Egyptian Foreign Minister Sameh Shoukry called his overall goal “implementation" as he prepares to preside over Cop27, which will be held in Sharm El Sheikh in November. Reuters
Egyptian Foreign Minister Sameh Shoukry called his overall goal “implementation" as he prepares to preside over Cop27, which will be held in Sharm El Sheikh in November. Reuters
Egyptian Foreign Minister Sameh Shoukry called his overall goal “implementation" as he prepares to preside over Cop27, which will be held in Sharm El Sheikh in November. Reuters
Egyptian Foreign Minister Sameh Shoukry called his overall goal “implementation" as he prepares to preside over Cop27, which will be held in Sharm El Sheikh in November. Reuters

Cop27 host Egypt vows to allow climate protests and push pledges


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Egypt will push countries to fulfil their climate pledges and allow protests when it hosts the next UN summit on climate change, Cop27, the incoming president of the event has said.

Egyptian Foreign Minister Sameh Shoukry called his overall goal “implementation" as he prepares to preside over Cop27, which will be held in Sharm El Sheikh in November.

He is eager for countries to deliver on promises to reduce greenhouse-gas emissions sharply, facilitate “non-adversarial” talks on compensation to developing countries for global-warming impacts, and allow climate activists to protest.

Mr Shoukry said the last summit, held in Glasgow, Scotland, in 2021, finalised many commitments made during the Paris Agreement in 2015. The pledges aimed to reduce emissions to limit global warming to 1.5ºC (2.7F) since pre-industrial times.

“The commitments and the pledges now have to be implemented in all sectors of the climate change agenda, whether it’s in adaptation, mitigation or finance, loss and damage,” Mr Shoukry said in an interview on Monday with the Associated Press, at the World Economic Forum in Davos, Switzerland.

In recent years, many developing nations and activists have increased long-standing calls to compensate poor countries for devastation wrought by climate change. They say the devastation has been disproportionately caused by rich countries because of past emissions.

The call was rejected during last year’s summit. Many supporters of the idea, often called “loss and damage,” hope to make progress on it in November. Their arguments could receive a boost by the symbolic significance of this conference being held in Egypt, a developing nation in North Africa.

“We hope that the discussion (on loss and damage) is comprehensive, but it is non-adversarial,” Mr Shoukry said. He added that there should be a recognition among all countries “that we are all in the same boat and for us to succeed, we all have to succeed.”

Mr Shoukry said protests would be allowed during the conference.

Egyptian authorities crack down on demonstrations not sanctioned by the government and retain the right to cancel or postpone any protests. This leads activists to wonder what, if any, demonstrations would be able to happen, a common occurrence at previous Cop events.

  • The official opening ceremony of MENA Climate Week 2022 at Atlantis, The Palm in Dubai. All photos: Antonie Robertson / The National
    The official opening ceremony of MENA Climate Week 2022 at Atlantis, The Palm in Dubai. All photos: Antonie Robertson / The National
  • Dr Sultan Al Jaber, Ministry of Industry and Advanced Technology and the UAE's Special Envoy for Climate Change, addresses delegates.
    Dr Sultan Al Jaber, Ministry of Industry and Advanced Technology and the UAE's Special Envoy for Climate Change, addresses delegates.
  • Dr Al Jaber called on governments to keep investing in 'low-cost, low-carbon energies'.
    Dr Al Jaber called on governments to keep investing in 'low-cost, low-carbon energies'.
  • Mariam Al Mheiri, Minister of Climate Change and Environment, speaks at the conference.
    Mariam Al Mheiri, Minister of Climate Change and Environment, speaks at the conference.
  • Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change, said the climate crisis was the most lethal threat facing humanity.
    Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change, said the climate crisis was the most lethal threat facing humanity.
  • More from the first day.
    More from the first day.
  • Saeed Mohammed Al Tayer, chairman of the World Green Economy Organisation and managing director and chief executive of Dewa.
    Saeed Mohammed Al Tayer, chairman of the World Green Economy Organisation and managing director and chief executive of Dewa.
  • The audience listens to the Dewa chief executive's address.
    The audience listens to the Dewa chief executive's address.
  • There was no benefit to ditching existing energy models if people could not afford to use the alternatives, Dr Al Jaber told those in attendance.
    There was no benefit to ditching existing energy models if people could not afford to use the alternatives, Dr Al Jaber told those in attendance.
  • Dr Al Jaber said any transition to clean energy should be sustainable.
    Dr Al Jaber said any transition to clean energy should be sustainable.

