalifa University, Frank Hartmann, Ghaleb Al Breiki of the UAE University, and Mouna Maroun of the University of Haifa, sign an agreement at Cop27. AFP
  • John Kerry, US special presidential envoy for climate, at Cop27 in Sharm El Sheikh, Egypt. AP Photo
    John Kerry, US special presidential envoy for climate, at Cop27 in Sharm El Sheikh, Egypt. AP Photo
  • Australian climate activists offer bananas to climate summit participants. AFP
    Australian climate activists offer bananas to climate summit participants. AFP
  • Climate activist Sabrina Elba. AP Photo
    Climate activist Sabrina Elba. AP Photo
  • Egyptian security forces stand guard during the protest. AFP
    Egyptian security forces stand guard during the protest. AFP
  • US President Joe Biden. AFP
    US President Joe Biden. AFP
  • Mr Biden with Egyptian President Abdel Fattah El Sisi. AP
    Mr Biden with Egyptian President Abdel Fattah El Sisi. AP
  • A Cop27 sign in Sharm El Sheikh, Egypt, provides the backdrop for this woman's selfie. Reuters
    A Cop27 sign in Sharm El Sheikh, Egypt, provides the backdrop for this woman's selfie. Reuters
  • Egypt's President Abdel Fattah El Sisi speaks to US House Speaker Nancy Pelosi at the climate summit. AFP
    Egypt's President Abdel Fattah El Sisi speaks to US House Speaker Nancy Pelosi at the climate summit. AFP
  • A water wonderland greets this child at an acquarium in the Cop27 Green Zone. Reuters
    A water wonderland greets this child at an acquarium in the Cop27 Green Zone. Reuters
  • Mr El Sisi, second left, takes part in a cycling marathon on the sidelines of Cop27. EPA
    Mr El Sisi, second left, takes part in a cycling marathon on the sidelines of Cop27. EPA
  • Rafael Grossi, director of the International Atomic Energy Agency, speaks in Sharm El Sheikh about 'complicated' talks to set up a protection zone around Ukraine's Zaporizhzhia nuclear plant. AFP
    Rafael Grossi, director of the International Atomic Energy Agency, speaks in Sharm El Sheikh about 'complicated' talks to set up a protection zone around Ukraine's Zaporizhzhia nuclear plant. AFP
  • Frankie the dinosaur. Reuters
    Frankie the dinosaur. Reuters
  • US House Speaker Nancy Pelosi. Reuters
    US House Speaker Nancy Pelosi. Reuters
  • Sheikha Shamma bint Sultan, CEO of the Alliances for Global Sustainability; Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security; and Hatem Dowidar, group CEO at e&. AFP
    Sheikha Shamma bint Sultan, CEO of the Alliances for Global Sustainability; Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security; and Hatem Dowidar, group CEO at e&. AFP
  • Sameh Shoukry, Cop27 president, centre left, poses for photos in the youth pavilion. AP
    Sameh Shoukry, Cop27 president, centre left, poses for photos in the youth pavilion. AP
  • A visitor looks at the 'Zero Point' series of collage portraits by Turkish artist Deniz Sagdic, each of which is made from a particular kind of upcycled waste material. Getty
    A visitor looks at the 'Zero Point' series of collage portraits by Turkish artist Deniz Sagdic, each of which is made from a particular kind of upcycled waste material. Getty
  • Participants visit the Ukrainian pavillon. AFP
    Participants visit the Ukrainian pavillon. AFP
  • Mr Kerry speaks during a session on accelerating the clean energy transition in developing countries. AP
    Mr Kerry speaks during a session on accelerating the clean energy transition in developing countries. AP
  • Youth climate activists. Pictured, from the left, Eric Njuguna of Kenya, Nicole Becker of Argentina, Vanessa Nakate of Uganda, Sophia Kianni from Iran, and Mitzi Jonelle Tan of the Philippines. AP
    Youth climate activists. Pictured, from the left, Eric Njuguna of Kenya, Nicole Becker of Argentina, Vanessa Nakate of Uganda, Sophia Kianni from Iran, and Mitzi Jonelle Tan of the Philippines. AP
  • Muhammad Sulaiman Al Jasser, right, chairman of the Islamic Development Bank Group, poses for a photo with Mohamed Hadi Al Hussaini, the UAE's Minister of State for Financial Affairs. AFP
    Muhammad Sulaiman Al Jasser, right, chairman of the Islamic Development Bank Group, poses for a photo with Mohamed Hadi Al Hussaini, the UAE's Minister of State for Financial Affairs. AFP
  • Kristalina Georgieva, managing director of the International Monetary Fund. Bloomberg
    Kristalina Georgieva, managing director of the International Monetary Fund. Bloomberg
  • A police officer stands at the entrance of the Sharm El Sheikh International Convention Centre during Cop27. Reuters
    A police officer stands at the entrance of the Sharm El Sheikh International Convention Centre during Cop27. Reuters
  • United Nations Secretary General Antonio Guterres. AP Photo
    United Nations Secretary General Antonio Guterres. AP Photo
  • Former US vice president Al Gore speaks during a session at Cop27. AP Photo
    Former US vice president Al Gore speaks during a session at Cop27. AP Photo
  • Demonstrators shout slogans during a protest. AFP
    Demonstrators shout slogans during a protest. AFP

Saudi Arabia will invest $2.5 billion to deal with desertification and planting trees to reduce carbon emissions.

"The objective is to plant up to 50 billion trees in the Middle East," Dr Al Jubair said.

He said the kingdom had released funds to promote food security and help countries manage the transition using a circular carbon economy approach.

On the sidelines of Cop27, the chief executive of the National Centre for Vegetation Development and Combating Desertification (NCVC), Dr Khalid Al Abdulqader, also reiterated Saudi Arabia's plans to plant 600 million trees by 2030.

The NCVC launched a Local Trees Genome project that aims to use technology to collect rainwater and spread seeds by using drones, as well as study the genetic characteristics of local plants and trees.

The kingdom will achieve the SGI target of placing 30 per cent of its land and sea under protection by 2030, and plant more than 600 million trees within the same timeframe, an increase of more than 150 million trees from the initial goal to plant 450 million by 2030, according to SPA.

"We want to be an example to the world in terms of what can be done," he said. "We believe it can be done, we believe it will be done and we are determined to do so. You either get ahead or you are going to be buried by it [climate change]." Dr Al Jubair said.

"Saudi Arabia is committed to being ahead of it."

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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.”

Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club:

1st ODI, Wednesday, April 10

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test Thursday-Monday at Colombo
  • 3rd Test August 12-16 at Pallekele
The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Updated: November 14, 2022, 12:03 PM