John Kerry has welcomed the UAE’s offer to host the Cop28 climate change conference in 2023.
The US Special Presidential Envoy for Climate was in Abu Dhabi for talks that focused on using climate change action to drive regional and global growth.
Mr Kerry was greeted on arrival by Dr Sultan Al Jaber, the UAE's Special Envoy for Climate Change and Minister of Industry and Advanced Technology, state news agency Wam reported.
His visit took place before Cop26, which will be held in Glasgow, Scotland in November.
I personally can see strong arguments for the UAE's candidacy ... the UAE is obviously a very strong contender
It is Mr Kerry’s second trip to Abu Dhabi since he attended the UAE Regional Climate Dialogue a couple of months ago.
He emphasised the close, collaborative relationship between the US and the Emirates and their common approach to placing climate progress at the heart of domestic and foreign policy.
The envoys reaffirmed their countries’ commitment to achieving the goals of the Paris Agreement, which aims to limit global warming.
They agreed that a comprehensive approach – including investments in renewable energy, carbon-capture technologies, nature-based solutions, climate-smart agriculture and other low-carbon solutions is not only essential in this critical decade for climate, but can also act as powerful drivers for sustainable economic growth and job creation.
"I am delighted to receive the US Special Envoy for Climate, John Kerry," Dr Al Jaber said.
"His return to the Emirates reaffirms the unique partnership between our two countries and our shared commitment to transform climate action into an opportunity for economic development and diversification.
"Doubling down on investments in innovative new technologies and R&D will pay dividends both in terms of climate progress and economic growth, and as global economies fully recover from Covid-19, smart initiatives can put the world on a low-carbon/high-growth trajectory that meets the Paris goals."
During his visit, Mr Kerry welcomed the UAE’s offer to host the 28th UN Climate Change Conference of the Parties (or Cop28) to the United Nations Framework Convention on Climate Change in 2023.
"I think it’s terrific that there’s interest. I think it’s great," he said.
"I personally can see strong arguments for the UAE’s candidacy. You know it’s not my decision alone or ours alone, at all, but the UAE is obviously a very strong contender for that.
"I think there are many reasons for the UAE presenting a very strong case."
Mr Kerry said there was recognition of the Emirates' major efforts to diversify into alternative and renewable energy.
The two envoys discussed progress on the Agriculture Innovation Mission for Climate Initiative (Aim for Climate) that the UAE announced alongside the US at the Leaders Summit on Climate in Washington.
Aim for Climate is a global initiative currently supported by nine countries. It is focused on increasing research-and-development investment and accelerating innovation into sustainable agricultural practices that can meet the needs of a growing global population with fewer environmental impacts.
Recognising that the agricultural sector accounts for nearly a quarter of global greenhouse-gas emissions, several additional country partners are expected to join the initiative in the months leading up to Cop26.
The US envoy was also briefed on the latest developments in the UAE’s strategy to develop hydrogen as a zero-carbon fuel.
Last month, the UAE launched the region's first industrial-scale green hydrogen project. This will use solar power from the Mohammed bin Rashid Al Maktoum Solar Park to produce hydrogen on a commercial scale.
In addition, the UAE is using its existing gas infrastructure to explore increasing the production of blue hydrogen. Last month, a 1,000 kilotonne per year blue ammonia project to be located in Abu Dhabi’s Ruwais chemicals and derivatives hub was announced.
Blue ammonia will play an important role in the supply chain of the hydrogen economy as an efficient and safe way to store and transport hydrogen.
'Global solutions to global problems'
"I think it is very important that an oil and gas producing nation is smart enough to see that investing in alternative and renewable energy does not detract from economic prosperity or from income," Mr Kerry said.
"It actually builds additional and alternative sources. I think the leadership of the UAE is well aware that the planet has very serious problems, and the UAE is very busy looking at ways to abate and reduce and capture emissions.
"I think that’s one of the reasons the UAE won a seat on the UN Security Council, because people see the leadership of the UAE as thoughtful and wanting to contribute to global solutions to global problems."
Mr Kerry’s comments come after the joint statement issued by the Emirates and the US after the UAE Regional Climate Dialogue in April. Both countries committed to working together to take on the climate challenge by focusing their joint efforts on renewable energy, hydrogen, industrial de-carbonisation, carbon capture and storage, nature-based solutions and low-carbon urban design.
During his visit, Mr Kerry toured Adnoc’s Panorama Digital Command Centre, where he was shown the UAE’s tech-led approach to environmental responsibility within its hydrocarbon industry.
Panorama uses artificial intelligence, big data and blockchain to track all Adnoc’s material data, including crucial environmental key performance indicators.
Adnoc’s established record as one of the least carbon-intensive oil producers in the world is being enhanced by the expansion of its first in the region carbon-capture utilisation and storage facility.
John Kerry's April visit to Abu Dhabi
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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Kandahar%20
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Vikram%20Vedha
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5