Electrical goods target of energy law



DUBAI // A new law aims to set a higher standard of energy efficiency for electrical appliances as early as next year.

Dr Rashid bin Fahad, the Minister of Environment and Water, said the Emirates Authority for Standardisation and Metrology was drafting the law.

"Hopefully we can see it next year," said Dr bin Fahad, adding that the initiative is one quick way to address the soaring energy consumption.

The Minister yesterday attended Greenomics, an environmental conference in Dubai, organised by the Korean manufacturer LG Electronics.

Dr bin Fahad did not elaborate on how the law would be implemented or enforced but said inefficient models "will be taken out of the market".

He added that the law would apply to appliances using water.

"Improving our energy efficiency is a must and I do not think consumers will disagree with us," he said.

Ki Wan Kim, chief executive and president of LG for the Middle East and Africa, said such initiatives can bring profound changes to the market.

"Vendors who get their market share based only on price will suffer," he added.

The Ministry of Environment and Water is also drafting a strategy on managing the country's water and reviewing law 24 of 1999, which concerns the protection of the environment.

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Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
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Financing stage: Seed round (raised $2 million)

 

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Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

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Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
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Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

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Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
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Industry: AI
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Dir: David Leitch

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Four stars

TO CATCH A KILLER

Director: Damian Szifron

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Rating: 2/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

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UAE beat Saudi Arabia by 12 runs

Kuwait beat Iran by eight wickets

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Age: 42

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Favourite drink: drip coffee V60

Favourite destination: Bali, Indonesia 

Favourite book: 100 Years of Solitude 

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Date started: March 2023
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Based: Dubai
Number of staff: 10
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PREMIER LEAGUE STATS

Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals

2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25

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Name: Shamsa Hassan Safar

Nationality: Emirati

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