Dr Sultan Al Jaber, Cop28 President-designate, has vowed to put climate adaptation at the centre of Cop28.
At the opening of the Middle East and North Africa Climate Week in Riyadh on Sunday, Dr Al Jaber said the region was suffering from harsh climate impacts, from droughts to the devastating floods of Derna in Libya.
Dr Al Jaber, also the UAE’s Minister of Industry and Advanced Technology and UAE Special Envoy on Climate Change, said the Middle East and North Africa was a place of extreme water scarcity and food insecurity and this had to be addressed.
We must rapidly build the clean energy system of the future
Dr Sultan Al Jaber
“To deliver for our region we must put adaptation front and centre of the climate agenda,” said Dr Al Jaber.
Organised by the UNFCCC – the UN’s climate body – Mena Climate Week seeks to build momentum ahead of Cop28 with just over 50 days to go before the crucial talks.
Dr Al Jaber told attendees he was determined to rally the world behind an “ambitious and comprehensive climate agenda” at the summit in the UAE that starts in November.
And indirectly addressing the criticism the UAE has faced from some quarters for being host of the talks and a fossil fuel producer, Dr Al Jaber said 17 out of the past 27 Cops “have been hosted in fossil fuel producing nations”.
“We cannot unplug the energy system of today before we build the new system of tomorrow," Dr Al Jaber told attendees.
"It is simply not practical or possible. We must meet the energy demands of today, while providing access to the 800 million people without energy.
"We must rapidly build the clean energy system of the future, while we decarbonise the system of today," he added.
"That is why I have set a global goal of tripling renewable energy and doubling energy efficiency by 2030. In parallel, I’ve called on all oil and gas companies to align around net zero by or before 2050 and to zero out methane emissions by 2030.
"So far, over 20 companies have stepped up and I continue to engage and ask everyone to get on board by Cop28.”
The five-day event in the Saudi Arabian capital aims to highlight climate change in a region that is among the most vulnerable to climate change.
The UNFCCC on Sunday highlighted how the climate models have predicted temperatures 20 per cent higher in the region than global averages placing further pressure on a region that is already the most water scarce in the world.
More than 60 per cent of the population in the region has very little if any access to potable water, the UN says.
Weight of responsibility
“When I wake most mornings, I feel the weight of responsibility of another headline about another climatic event,” said Simon Stiell, Executive Secretary of UN Climate Change, told attendees on Sunday.
“I am not willing to give up on a 1.5°C future," said Mr Stiell, referring to the 2015 Paris deal's goal of trying to limit global temperature rises to 1.5°C on pre-industrial levels.
"But I can’t do that alone. This region has found ways to thrive in a challenging natural environment. It has shown ingenuity and ability for adaptation for centuries and turned those skills into prosperity.
"It is a region facing the challenges of energy transition and reducing its carbon footprint while adapting to consequences of climate change that are already making themselves felt.”
Mr Stiell highlighted efforts by some states to expand the use of hydrogen and carbon capture technologies but cautioned this was “no substitute” for phasing out and transitioning away from all fossil fuels.
He added the region, however, could set an example to other countries in how to diversify such as building a tourism or financial services industry.
“The transition away from burning fossil fuels is a very difficult task in a world that has built its industry, transport and infrastructure around exactly that,” said Mr Stiell.
“No one knows this better than this region. Yet we have no choice; it has to be done and has to be done fast.
"The upcoming Cop must show the world we are ready to make hard decisions. That we are able to seek solutions rather than point to failures of the past.”
Unwavering commitment
Prince Abdulaziz bin Salman, Saudi Arabia's Minister of Energy, said the country’s hosting of Mena Climate Week underlined the country’s “unwavering commitment” to exploring all solutions to the climate challenges we currently face.
With just weeks to go before Cop28 starts, Prince bin Salman said Dr Al Jaber had a “mammoth” task of handling the crucial summit and there was hard work to do to ensure it was a success.
“The stakes are big; the ambitions are big,” he said.
Cop28 runs from November 30 to December 12 at Expo City Dubai where leaders will gather to tackle the escalating climate emergency with the UN stating the world remains off track to limit temperature rises to 1.5°C.
Dr Al Jaber said he was in Riyadh representing the fourth Middle East and North Africa country to host the crucial talks after Doha; Marrakesh; and Sharm-El-Sheikh.
"Our region has a proud history of delivering Cops for the world,” said Dr Al Jaber.
“And, with your help and support, Cop28 will again deliver for this region, and for the world. Maximum ambitions, zero emissions. Let’s show the world that this region is a true climate leader that can deliver truly inclusive climate progress. Cop28 is our moment."
Middle East and North Africa Climate Week runs from October 8 to October 12 in Riyadh.
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
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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.”
The specs
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- Price: Not announced yet
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MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