“We are developing a facility adjacent to the conference centre that will provide them the full opportunity of participation, of activism, of demonstration, of voicing that opinion,” Mr Shoukry said. “And we will also provide them access, as is traditionally done on one day of the negotiations, to the negotiating hold itself.”

Protests at global UN climate conferences often fill the streets with floats and banners and persist for days. The protests, as well as booths and press conferences outside the official venues, comprise a conference of their own — although they are not where critical language on carbon commitments is hammered out.

Mr Shoukry said during meetings about climate pledges in Denmark earlier this month that he had invited protesters who were outside to speak with him. He called the meeting “productive” and that Egypt’s climate goals lined up with those of many protesters.

“We recognise their impact, their determination, their commitment to keep us all honest as governmental representatives and parties that we should not be delinquent, and rise to the occasion and deal with this very important issue,” he said.

Before hosting the conference, Egypt has been racing to launch many agreements around renewable energies. In March, Egypt and Norway signed an agreement for several projects around green hydrogen and building green infrastructure projects in African countries.

Egypt and clean energy company Scatec also signed a $5 billion deal to establish a plant in the Suez Canal area for producing green ammonia from green hydrogen. Such deals come on the heels of years of steady investment in wind and solar technologies.

Mr Shoukry said Egypt was relying as much as possible on renewable energy in the building of several new cities, including a new administrative capital east of Cairo. Critics have called it a “vanity project,” but the government has said it is necessary to absorb Cairo’s booming population, expected to double to 40 million by 2050.

Mr Shoukry said a rapid shift to renewable energies presented enormous opportunities for investors, a common argument of proponents.

When asked whether fossil fuel companies could or should be part of the transition to renewable energies, an argument made by oil and gas companies, including many at the Davos conference, Mr Shoukry disagreed.

“I can’t say that fossil fuels are part of the solution. Fossil fuels have been the problem,” he said. “We might see in gas a transitional source of energy with certainly fewer emissions. But I think we have to really move quickly to the net-zero goal and we have to apply ourselves more effectively in new technologies, in renewable energy.”

COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

Uefa Champions League last 16 draw

Juventus v Tottenham Hotspur

Basel v Manchester City

Sevilla v  Manchester United

Porto v Liverpool

Real Madrid v Paris Saint-Germain

Shakhtar Donetsk v Roma

Chelsea v Barcelona

Bayern Munich v Besiktas

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The%20Specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.6-litre%20twin%20turbocharged%20V6%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20472hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20603Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh290%2C000%20(%2478%2C9500)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
Results:

Men's 100m T34: 1. Walid Ktila (TUN) 15 sec; 2. Rheed McCracken (AUS) 15.40; 3. Mohammed Al Hammadi (UAE) 15.75. Men's 400m T34: 1. Walid Ktila (TUN) 50.56; 2. Mohammed Al Hammadi (UAE) 50.94; 3. Henry Manni (FIN) 52.24.

While you're here
UAE currency: the story behind the money in your pockets
West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

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. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

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.

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.

'Lost in Space'

Creators: Matt Sazama, Burk Sharpless, Irwin Allen

Stars: Molly Parker, Toby Stephens, Maxwell Jenkins

Rating: 4/5

The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

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.”

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Updated: May 24, 2022, 1:31 PM