Steam from the coal-fired power station Neurath near the Garzweiler open-cast coal mine in Luetzerath, Germany, October 25. AP
Steam from the coal-fired power station Neurath near the Garzweiler open-cast coal mine in Luetzerath, Germany, October 25. AP
Steam from the coal-fired power station Neurath near the Garzweiler open-cast coal mine in Luetzerath, Germany, October 25. AP
Steam from the coal-fired power station Neurath near the Garzweiler open-cast coal mine in Luetzerath, Germany, October 25. AP


For some countries, Cop26 is not looking promising


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  • Arabic

October 28, 2021

With the UN warning earlier this week that greenhouse gases in the atmosphere have hit an all-time high, the pressure on the upcoming Cop26 climate conference to deliver tangible commitments from the world’s leading powers to cut carbon emissions has never been greater.

Speaking on the eve of the Cop26 international climate summit that opens in Glasgow on Sunday, John Kerry, US President Joe Biden’s climate envoy, warned that this is the world’s “last best chance” to stop a climate catastrophe.

In Britain, his words were echoed by a team of international scientists, who in a signed declaration issued on the eve of the summit, set out in stark terms the extent of the climate challenges the world is facing.

A sign says closed, outside the Haig Colliery Mining Museum close to the site of a proposed new coal mine near the Cumbrian town of Whitehaven in northwest England, October 4. AP
A sign says closed, outside the Haig Colliery Mining Museum close to the site of a proposed new coal mine near the Cumbrian town of Whitehaven in northwest England, October 4. AP

Warning that the scientific case for urgent climate action was “unequivocal”, they pointed to the fact that the world is now 1.09°C warmer than it was in the early industrial era. This had resulted in sea levels rising, and had contributed to weather extremes, such as heatwaves, excess rainfall, wildfires, flooding and droughts. The scientists insisted that “there is no doubt” human activity has been responsible for warming the ocean, atmosphere and land, and that urgent action was required to halt this trend if the world was to avoid potentially catastrophic consequences in the decades to come.

As if to underline the urgency of the issue, the UN warned that greenhouse gases in the atmosphere were higher than ever despite the drop in global emissions that had been caused by the coronavirus pandemic.

Notwithstanding pledges by some of the world’s leading industrialised nations made at previous climate summits to cut carbon emissions, the UN’s World Meteorological Organisation has found that concentrations of carbon dioxide and other heat-trapping gases in the atmosphere have risen at a faster rate during the last year than over the previous decade. And this is despite the downturn in the global economy caused by the pandemic.

But if the scientific arguments in favour of world leaders taking tougher action to tackle the impact of climate change appear compelling, the prospects of the two-week Cop26 summit producing the necessary reductions is not looking promising, as British Prime Minister Boris Johnson, who is hosting the summit, himself admitted earlier this week.

In order to get rising temperatures under control, one of the summit’s main goals is to limit warming to 1.5°C by the end of the century, which scientists argue, can only be achieved if world leaders agree to a steep reduction in global emissions by 2030, with the aim of reaching global net zero by around 2050.

Coal burning is one of the most contentious issues

But Mr Johnson, speaking at a press conference convened for young children to raise climate concerns, warned that it was “touch and go” whether the summit delivered the desired results. He said it was “very far from clear” that the necessary commitments would be forthcoming at Glasgow, even though the meeting was arguably the most important the UK has had “in our lifetimes”.

The omens for the summit producing the required outcome have certainly not been promising after the Queen was forced to pull out of hosting a reception for world leaders after being given medical advice to rest. In addition, Glasgow has been hit by a number of industrial disputes that will disrupt the city’s transportation system.

The prospects of the summit resulting in lasting commitments from world leaders to meet the UN’s ambitious climate goals have also been hit by the absence of a number of key leaders, with both Chinese President Xi Jingping and Russian President Vladimir Putin unlikely to attend.

The absence of the Russian and Chinese leaders certainly underlines the deep divisions that have emerged over the climate debate, with most Western powers accepting the need to cut carbon emissions while other countries, especially in the developing world, argue that their own economic development should take precedence over meeting climate targets.

In this context coal burning has emerged as one of the most contentious issues, which is seen as one of the biggest contributors to global warming. In Britain one of Mr Johnson’s strongest claims to global leadership on climate change is his commitment that coal will no longer be used to generate electricity in the UK from October 2024.

But with 6,600 coal-fired generating units still operational worldwide, Mr Johnson’s hopes of persuading other countries, particularly in the developing world, to follow suit are not promising. Global coal use was about 4 per cent higher in the last quarter of last year than in the same period in 2019, and hundreds more coal plants are being planned in countries such as China, India and Indonesia.

In this context it is therefore vital that Cop26 makes progress on the pledge by developed countries, initially made in 2009, to provide $100 billion a year to help developing countries respond to the climate challenge. According to the latest figures produced by the Organisation for Economic Co-operation and Development, a club of mostly rich nations, only $80 billion was raised in 2019, with warnings that this year’s total could also be “well short” of the target unless other commitments are forthcoming at Glasgow.

The prospects of a major breakthrough being achieved at Cop26 have also been undermined by wrangling between western powers over the best means of achieving climate goals.

The recent debate in Europe over Russia’s controversial Nord Stream II gas pipeline has, for example, revealed divisions between countries like Britain – that are concerned it will make Europe too reliant on Moscow for its energy needs – and other European powers like Germany, which believe access to Russian energy is vital as European economies make the transition to greener economies.

Nevertheless, there are some grounds for optimism that the summit will not be a complete failure. In terms of providing support for developing nations, the Biden administration has already agreed to increase its annual contribution to $11.4 billion a year by 2024, while President Xi promised to end support for new coal power projects overseas.

In 2019, when Britain won the right to host Cop26, commitments to net zero emissions covered only about a quarter of the world’s economy. Now 84 per cent is covered by such national commitments.

The challenge now is for Cop26 to maintain the momentum on these achievements.

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The specs

Engine: 2.2-litre, turbodiesel

Transmission: 6-speed auto

Power: 160hp

Torque: 385Nm

Price: Dh116,900

On sale: now

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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.”

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

T20 World Cup Qualifier

Final: Netherlands beat PNG by seven wickets

Qualified teams

1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman

T20 World Cup 2020, Australia

Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland

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 

Scores in brief:

  • New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
  • William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
  • Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
  • Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

UAE currency: the story behind the money in your pockets
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

W.
Wael Kfoury
(Rotana)

MATCH INFO

Newcastle United 3
Gayle (23'), Perez (59', 63')

Chelsea 0

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: October 28, 2021, 2:45 PM