Dr Thani Al Zeyoudi, Minister o fClimate Change and Environment, is asked about a new law that fines companies that incorrectly dispose waste. Wam
Dr Thani Al Zeyoudi, Minister o fClimate Change and Environment, is asked about a new law that fines companies that incorrectly dispose waste. Wam

Dh1m fines for company failures in waste disposal



Companies could be fined upto Dh1 million for incorrectly disposing of waste by landfill or burning according to a new draft federal law on integrated waste management.

More than three-quarters of the UAE’s waste is unrecyclable and could be used to regenerate energy, a Federal National Council member told the Minister of Climate Change and Environment on Tuesday.

The new law gives the Ministry the power to ban products deemed unrecyclable or harmful to the environment – after co-ordinating with a specialised authority.

The council highlighted the importance of the new law in protecting the environment and controlling the impact of waste generation on people's health. It also bolsters the country's efforts aimed at gaining economic benefits from wastes and introducing sustainable and smart solutions for treating them.

“Will the country really ban the production of plastic?” asked Saeed Al Remeithi, an Abu Dhabi member. “Importing it is much costlier, so I would like to clarify how that article would be implemented.”

Dubai member Marwan bin Ghlaitha also asked for clarity on the details of the law.

“Does co-ordinating mean absolute agreement? What if the ministry wants to implement the ban, and the concerned authority refuses?” he said.

Dr Thani Al Zeyoudi responded saying a decision would be made through the cabinet.

The law also gives the Ministry the right to demand companies recycle certain types of waste, should their reuse be considered less harmful than their disposal, and encourages the building of more recycling factories.

Mr bin Ghlaitha asked the minister why 77 per cent of the country’s waste is not recycled, particularly nuclear and radiant waste which could be used to regenerate energy.

The minister said Dubai Municipality already recycles 5,000 tonnes of waste a day to regenerate energy.

The UAE produces 6.5 million tonnes of non-hazardous waste per year, with individuals producing an average of 1.2 to 1.3kg of waste daily.

The law will also take to task people who burn, dispose of or bury waste in public areas or water channels by fining them up to Dh30,000.

Before the details of the law were discussed, FNC member, Salem Al Shehhi showed the minister pictures of quarries that produce toxic gases and heavily pollute the air.

“Public health is deteriorating because of this, and the ministry is doing its share of campaigns but unfortunately the co-operation from the manufacturers’ side is very weak,” said the member, who represents Ras Al Khaimah.

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Read more:

FNC to question environment minister about organic produce and fishing bans

Special report: Abu Dhabi's dwindling water reserves charted in worrying Sorbonne research

World's largest 'dead zone' in Gulf of Oman has dramatically grown - but the tide can still be turned

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“We are aiming for 90 per cent pure air by 2021. I don’t think we will be ready by then from the way things are now.

“There should be more co-ordination and more effort from the ministry to tackle the issue,” he said.

Dr Al Zayoudi responded saying the pollution from quarries was dealt with after 55 fines issued against offenders. He said the ministry has also carried 3,000 random inspections between 2014 and 2017.

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Read more on quarries:

Living near Fujairah quarry: 'harms children and ruins homes'

RAK residents call for high-emission quarries to be shut down

RAK quarries ordered to comply with environmental regulations

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The council also raised an official recommendation to the government to compensate fishermen affected by the country’s annual fishing ban on safi and sheri fish.

Dubai member Hamad Al Rahoomi presented the minister with videos that showed that 90 per cent of the fishermen’s catches during the two-month ban was sheri and safi.

“They have to throw back everything they caught and they would not even make up for the cost of the fishing trip.

“A number of ministry officials said the fishermen are free to catch other types of fish, but this is the reality of the situation during this season.

“We need to find a quick solution so the fishermen will not continue to suffer.”

Dr Al Zeyoudi said that despite the financial strain on fishermen, the bans have proved effective and fish populations have generally increased by 88 per cent between 2011 and last year.

“Increasing the fish is a goal that we aim for, but we ask that this vulnerable group, whose voices are barely heard, do not suffer as a result,” Mr Al Rahoomi said.

He said the country is making big investments to preserve natural water reserves, which the fishermen are banned from, so other areas should be open for fishing.

“Umm Al Quwain has spent Dh150 million on preserving the sea, why not decrease that budget, and use the money to compensate the fishermen?” Mr Al Rahoomi said.

Dr Al Zeyoudi said he would study the recommendation and return to the FNC with the results.

RESULTS

1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
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  • Upper Bowl standard - Dh295
Company%20Profile
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'Nope'
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jordan%20Peele%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Daniel%20Kaluuya%2C%20Keke%20Palmer%2C%20Brandon%20Perea%2C%20Steven%20Yeun%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

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.”

COMPANY%20PROFILE
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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Naga
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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A