ABU DHABI //A high-profile workshop aimed at attracting United Nations finance for carbon capture and storage projects will be held in the city from Wednesday.
The two-day event is organised by the Secretariat of the United Nations Framework Convention on Climate Change - the first global treaty to prevent the levels of greenhouse gases in the atmosphere from hitting catastrophic peaks.
Financed by Norway and the UAE, the workshop will feature delegates from 64 countries, who will review a set of procedures on how to make carbon capture and storage eligible for funding under the Clean Development Mechanism (CDM).
Carbon capture and storage is a new technology that involves injecting greenhouse gases into geological formations. This prevents them entering the atmosphere and contributing to global warming.
The UAE and other countries with rich oil and coal resources support the technology.
"The UAE recognizes the important role carbon capture and storage can play in a fossil fuel-producing country like ours as we transition to a cleaner and more sustainable economy," said Dr Sultan Al Jaber, UAE special envoy for energy and climate change and chief executive of Masdar.
The CDM is an initiative in which rich, industrialised countries are channelling money into projects in developing countries in the fight against climate change.
Most of the funding goes to retrofit projects to increase the efficiency of large industrial facilities, initiatives to build clean energy capacity or to stop methane, a dangerous greenhouse gas, escaping from landfills.
The workshop will make recommendations on how to complement existing CDM rules to incorporate the new technology.
While including carbon capture and storage in CDM was supported by the UAE and other oil-rich countries, the move is criticised by some environmental groups.
They say funding for the technology would increase the use of fossil fuels rather than decrease it.
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Top 10 locations for inquiries from US house hunters, according to Rightmove
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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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
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The biog
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