The UAE on Thursday signed two agreements with the International Monetary Fund aimed at promoting sustainable development and supporting efforts to eradicate poverty around the world.
Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, and IMF managing director Kristalina Georgieva signed the deals on the sidelines of the the IMF and World Bank Annual Meetings in Washington, which conclude on Saturday.
The agreements involve the Emirates contributing to the financing of the Poverty Reduction and Growth Trust, which the IMF describes as its main vehicle for providing interest-free financing to low-income countries, and the Resilience and Sustainability Trust, which assists low and middle-income countries to "build resilience to external shocks and ensure sustainable growth".
"This move reaffirms the UAE’s commitment to supporting international efforts aimed at sustainable development, poverty eradication, and strengthening the resilience of developing economies in the face of global challenges," Mr Al Hussaini said.
"We are confident that this partnership with the IMF will play a vital role in advancing global sustainable development goals while reinforcing the UAE's position as a key partner in shaping the global economic landscape."
According to the IMF, Poverty Reduction and Growth Trust lending is expected to reach nearly $40 billion this year, with 69 countries eligible for financing.
Amid increasing concerns about climate change,the Resilience and Sustainability Trust has taken on significantly more importance.
"We are confident that this partnership with the IMF will play a vital role in advancing global sustainable development goals while reinforcing the UAE's position as a key partner in shaping the global economic landscape," Mr Al Hussaini added.
Back in 2023, the UAE announced a $200 million commitment to the IMF's Poverty Reduction and Growth Trust fund, while also contributing an additional $200 million to theResilience and Sustainability Trust during the Cop28 climate meeting hosted in Dubai.
Mr Al Hussaini reflected on the UAE's presence at the IMF and the importance of the recent announcements.
"Our participation in the annual meetings of the World Bank Group and the IMF brought together global economic and financial leaders," he said.
"It offers a valuable platform for exchanging ideas and strategies to tackle pressing global economic challenges."
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
Abu Dhabi Sustainability Week
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
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8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
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