Sheikh Shakhbout bin Nahyan, Minister of State, has his sights set on renewable energy and sustainability as growth sectors to be explored during a five-day visit to Africa that starts on Tuesday.
The Minister of State in the Ministry of Foreign Affairs and International Co-operation told The National he was keen on building new partnerships based on historical ties with African nations.
“A big area of interest is sustainability and that is why we are focusing on renewable energy,” he said after a visit to several of the Expo 2020 Dubai Africa pavilions.
“As we will look for more opportunities, this is on our agenda as we move away from fossil fuels.
The UAE can be part of the transformation that is happening in Africa
Sheikh Shakhbout,
Minister of State
“Clean energy is the only way forward for a more sustainable future for the future generations and that is why our leadership is focusing on that sector.
“The UAE can be part of the transformation that is happening in Africa.”
Collaboration could be across different areas, he said, including higher education and entrepreneurship.
His trip comes as world leaders prepare to meet in Glasgow for crucial talks on keeping global temperature rises to 1.5°C. Leading figures have admitted there is a huge funding shortage for climate and development projects.
“The future is bright and together we will create new and great stories, new experiences and new prospects,” Sheikh Shakhbout said.
The continued engagement with Africa in green energy serves to reinforce the UAE’s position as a climate leader contributing to positive global action.
The country’s announcement for net-zero emissions by 2050 made it the first country in the Middle East and North Africa to launch a concrete climate commitment plan.
Sheikh Shakhbout said strong current ties with African nations were based on the vision of Sheikh Zayed, the Founding Father.
“We expand on the bridge that has been built by our founding fathers, Sheikh Zayed and the senior leadership,” he said.
“Today, we are working side by side as true partners. We are transforming our societies towards a sustainable future for many generations to come.”
He added that this would “open doors for more opportunities to come which have the potential to power and elevate us as nations and lay new foundations for shared future development".
The minister also mentioned the large African diaspora living and working in the UAE.
During a visit to the Expo site on Monday, Sheikh Shakhbout spent time at several pavilions, including those of Rwanda, Tanzania, South Africa, Nigeria, Kenya and Angola.
He said the people-to-people interactions at Expo were important, even as people relied on virtual meetings and technology to work safely during the Covid-19 pandemic.
Sheikh Shakhbout spoke on how important it is to exchange knowledge, share culture and for representatives from visiting countries to express ways to deepen ties with the UAE.
“The UAE and Africa have strong ties based on principles of friendship and mutual respect,” he said.
“At Expo, this illustrates not only the strength of our relationship but the trust that has been built over the years and the opportunities ahead for both of us.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Company%20profile
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
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Sector: FinTech
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The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
